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September 2022 Oakville real estate update

Marcin Galusz on Unsplash
Marcin Galusz on Unsplash

Oakville's residential real estate market update for September 2022 shows listings increasing; however, overall volume is substantially below last year's. Any gains realized over the past year have been erased, as the price of an average Oakville residential property sat at $1.38 million. 

Banks have increased their 5-year fixed and 10-year fixed mortgages by just under 0.25%, which continues to shrink the available buyer funds, and are also looking carefully at the purchase price. In some cases, buyers find the banks unwilling to finance any amount deemed above market value. 

The federal bank uses the Consumer Price Index, which, as of August 2022, has increased year over year by 7%, a drop of 0.6% from the previous month. 

"Hovering just below $1.1 million, the average selling price may have found some support during the last couple of months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month," said TRREB Chief Market Analyst Jason Mercer.

GTA Update

Across the GTA, owners sold 5,038 (or 3,972 fewer properties) in September 2022 than during September 2021, a 44% decrease. GTA property values decreased by 4.4% to $1.086 million. 

Oakville Update

During the last month, sellers in Oakville listed 434 properties and sold 191 properties. Available inventory expanded to 1.5 months, a steady increase from the previous month.  

The average residential property sold for $1.534 million; a sale took 38 days. The days on the market (DOM) have decreased by over ten 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, a rise of 1% from the previous month. 

Year-over-year home prices

A typical residential property in Oakville is now going for $1.389 million, which has increased by 0.24% since September 2021. An average detached home price is $1.791 million, an increase of 0.43%. 

An attached home is $1.147, up 0.24% from a year ago, a townhouse will run you 0.87% more at $873,800, and a condominium apartment costs $676,100 - up 4.68% from last year. 

Statistics for September 2022 Oakville residential real estate
Type Units Sold Median Price % LP to SP DOM
Detached 109 $1,600,000.00 96% 25
Semi-Detached 8 $1,097,500.00 96% 11
Detached Condo 1 $1,860,000.00 101% 3
Condo Apartment 32 $649,950.00 97% 28
Town House - Condo 15 $899,900.00 97% 32
Town House - Freehold 26 $1,156,000.00 98% 17

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 4.49%, up 0.20% from the August real estate update. However, a 10-year fixed-rate is available at 5.34%, up 0.24%

On Realtor.ca, as of Oct 6, 2022, the least expensive detached homes for sale according to the number of bedrooms which are above ground and the house is habitable. 

  • 2 bed 1 bath located in Old Oakville listed for $1.499 million
  • 3 bed 2 bath located in Kerr Village listed for $1.049 million
  • 4 bed 3 bath located in Bronte Creek listed for $1.389 million

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