Aug
09

Oakville Market Continues to Adjust

  • Oakville Market Continues to Adjust

Oakville Market Continues to Adjust

The Oakville resale home market recorded 138 sales in July – down by 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•ff 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