December 2020 real estate update for Oakville provides an opportunity look back over the year that many of us thought was going to be a horrible year for residential real estate, but rather was a boon for home owners in Oakville. This was spurned on by the COVID-19 pandemic, which made our homes our sanctuaries, classrooms, and workplaces.
Other factors contributing to double digit property value increases included the need to keep lending rates at an all time low and the flight away from densely populated high-rise developments that have taken over Toronto's skyline.
New homeowners were looking for space both inside as well as outside, and Oakville has first class outdoor amenities (splash pads, outdoor play equipment, as well as tennis, pickle ball, and basketball courts) numerous parks, walking and hiking trails interconnecting all our communities. Yes, we have densely populated high-rises; however, even with those, there is still plenty of room.
Year-over-year home prices
A family property in Oakville is now going cost $1,160,000 which increased by 14.4% since December 2019. The price of an average detached home is $1,381,0000 an increase of 16.1%; a town-house will run you 16.5% more at $758,700, and even a mainstream condominium apartment costs $539,000 up 7.6%. These increases are staggering when you consider that the Canada's rate of inflation for 2020 hovered around one percent.
Statistics for December 2020 Oakville residential real estate
| Type | Units Sold | Medium Price | % LP to SP | DOM | |
|---|---|---|---|---|---|
| Link | 3 | $1,080,000.00 | 105% | 15 | |
| Condo Apt | 38 | $540,000.00 | 97% | 36 | |
| Condo TH | 29 | $635,000.00 | 100% | 17 | |
| Freehold- TH | 33 | $880,000.00 | 102% | 14 | |
| Detached | 122 | $1,562,000.00 | 97% | 34 |
TH - town house, APT - Apartment, DOM - total days a property is for sale, % LP to SP - percentage difference between the list price and the sold price.
With only 1.8 months of inventory, sellers are in control of Oakville's residential property values, so buyer's will be forced in some cases to go in at or above the listed price to secure a sale. However, property values are always dependent on the desirability of a property.