What’s happening with the Real Estate Market?

Do you have questions about the Real Estate Market and want to get the inside scoop from some of the top realtors in the industry? Watch this video to see what they are saying.

In an effort to be at the leading edge of this industry and continuously innovate I joined the most influential real estate mastermind group in the GTA in 2011.

Together, we share industry and market information with the focus on improving service to our clients, develop new tools and business practices and champion innovation and awareness in the field.

With over 27 years in real estate, my colleagues and I have experienced many market shifts and this current shift is not too different from what we’ve seen historically.

We recently got together to discuss the current market shift and to brainstorm about what home sellers and buyers can expect for the remainder of 2017.

Oakville Market Continues to Adjust

The Oakville resale home market recorded 138 sales in July – down by an eye-popping 50.0% versus the 276 homes sold in July 2016. This brought year-to-date (January thru July) sales to 1,695 units – down by 23.3% versus the comparable period last year. A recent release from the Ontario government found that foreign buyers represent a small proportion of buying activity in the Golden Horseshoe.

Clearly, the year-over-year decline experienced in July had more to do with psychology, with an abundance of would-be home buyers on the sidelines waiting to see how market conditions evolve. In addition, summer market statistics are generally not the best indicators of housing market conditions due to its low seasonal importance. The approaching fall market will provide a better indicator of the true impacts of the Ontario Fair Housing Plan and rising borrowing costs.

Related: Burlington Market Continues to Adjust

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in June was $1,114,913 – up by 6.7% versus the $1,044,974 average price of July 2016. That said, prices are o• substantially from their high of $1,428,664 which was recorded in February. Despite this recent pullback in prices, the overall price gain in 2017 remains very substantial.

On a year-to-date basis (January thru July), the average price increase for all property types in Oakville remains at a whopping 23.3%. That translates into a home equity gain of over $240,000 for the average Oakville homeowner. Looking forward, the market appears to be headed back to a more balanced situation with supply returning to normal levels and with the expectation that the recent pause in buying activity will be relatively short-lived.

Related: Monthly Neighbourhood Market Reports

What’s Your Oakville Home Worth? Get a Free market evaluation of your home.

Oakville Transactions - JULY 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek2$1,057,50041
Bronte13$1,025,30831
Central3$986,66744
College Park8$700,55021
Clearview5$1,243,90028
Falgarwood6$774,60015
Ford6$1,449,16747
Glen Abbey11$983,04519
Glenorchy5$1,197,00034
Joshua Creek8$1,461,81319
Morrison10$2,501,85059
Old Oakville3$2,004,66723
River Oaks17$802,23235
Southwest4$1,483,62527
Wedgewood Creek---
Westmount15$898,85320
West12$1,004,83331
West Oak Trails13$814,62326

Burlington Market Continues to Adjust

The Burlington resale home market recorded 212 sales in July – down by an eye-catching 21.2% versus the 269 homes sold in July 2016. Total inventory at month-end came in at 464 units, up by a whopping 74.4% versus last year but still well behind the latest 10-year end of July average of 548 units. A recent release from the Ontario government found that foreign buyers represent a small proportion of buying activity in the Golden Horseshoe.

Clearly, the year-over-year decline experienced in July had more to do with psychology, with an abundance of would-be home buyers on the sidelines waiting to see how market conditions evolve. In addition, summer market statistics are generally not the best indicators of housing market conditions due to its low seasonal importance. The approaching fall market will provide a better indicator of the true impacts of the Ontario Fair Housing Plan and rising borrowing costs.

Related: Oakville Market Continues to Adjust

The average selling price for a resale home in Burlington in July was $699,830 – up by 3.2% versus the $678,402 average price in July 2016. Prices are off dramatically from their high of $837,719 which was recorded in May. An increasingly better supplied market and a pause in demand have combined to create this deceleration in price growth. Despite the recent pullback in prices, the overall price gain in 2017 remains highly significant.

On a year-to-date basis (January thru July), the average price increase for all property types in Burlington remains at a substantial 20.7%. That translates into a home equity gain of over $133,000 for the average Burlington homeowner. Looking forward, the market appears to be headed back to a more balanced situation with supply gradually returning to normal levels and with the expectation that the recent pause in buying activity will be relatively short-lived.

Related: Monthly Neighbourhood Market Reports

WHAT’S YOUR BUrlington HOME WORTH? GET A FREE MARKET EVALUATION OF YOUR HOME.

Burlington Transactions - JULY 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Aldershot South8$916,75028
Alton Central---
Alton West9$744,05632
Brant Hills15$601,22729
Central6$1,140,83326
Dynes9$663,20039
Elizabeth Gardens5$718,50027
Headon Forest13$628,90026
Longmoor6$654,75037
Maple9$732,22216
Millcroft13$986,70026
Mountainside4$646,00010
Orchard16$787,36827
Palmer6$650,00018
Pinedale11$641,38221
Roseland8$920,30012
Shoreacres4$899,50026
Tansley6$710,30027

Oakville Market Supply Continues to Improve

The Oakville resale home market recorded 196 sales in June – down by a whopping 50.4% versus the 395 homes sold in June 2016. This brought year-to-date (January thru June) sales to 1,556 units – down by 19.5% versus the comparable period last year. The current market appears to be in a state of flux that often follows major policy announcements pointed at the housing market.

On one hand, purchase intent in the Oakville market remains strong, but a sizeable chunk of these would-be buyers are remaining on the sidelines waiting to see the full impact of the Ontario Fair Housing Plan which was announced on April 20th. On the other hand, many existing home owners are listing their homes because they feel that price growth may have peaked. The end result has been a market with vastly improving supply and moderating annual price growth.

Related: Burlington Market Supply Continues to Improve

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in June was $1,130,094 – up by 6.0% versus the $1,065,864 average price of June 2016. That said, prices are off substantially from their high of $1,428,664 which was recorded in February. Despite this recent pullback in prices, the overall price gain in 2017 remains very substantial.

With the year now half over, the year-to-date (January thru June) average price increase for all property types in Oakville remains at an eye-popping 24.9%. That translates into a home equity gain of over $256,000 for the average Oakville homeowner. Overall, the market appears to be heading back to a more balanced situation with supply starting to return to more normal levels and with the expectation that the recent pause in buying activity will be short-lived.

Related: Monthly Neighbourhood Market Reports

What’s Your Oakville Home Worth? Get a Free market evaluation of your home.

Oakville Transactions - JUNE 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek6$1,138,66721
Bronte23$1,117,50921
Central6$1,097,00018
College Park12$853,66727
Clearview6$1,053,36720
Falgarwood12$894,12524
Ford11$1,605,88627
Glen Abbey14$1,020,87919
Glenorchy8$823,18825
Joshua Creek13$1,333,23115
Morrison8$2,023,25031
Old Oakville6$3,060,83364
River Oaks14$988,57121
Southwest5$1,208,00026
Wedgewood Creek12$1,100,22520
Westmount7$876,07119
West17$1,197,52923
West Oak Trails10$898,79022

Burlington Market Supply Continues To Improve

A total of 265 resale transactions were recorded in Burlington in June, down by 30.1% versus the 379 units sold in June 2016. At the same time, new listings in June totalled 495 – up by 14.8% compared to June 2016. This brought total active listings by month end to 519 units – up by a whopping 74.2% versus last year. Despite this surge, inventory still lags the latest 10-year end of June average of 599 units by about 13%. The current market appears to be in a state of flux that often follows major policy announcements pointed at the housing market.

On one hand, purchase intent in the Burlington market remains strong, but a chunk of these would-be buyers are remaining on the sidelines waiting to see the full impact of the Ontario Fair Housing Plan. On the other hand, many existing home owners are listing their homes because they feel that price growth may have peaked. The end result has been a market with improving supply and moderating annual price growth.

Related: Oakville Market Supply Continues to Improve

The average selling price for a resale home in Burlington in June was $752,071 – up by a healthy 10.2% versus the $682,258 average price in June 2016. That said, prices are off substantially from their high of $837,719 which was recorded just last month. An increasingly better supplied market and a pause in demand have combined to create some moderation in price growth. Despite the recent pullback in prices, the overall price gain in 2017 remains highly significant.

With the year now half over, the year-to-date (January thru June) average price increase for all property types in Burlington remains at an eye-popping 23.2%. That translates into a home equity gain of over $148,000 for the average Burlington homeowner. Overall, the market appears to be heading back to a more balanced situation with supply starting to return to more normal levels and with the expectation that the recent pause in buying activity will be short-lived.

Related: Monthly Neighbourhood Market Reports

WHAT’S YOUR BUrlington HOME WORTH? GET A FREE MARKET EVALUATION OF YOUR HOME.

Burlington Transactions - JUNE 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Aldershot South17$940,73513
Alton Central2$879,95010
Alton West11$907,66419
Brant Hills19$561,31117
Central10$788,80018
Dynes10$677,80822
Elizabeth Gardens13$774,14617
Headon Forest14$641,81422
Longmoor6$716,81714
Maple7$764,14328
Millcroft14$883,85719
Mountainside7$591,27918
Orchard9$781,88918
Palmer8$612,11313
Pinedale21$680,50520
Roseland10$1,084,10026
Shoreacres13$1,166,03813
Tansley4$769,4708