November 2017 Oakville Real Estate Update reveals a balanced market. Prices are rising above inflation. Bidding wars have almost been eliminated. Buyers have time to do their due diligence.
Toronto's average prices rose by two percent. Oakville's average residential price rose by 6.1 percent. This is a slight decrease for Oakville from 2016, and a slight increase for Toronto from 2016.
A total of 175 residential sales were recorded in November 2017 vs 221 in November 2016. The decline of unit sales is 21.8%. It is a substantial improvement from the 44% decline from October 2017. There is improvement.
October 2017 Oakville Real Estate Update
"We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane. On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January 2018, have prompted some households to speed up their home buying decision," said Mr. Syrianos.
What the new mortgage rules mean for homebuyers - MoneySense
November 2017 Oakville Real Estate Update shows the GTA average home price was $761,757 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the average price of a home in Oakville was $1,207,764. The prices were slightly above the previous month.
Average sales price according to type:
- Detached: $1,438,656
- Semi-Detached: $719,037
- Condo Townhouse: $519,700
- Condo Apartment: $459,918
- Attached/Row/Townhouse: $712,185
Sales according to property type:
- Detached: 60.6%
- Semi/Link/Townhouse: 16%
- Condo Apartment/Townhouse: 18.9%
- Other: 4.5%
The average number of days to sell a detached home was 30, semi-detached: 16, condo-townhouse: 36, condo-apartment: 28, and Attached/Row/Townhouse: 26.
Listing prices vs sales prices were extremely close. A detached home sold for 96% of the listing price, semi-detached: 99%, condo-townhouse: 98%, apartment: 97%, and townhouse: 97%.
Year-to-date price increases:
- All properties: 7.27%
- Detached: 4.34%
- Semi-detached: 4.55%
- Townhouse: 10.8%
- Apartment: 14.76%
Additional year-to-date statistics:
- Properties sold: 3,129
- Price: $1,167,015
- New listings: 6,559
- Sold price vs listing price: 101%
- Days on market: 19
November 2017 Oakville Real Estate Update shows a shift to a balanced market. Sellers need to be realistic. Buyers have time for due diligence. Realtors must not only have a comprehensive understanding of the town, but also neighbourhoods. Oakville continues to be an excellent community to purchase residential real estate.
Sources:
- Toronto Real Estate Board (TREB)
- Oakville Milton District Real Estate Board (OMDREB)