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July 2022 Oakville real estate update

For the first time in over 18 months, year over year, the increase in Oakville's home prices dropped into the single digits.
Mohd Azrin on Unsplash
Mohd Azrin on Unsplash

Oakville's residential real estate market update for July 2022 shows that increases year over year are now in the single digits, except for condo apartments which have increased by 13%.

The average price for an Oakville residential property was $1.52 million in July.

Buyers are taking longer to purchase, and some sellers are switching their listings to leases, waiting to see what the Bank of Canada does in September.

Since March, the prime lending rate has increased by 2.25%. TD Bank economists predict that the prime rate will rise to 3.5% and possibly 3.75% by the end of 2022.

The federal bank uses the Consumer Price Index, which, as of June 2021, has increased year over year by 8.1%. 

“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs,' said TRREB President Kevin Crigger. 

TREB's president suggests, "Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored."

GTA Update

Across the GTA, owners sold 4,912 (or 4,427 fewer properties) in July 2022 than during June 2021, a 47% decrease. GTA property values increased by 1.2% to $1.07 million, up from July 2021, but a 27% drop from February's high. 

Oakville Update

During the last month, sellers in Oakville listed 386 properties and sold 162 properties. Available inventory expanded to 1.2 months, a noticeable pop over June.  

The average residential property sold for $1.52 million; a sale took 28 days, one day more than in June 2022.

Even with a decrease in activity and an increase in the number of days a property is listed, purchasers, on average, are paying 97% of the listed price, unchanged from last month. 

Year-over-year home prices

A typical residential property in Oakville is now going for $1,350,100, which has increased by 4.3% since July 2021. An average detached home price is $1,737,000, an increase of 3.64%. 

An attached home is $1,113,900, up 5.7% from a year ago, a townhouse will run you 6.61% more at $878,300, and a condominium apartment costs $721,600 - up 13.3% from last year. 

Statistics for July 2022 Oakville residential real estate

Type Units Sold Median Price % LP to SP DOM
Detached 82 $1,622,500.00 97% 20
Semi-Detached 11 $1,040,000.00 96% 20
Link 4 $1,010,500.00 95% 45
Condo Apartment 22 $662,500.00 97% 27
Town House - Condo 15 $825,000.00 98% 14
Town House - Freehold 28 $1,117,500.00 98% 22
Detached - Condo 0 $0.00 0% 0

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 4.29%, up 0.2% from June 2022. However, a 10-year fixed-rate is available at 5.07%, up 0.13%

On Realtor.ca, as of July 7, 2022, the least expensive properties for sale according to the number of bedrooms

  • 1 bed 1 bath condo apartment in Glen Abbey listed for $499,000
  • 2 bed 1 bath stacked townhome in Glen River Oaks listed for $599,000
  • 3 bed 1 bath stacked townhome in Falgarwood listed for $579,900
  • 4 bed 2 bath stacked townhome in Falgarwood listed for $599,900

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