Current Market Trends 

Current MLS® stats show an average Oakville house selling for $1,523,710, with 1,139 new listings in the last 28 days. Oakville housing data for June 2024 shows a home's median days on the market is 20.

January 2024 started the year with a median price of around $1,625,000. It dropped under 1.4 million by February but climbed to 1.6 million in March. It fell again at the beginning of April to $1,465,686 and then went back up to over 1.6 million by mid-May. The trend peaks every second month, with June being a low month, averaging approximately 1.5 million.

Demand and Supply

June 2024 stats show more inventory (supply) than sales (demand), keeping prices down 2% under listing on average. Higher supply over demand also results in more days on the market. 

Population growth and new developments can dramatically impact the housing market conditions in Oakville. Here’s how:

• Increased demand: As Oakville’s population grows, demand for housing rises. Its desirable location with good schools, amenities, and proximity to Toronto attracts new residents. Increased demand leads to higher housing prices and a steady increase in property values.
• New developments: New residential developments, including single-family homes, townhouses, and condominiums, meet rising demand. Initially, new supply can stabilize or reduce prices, but high demand often keeps them high.
• Changes in housing types: Housing options are diversifying, including affordable housing, luxury homes, and mixed-use developments. Increased apartment and condominium developments can raise rental rates due to higher demand.
• Economic impacts: Higher property values and new developments increase property tax revenues, improving local services and infrastructure.

Insights and Tips for First-Time Homebuyers

Oakville’s housing market is competitive, so the more ready you are, the more successful you’ll be. Here are a few tips for first-time homebuyers when getting started:

• Get pre-approved for a mortgage to show sellers you’re serious
• Be aware of market trends and cycles
• Determine all home purchase costs, including closing costs, property taxes, and maintenance expenses
• Look into programs and incentives for first-time buyers
• Hire a home inspector to avoid unexpected issues and expenses later
• Partner with an experienced local realtor — their insights and connections can be invaluable

Helpful Strategies 

Find the right property and make a competitive offer with the following strategies:

• Prioritize needs vs. wants: List your home’s must-haves and “nice-to-haves” to help narrow your search.
• Daily monitoring: Check property listings daily and act quickly when you find something that fits your needs and budget.
• Competitive offer: Make your offer competitive by:
• Offering a strong price based on market value and recent comparable sales
• Being flexible with closing dates to accommodate the seller’s timeline

Financing Options

Learn about the types of mortgages and interest rates that coincide, such as:

• Conventional: Avoids mortgage insurance with at least a 20% down payment.
• High-ratio: A down payment of less than 20%, requiring mortgage insurance.
• Fixed: Interest rate remains unchanged throughout the one, three, or five-year term.
• Variable: The interest rate fluctuates with the prime rate, changing monthly payments. 
• Closed: Typically has lower interest rates with limited flexibility in making extra payments without penalties.
• Open: Has higher interest rates but more flexibility to make extra payments.

The following tips can help you get the best financing possible:

• Improve your credit score by paying bills on time and reducing debt
• Aim for at least a 20% down payment
• Compare lenders and consider borrowing costs
• Get pre-approved to lock in rates
• Use competing offers to get the best interest rates and terms
• Seek professional advice from realtors, financial advisors, or brokers

Neighbourhood Considerations

Wondering what all the buzz is about in Oakville? Here are some popular Oakville neighbourhoods and what gets people talking:

• Old Oakville has historic charm and preserved architecture. It is close to downtown, the waterfront, parks, and boutique shops.
• Bronte: With a scenic waterfront and marina, this family-friendly neighbourhood has parks, trails, and a quaint village feel.
• Joshua Creek: These modern, upscale homes have large lots in a quiet, suburban feel area with quick access to highways.
• River Oaks: Has a mix of housing options, including townhouses and detached homes. There is a strong sense of community, with active neighbourhood associations.

Here are some factors to consider when choosing an Oakville neighbourhood: