Oakville's residential real estate market update for December 2021 lets us reflect on the year. In 2021 4,331 residential properties sold in Oakville with an average selling price of $1.48 million. Buyers paid 104 per cent of the asking prices. On average, properties were on the market for 17 days.
During 2021, a typical home in Oakville increased just over 31 per cent, so for every $500,000 invested in real estate the return was $155,000.
GTA Update
Across the GTA, owners sold 6,031 or 1,123 fewer properties in Dec. 2021 than during Dec. 2020, a 15.6 per cent decrease. From 2020 to 2021, GTA property values increased by 24.1 per cent to $1.157 million, up $225,552 from Dec. 2020.
“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for groundoriented homes, but also a resurgence in the condo segment as well,” said TRREB President Kevin Crigger.
Oakville Update
During the last month, sellers in Oakville listed 151 properties and sold 168 properties, leaving just 0.7th of a month of inventory. The average residential property sold for $1.546 million, and a sale on average took 16 days which is two longer than in Nov. 2021.
Inventory dropped lower in December and when that is combined with solid demand, it resulted in multiple offers, which pushed the selling prices to 108 per cent of listed prices, up two percentage points from the previous month.
A drop in inventory is normal during December as sellers take their homes off the market during holidays.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.445 million, which has increased by 31.02 per cent since Dec. 2020. An average detached home price is $1.748 million, an increase of 31.86 per cent.
An attached home is $1.274 million, up 34.83 per cent from a year ago, a townhouse will run you 28.45 per cent more at $948,400, and a condominium apartment costs $738,700 - up 21.29 percent.
Statistics for Dec. 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 80 | $1,899,000.00 | 107% | 17 |
| Semi-Detached | 6 | $1,302,500.00 | 117% | 6 |
| Link | 2 | $1,466,500.00 | 115% | 5 |
| Condo Apartement | 31 | $670,005.00 | 102% | 15 |
| Condo Town House | 21 | $800,000.00 | 110% | 7 |
| Freehold- Town House | 28 | $1,350,000.00 | 111% | 7 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
As of Jan. 6, 2022 the least expensive residential property on Realtor.ca in Oakville is a stacked townhome at 1050 Falgarwood which has three bedrooms, and three bathrooms.
The least expensive condo apartment is at 1300 Marlborough Drive. It is on the 5th floor and has two bedrooms and two bathrooms.
There are no one-bedroom apartments for sale in Oakville.
Realtor.ca is showing 175 listings, but many of the listings are duplicates because realtors are members of multiple boards (Oakville Milton, and Toronto).
So what is a buyer to do in this incredibly tight market? The people who know about upcoming listings and just released listings are realtors, specifically those with close ties to particular neighbourhoods. They have a real connection to the neighbourhood and the residents.
On Jan. 5 realtors found themselves no longer able to hold in-person open-houses. The restriction will be in place until at least Jan. 26/22.
“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.