Oakville's residential real estate market update for Sept. 2021 begs the question: Is there no limit to what a buyer will spend for a place to call home?
Buyers appear to have almost insatiable appetites and bottomless pocketbooks, pushing typical Oakville home prices up in excess of 22.5% to $1,310,900 year over year. This situation is compounded by an ever shrinking inventory.
GTA Update
Residential owners sold 9,046 properties, or 1,987 fewer properties in Sept. 2021 than during Sept. 2020, an 18 per cent decrease. From 2020 to 2021, GTA property values increased by 18% to $1.13 million.
"With a record-setting fall last year, one would expect a bit of normalization by now but that has not been the case. Housing supply across the GTA continues to be an issue, and while we hope that policy makers start to address the problem. It needs to keep being a priority on all fronts going forward,” stated OMDREB President Lynn Hoffmann.
Oakville Update
During the last month, sellers in Oakville listed 407 properties and sold 301 properties, leaving just under one month of inventory. The average residential property sold for $1.48 million, and a sale on average took 16 days.
Inventory remained low and when combined with strong demand, resulted in multiple offers, which pushed the selling prices to 104% 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 $1,310,900 million which has increased by 22.65% since Sept. 2020. An average detached home price is $1,574,100 an increase of 22.38%.
An attached home is $1,140,700, up 26.57% from a year ago, a townhouse will run you 20.94% more at $864,400, and a condominium apartment costs $698,000 - up 16.88% since last September.
Statistics for Sept. 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 155 | $1,738,000.00 | 104% | 12 |
| Semi-Detached | 13 | $1,152,000.00 | 111% | 5 |
| Link | 3 | $1,131,000.00 | 113% | 6 |
| Condo Apartement | 55 | $685,000.00 | 101% | 17 |
| Condo Town House | 28 | $822,500.00 | 103% | 10 |
| Freehold- Town House | 47 | $1,125,000.00 | 105% | 12 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Current Listings
So what do you get for $1.31 million in Oakville? According to Realtor.ca on Oct. 5, 2021, there are only nine properties listed between $1.3 and $1.4 million of which two are building lots in established neighbourhoods.
The remainder range from a 1970's detached remodelled backsplit with three bedrooms, a single car garage that is walking distance to Bronte Village for $1.38 million to another detached, 1980s fully renovated home with four bedrooms upstairs, and two in the basement which is finished for $1.39 million, also located in Bronte.
"The lack of housing supply and choice has reached a critical juncture," said TRREB President Kevin Crigger. "Bandaid policies to artificially suppress demand have not been effective. This is not an issue that can be solved by one level of government alone. There needs to be collaboration federally, provincially, and locally on a solution."
Liberal Party plans to increase affordable housing: