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Oakville Resale Price Growth Continues

click here 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.

The Oakville resale market recorded 338 sales through the Oakville-Milton MLS® system in June, up by a healthy 6.6% versus the 317 units sold in June 2014. Having said this, volume continues to be held back by low inventory which is affecting the ability of many potential purchasers to find acceptable properties. As a result, a sizeable number of would-be purchasers have remained on the sidelines thus far in 2015. On a year-to-date basis (January thru June), volume is up by a modest 1.1% versus last year (1,685 units sold in 2015 as against 1,666 units sold in 2014). Unless the inventory situation improves dramatically in the back half of 2015, volume growth is expected to remain in the tepid, single digit territory. Despite moderate sales velocity, days on market in June held steady at 24 – identical to June 2014.

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in June was $826,111 – up by 2.3% versus the $807,282 average price posted in June 2014. However, on a year-to-date basis (January thru June), the average price of an Oakville resale home was $838,097 versus $811,867 for the same period last year – representing a slightly more substantial increase of 3.2%. The average Oakville homeowner has therefore enjoyed an increase in home equity of about $26,000 thus far in 2015. With a continuation of tight inventory and ultra-low borrowing costs, price growth will almost certainly increase in the near term. At the moment, buyers can take advantage of 5-year fixed mortgage rates of as low as 2.48% and 5-year variable rate mortgages for as low as 1.99%.

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in May was $846,187 – up by a slight 1.4% versus the $834,252 average price posted in May 2014. However, on a year-to-date basis (January thru May), the average price of an Oakville resale home was $840,830 versus $812,944 for the same period last year – representing a more substantial increase of 3.4%. The average Oakville homeowner has therefore enjoyed an increase in home equity of about $28,000 thus far in 2015. With prices likely continuing to rise due to a combination of tight inventory and ultra-low borrowing costs, this figure will almost certainly increase. To put this level of price growth into a more full perspective, the most recent inflation growth figure from Stats Canada (April 2015) stands at a paltry 0.8%.

The Oakville resale home market recorded 346 sales in May – down by an eye-catching 7.2% versus the 373 homes sold in May 2014. Volume continues to be constrained by low inventory which is limiting the ability of many would-be purchasers to find acceptable properties. Consequently, a sizeable number of potential purchasers have remained on the sidelines thus far in 2015. On a year-to-date basis, (January thru May), volume is down by 3.5% versus last year (1,302 units sold in 2015 as against 1,349 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. May’s average days on market was a very attractive 23 days.