Oakville Resale Price Growth Continues
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in July was $851,167 – up by a healthy 9.6% versus the $776,759 average price posted in July 2014. On a year-to-date basis (January thru July), price growth is a more moderate 3.6% ($836,061 in 2015 versus $807,096 in 2014). With the year now more than half completed, the average Oakville homeowner has therefore enjoyed an increase in home equity of about $29,000. Tight inventory and ultra-low borrowing costs will continue to support price growth for the balance of 2015. At the moment, buyers can take advantage of 5-year fixed mortgage rates of as low as 2.43% and 5-year variable rate mortgages for as low as 1.79%. Buyers can also find 3-year fixed mortgage rates as low as 2.08% and 3-year variable rate mortgages for as low as 1.95%.
The Oakville resale market recorded 279 sales through the Oakville-Milton MLS® system in July, up by a solid 6.5% versus the 262 units sold in July 2014. On a year-to-date basis (January thru July), volume is up by a more modest 3.6% versus last year (1,998 units sold in 2015 as against 1,928 units sold in 2014). Volume growth continues to be restrained by low levels of inventory which is making it difficult for many would-be buyers to find acceptable properties. Having said this, continued price growth momentum is expected to lure more sellers onto the market in the months ahead which will help spur volume growth for the balance of the year. Given the ultra-low cost of borrowing alluded to above and the relative lack of competition, it is actually an ideal time for would-be sellers who have been thinking of listing to move forward with their plans.