The Market Frenzy Continues – April Market Report
Record sales continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. Royal LePage reported a year-over-year increase of 14.9% for average sale prices and an increase of 52.5% for number of sales in the GTA. Oakville and Burlington hit new heights in terms of average sale prices in February.
Reminiscent of price spikes seen in 2017, Oakville’s average sale price was 106% of list price and Burlington’s average sale price was 108% of list price. With low inventory and demand at an all-time high, Oakville and Burlington achieved their highest average prices ever, being $1,456,537 and $1,058,560 respectively. Overall, the amount of inventory that hit the market in February shows that consumer confidence is returning and people are becoming much more comfortable buying and selling real estate. However, with low interest rates, a cornucopia of buyers and the continued popularity of suburban low-rise properties, the sellers ’ market remains strong as demand continues to outpace supply. This has led Oakville and Burlington to become extremely sought-after areas and the perfect place to call home.
I expect to see continued growth and marked price increases throughout 2021 given the current limited inventory and growing competition. As the economy opens further and immigration into the GTA resumes, there will be an even greater need for housing supply. If you are considering making a move this year, now is the perfect time since we are in the midst of a strong seller’s market. Contact me today to find out what your home is worth as well as what similar homes in your neighbourhood have recently sold for.
- Dan Cooper