Oakville's residential real estate market update for October 2021 shows buyers are willing to max out their credit limits to purchase a home. On average, buyers are spending over $1.3 million to acquire a residence, an increase of over 30 per cent over the past year. Even though sellers are netting huge returns, there are few options to stay in Oakville since inventory continues to shrink.
GTA Update
Across the GTA, owners sold 9,783 properties or 720 fewer properties in Oct. 2021 than during Oct. 2020, an 6.8 per cent decrease. From 2020 to 2021, GTA property values increased by 19% to $1.15 million, up $30,000 from Sept. 2021.
"The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue," said TRREB Chief Market Analyst Jason Mercer.
"A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy."
Oakville Update
During the last month, sellers in Oakville listed 351 properties and sold 315 properties, leaving just under one month of inventory. The average residential property sold for $1.51 million, and a sale on average took 16 days.
Inventory remained low and, when combined with solid demand, resulted in multiple offers, which pushed the selling prices to 105 per cent of listed prices. This ongoing demand just created more multiple offer scenarios.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.338 million, which has increased by 30.91 per cent since Oct. 2020. An average detached home price is $1.679 million, an increase of 32.72 per cent.
An attached home is $1.232 million, up 36.4 per cent from a year ago, a townhouse will run you 23.81 per cent more at $899,800, and a condominium apartment costs $710,300 - up 19.33 percent since last October.
Statistics for October 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 154 | $1,820,000.00 | 104% | 12 |
| Semi-Detached | 9 | $1,181,000.00 | 107% | 8 |
| Link | 2 | $1,162,400.00 | 123% | 5 |
| Condo Apartement | 57 | $640,000.00 | 100% | 18 |
| Condo Town House | 26 | $793,500.00 | 105% | 13 |
| Freehold- Town House | 67 | $1,175,000.00 | 113% | 8 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Current Listings
As of Nov. 9 on realtor.ca, the least expensive property listed in Oakville is for a bachelor 348 sq/ft condo on the fourth floor with a balcony and one parking spot in Kerr Village.
The building does feature many amenities, such as an indoor swimming pool. It is listed for $499,000 with a monthly maintenance fee of $295, or $1,433 per square foot.
To purchase a one-bedroom condo with a parking space, the least expensive property is in Palermo (Bronte & Dundas). For $524,990 with a monthly maintenance fee of $341, you can purchase 574 sq/ft on the sixth floor or $914 per square foot.
These properties, built within the last ten years, feature a modern kitchen, bathroom and in-suite laundry.