December 2017 Oakville Real Estate Update marks the end of the year, and provides an opportunity to reflect. During first half of the year, buyers were scrambling and bidding wars were the norm. The second half of 2017 has allowed everyone to take a breath.
In December, a total of 106 residential sales were recorded in 2017 vs 120 in 2016. Unit sales declined 11.7%. It is a substantial improvement from the 21.8% decline from November 2017. There is improvement.
November 2017 Oakville Real Estate Update
Reflecting on 2017 as well as the year to come, Mr. Syriano's stated, "much of the sales volatility in 2017 was brought about by government policy decisions. Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace. Looking forward, government policy could continue to influence consumer behaviour in 2018, as changes to federal mortgage lending guidelines come into effect."
What the new mortgage rules mean for homebuyers - MoneySense
December 2017 Oakville Real Estate Update shows the GTA's average home price was $735,021 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the average price of a home in Oakville was $1,071,286.
Average sales price according to type:
- Detached: $1,356,888
- Semi-Detached: $680,500
- Condo Townhouse: $517,820
- Condo Apartment: $534,404
- Attached/Row/Townhouse: $750,155
Sales according to property type:
- Detached: 56.6%
- Semi/Link/Townhouse: 18%
- Condo Apartment/Townhouse: 20.8%
- Other: 4.6%
The average number of days to sell a detached home was 39, semi-detached: 42, condo-townhouse: 30, condo-apartment: 40, and Attached/Row/Townhouse: 34.
Listing prices vs sales prices were extremely close. A detached home sold for 96% of the listing price, semi-detached: 96%, condo-townhouse: 97%, apartment: 98%, and townhouse: 97%.
Year-to-date price changes:
- All properties: 4.07%
- Detached: -0.20%
- Semi-detached: 0.53%
- Townhouse: 12.27%
- Apartment: 18.36%
Additional year-to-date statistics:
- Properties sold: 3,290
- Price: $1,158,929
- New listings: 6,782
- Sold price vs listing price: 101%
- Days on market: 20
December 2017 Oakville Real Estate Update and the year that ended demonstrated how quickly a market can change. 2017 started off with anxious buyers involved in bidding wars. It has ended with a balanced market. Can the change be attributed primarilly to provincial changes? An absolute answer is hard to determine.
Sources:
- Toronto Real Estate Board (TREB)
- Oakville Milton District Real Estate Board (OMDREB)