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October 2017 Oakville Real Estate Update

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Nolan A Machan

Nolan A Machan

Nolan Machan is the Publisher of OakvilleNews.Org and has over 41 years of local Oakville knowledge. He is committed to providing Oakville residents with the most up-to-date information about our great town.

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October 2017 Oakville Real Estate Update demonstrates that though there are fewer sales than last year, there is no decrease in the price of properties in Oakville.

Toronto average price rose by 1.9 percent where the Oakville average residential price rose by 7.6 percent

A total of 159 residential sales were recorded in October 2017 vs 286 in September 2016. In percentage terms we have seen a decline of 44 percent in the total number of properties sold. Therefore, there are a number of realtors whose income has dropped dramatically.

September 2017 Oakville Real Estate Update

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis

The average price of a home in October 2017 in the GTA according to the Toronto Real Estate Board (TREB) is $780,000, and according to the Oakville Milton District Real Estate Board (OMDREB) the average price of a home in Oakville is $1,201,000.

October 2017 Oakville Real Estate Update average sales price according to type are:

  1. Detached: $1,482,620
  2. Semi-Detached: $758,833
  3. Condo Townhouse: $505,638 decrease from $521,250
  4. Condo Apartment: $429,438 decrease from $606,131
  5. Attached/Row/Townhouse: $821,668 decrease from $834,767

There is a decline in all sectors from September with the exception of detached homes and semi-detached properties. The reason the overall price increased is based on the fact that detached and semi-detached homes make up the vast majority of sales in Oakville.

Here is the percentage of the type of property compared to overall sales:

  1. Detached: 59%
  2. Semi/Link/Townhouse: 16%
  3. Condo Apartment/Townhouse: 23%
  4. Other: 2%

In Oakville the average number of days that it took to sell a detached home was 28, semi-detached: 32, condo-townhouse: 31, condo-apartment: 31, and Attached/Row/Townhouse: 28.

The other element that is worth noting is that listing prices vs sales prices are extremely close. A detached home is selling for 96% of the listing price, semi-detached – 97%, condo-townhouse – 98%, condo-apartment – 98%, and Attached/Row/Townhouse – 98%.

The increase in the number of days it is taking to sell as home, with most properties selling close to asking price is demonstrating that buyers are having sometime to really consider their purchase with a far larger number of homes to view. The other element to consider is that properties are selling very close to asking price, therefore sellers have to be realistic about their selling price.

October 2017 Oakville Real Estate Update shows that the market has changed dramatically. Realtors are likely suggesting to sellers that they sell their properties before purchasing another. Realtors will also have to be very good at pricing their listings. It appears that price wars, at least for the time being, are over in Oakville.

Note: All figures are either from the Toronto Real Estate Board or the Oakville Milton District Real Estate Board.


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