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May
22,
2015

Oakville resale prices remain strong

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in April was $872,469 – up by a solid 4.8% versus the $832,227 average price posted in April 2014. On a year-to-date basis (January thru April), the average price of an Oakville resale home was $846,294 versus $804,801 during the same period last year – an increase of 5.2%. To put this level of price growth into a more full perspective, the most recent inflation growth figure from Stats Canada (March 2015) stands at just 1.2%. Therefore home ownership in the Oakville market has offered a 4.0% real return thus far in 2015. Prices are being boosted by a combination of low inventory and ultra-low borrowing costs, which declined even further during the past month.

The Oakville resale home market recorded 315 sales in April – down by a hefty 9.0% versus the 346 homes sold in April 2014. Volume continues to be constrained by low inventory which is hampering the ability of many would-be purchasers to find acceptable properties. Consequently, a significant number of potential purchasers have remained on the sidelines thus far in 2015. On a year-to-date basis (January thru April), volume is down by a full 5.0% versus last year (927 units sold in 2015 as against 976 units sold in 2014). Finally, sellers with marketable properties are not only enjoying attractive prices, they are also enjoying a record-setting sales experience in terms of time. April’s average days on market declined to just 20 days.