Flipping properties for a quick dollar is over according to the November 2018 Oakville Real Estate Update.
Comparing the number of properties sold from November 2017 of 186 to November 2018 of 189 exhibits a minor uptick according the Toronto Real Estate Board (TREB). On the other side, the Oakville Milton District Real Estate Board (OMDREB) reported a downward trend.
OMDREB states the number of units sold dropped to 123. It appears that Toronto Agents are not listing Oakville Properties on the OMDREB system.
The number of new listings was 377 with a total number of 761 active listings. There was 3.5 months of inventory. Properties are selling for 97% of list, and typically sold in 34 days.
October 2018 Oakville Real Estate Update
November 2018 Oakville Real Estate Update shows the GTA's average home price rose from $761,410 (November 17) to $788,345, an increase of 3.5% . The Oakville Milton District Real Estate Board (OMDREB) shows a home's average sale price in Oakville increased to $1,092,642.
Year to date 2,766 properties sold, the average price was $1,041,279, the median price was $875,000. They sold for 97 percent of list and the sale took 29 days.
Median sales price according to type:
- Detached: $1,140,000
- Semi-Detached: $804,500
- Condo Townhouse: $505,000
- Condo Apartment: $$520,000
- Attached/Row/Townhouse: $751,000
Average days to sell in October:
- Detached home: 36
- Semi-detached: 14
- Condo-townhouse: 21
- Condo-apartment: 47
- Attached/Row/Townhouse: 28
The list price vs sold price is tight. Detached homes sold for 96% of the list price, semi-detached: 99%, condo-townhouse: 98%, apartment: 97%, and townhouse: 97%.
For November, year over year detached homes prices increased 1.11%, attached increased 1.11%, townhouses increase 3.41%, and apartments increased 7%. Year over year, prices for detached and attached are starting to stabilize.
Using Ontario's inflation rate of 2.5%, an average detached and attached home price increase was below the inflation rate by 1.4%. To make a profit, you sold a town house, or more specifically an apartment. Apartments sold 3.5% above inflation.
A quick return on real estate is gone. Now, real estate is a long-term purchase, because you have to factor in the other costs:
- commission
- legal fees
- land transfer tax
- HST (if you purchased a new home)
Sources:
Toronto Real Estate Board (TREB)