Oakville's residential real estate market update for April 2022 shows that prices are no longer escalating but rather coming off their high reached in February of $1.6 million. Currently, the typical entry price is $1.5 million.
However, available inventory remains just below one month, resulting in properties selling for 102% of the listed prices.
GTA Update
Across the GTA, owners sold 8,008 (or 5,605 fewer properties) in April 2022 than during April 2021, a 41.1% decrease. GTA property values increased by 15% to $1.25 million, up $202,543 from April 2021 but down $50,000 from the $1.3 million high recorded in February 2022.
"Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation," said TRREB President Kevin Crigger.
Oakville Update
During the last month, sellers in Oakville listed 666 properties and sold 268 properties, down 130 units from March 2022. Since March, monthly inventory grew to 0.9% (up by 0.1%) but remains tight.
The average residential property sold for $1.57 million, which is down $280,000 from March 2022. A sale took 15 days, which is three days more than in March 2022.
Even with a decrease in activity and an increase in the number of days a property is listed, purchasers, on average, are paying 102% of the listed price.
Inventory has trended upwards, which is expected, yet the number of sales from March 2022. dropped off by almost 40%.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.50 million (down $90,000), which has increased by 21.5% since April 2021. An average detached home price is $1.79 million, an increase of 19.3%.
An attached home is $1.29 million, up 21.3% from a year ago, a townhouse will run you 20.27% more at $959,300, and a condominium apartment costs $855,400 - up a staggering 27.02% from last year.
Statistics for January 2022 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 157 | $1,930,000.00 | 101% | 11 |
| Semi-Detached | 9 | $1,141,000.00 | 103% | 14 |
| Link | 0 | NA | NA | NA |
| Condo Apartment | 38 | $677,500.00 | 104% | 14 |
| Town House - Condo | 23 | $850,000.00 | 102% | 12 |
| Town House - Freehold | 39 | $1,250,000.00 | 106% | 9 |
| Detached - Condo | 2 | $1,785,000.00 | 107% | 9 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
According to RATESDOTCA, the best 5-year fixed-rate insured mortgage is 3.53%. However, a 10-year fix rate is available at 4.04%.
On Realtor.ca, as of May 4, 2022, the least expensive properties for sale according to bedrooms are:
- One-bedroom apartment is $499,900 in Bronte
- Two-bedroom apartment is $575,000 in Glen Abbey
- Three-bedroom apartment is $699,900 in Falgarwood across from Sheridan College
"There is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month," said TRREB Chief Market Analyst Jason Mercer.
"It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months."