Oakville's residential real estate market update for October 2022 shows prices at the entry-level of the market are holding up significantly better than the average, with year over year drop of 8.14% or $1.348 million. In comparison, the value typical apartment has risen 1.81% to $670,200.
With the Bank of Canada holding back their anticipated rate hike of 0.75% to 0.5% and signalling that they are being mindful of not sending the country into a recession, lenders have slightly increased their 5 and 10-year fixed rate mortgage to 4.69% and 5.72% respectively.
The federal bank uses the Consumer Price Index, which, as of September 2022, has increased year over year by 6.9%, a drop of 0.1% from the previous month.
"The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped, as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.
GTA Update
Across the GTA, owners sold 4,961 (or 4,782 fewer properties) in October 2022 than during October 2021, a 49% decrease. GTA property values decreased by 5.7% to $1.089 million.
Oakville Update
During the last month, sellers in Oakville listed 385 properties and sold 172 properties. Available inventory expanded to 1.7 months, a steady increase from the previous month.
The average residential property sold for $1.321 million; a sale took 34 days. The days on the market (DOM) have decreased by over 14 since August 2022.
Even with a decrease in activity and an increase in the number of days a property is listed, purchasers, on average, are paying 96% of the listed price, unchanged from the previous month.
Year-over-year home prices
A typical residential property in Oakville is now going for $1,348,300, which has dropped by 8.14% since October 2021. An average detached home price is $1.719 million, an dropped of 9.25%.
An attached home is $1.124, down 9.09% from a year ago, a townhouse will run you 1.71% less at $887,600, and a condominium apartment costs $670,200 - up 1.81% from last year.
Statistics for October 2022 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 98 | $1,650,000.00 | 95% | 26 |
| Semi-Detached | 4 | $1,013,500.00 | 105% | 6 |
| Link | 1 | $937,000.00 | 97% | 28 |
| Condo Apartment | 27 | $646,000.00 | 96% | 30 |
| Town House - Condo | 12 | $847,500.00 | 97% | 14 |
| Town House - Freehold | 30 | $1,080,000.00 | 98% | 14 |
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 4.69%, up 0.20% from the August real estate update. However, a 10-year fixed-rate is available at 5.72%, up 0.38%
On Realtor.ca, as of Nov 4, 2022, the least expensive townhomes for sale according to the number of bedrooms which are above ground and the house is habitable and are not stacked.
- 2 bed 3 bath located in Oak Park listed for $880,000
- 3 bed 2 bath located in College Park listed for $734,500
- 4 bed 3 bath located in Falgarwood listed for $849,900