Oakville Real Estate Facts & Figures





What's the Latest?

Certainly interesting times for everyone over the past 2 months but hopefully to quote B.C.'s provincial health officer Dr. Bonnie Henry we have reached "the end of our beginning of this pandemic".  Prior to the COVID outbreak, our local real estate market was definitely heating up with low inventory, high demand and upward pressure on pricing particularly in the sub 1 million dollar market.  It was expected to be a very busy spring market and great for home owners selling.  Once we entered a state of emergency however, most price ranges of the market slowed significantly with very little activity both on the listing and sales side.  With great uncertainty and fear, it is understandable that this resulted in home owners delaying putting their house up for sale or having very restricted showings.  Similarly, buyers were reluctant to go out to view homes so hence the grinding halt to activity.  It is important to note that prices have decreased very little over this time and while there have been some examples of distressed sales with sellers who needed to transact, that has not correlated to a market wide reduction in prices.  Be wary of media reporting staggering drops in real estate... that refers to volume and not pricing! 

It is interesting to note that smaller/lower priced markets outside of the GTA have seen significantly more activity through out the COVID crisis as have other markets in other regions of Canada.  This may be accredited to less dense populations feeling more secure in continuing to move forward or perhaps just the lower priced market has great buoyancy.  We certainly don't profess to have a crystal ball but as government restrictions loosen, we are optimistic that the spring market may simply be displaced back into summer or early fall, at which time an enormous amount of pent up demand, historically low interest rates and a continued favourable immigration view will kickstart our housing market back into action.  We are already beginning to witness minor increases in sales volume and showing activity (see Showing Time figure below). 

If you have any questions at all or would like to receive a complimentary virtual pricing evaluation of your home, please don’t hesitate to contact us!

Cheers,

Blair & Peter

April Snapshot

After a stellar 1st Quarter of real estate activity in the GTA that suggested a record breaking spring market was in store, the Coronavirus pandemic and resulting government health and safety measures abruptly changed everything. As expected, social distancing orders have quieted the market. TRREB’s April 2020 statistics show the initial impact of COVID-19 with sales and new listings dropping 67% and 64% respectively year over year for all property types, the largest declines on record. However, due to the continuing demand on the GTA’s already low inventory, prices remained consistent with those in April 2019. Canadian economic forecasters are in general agreement that the risk of a sharp price decline is low near term, and that price support will continue to soften gradually in the weeks ahead, although not enough to threaten the stability of the market. With employment being a key driver of house prices, this will be an important statistic to watch as the economy reopens.

Can We Still Sell or Buy A House?

We have received many inquiries from clients asking us about the current status of real estate and wanting to know “Can I sell my home at this time?”. As you may know, real estate was deemed an “Essential Service” in Ontario as people still may need to make changes to their living situation. With the help of technology, our updated Action Plan allows us to navigate around the challenges and limitations that the COVID outbreak has created for the home selling process. We have implemented many new measures so we can continue to conduct business in a safe & effective fashion for both buyer and sellers. As always, please don’t hesitate to contact us with any questions and we are also delighted to assist with any grocery or pharmacy needs you may have if you're having troubles getting out.  Blair and Peter

Some of Our “Action Plan” Enhancements to Navigate Around the Challenges of COVID. Call Us to Discuss Further


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Check Out Our Facebook Page

We have had a great time doing virtual open houses for our listings with great viewership and response with over 8000 views  
-> https://www.facebook.com/blairandpeter/ to see some of our videos

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MACKEY & McCORMICK

Phone: 905.845.4267

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Office Info

Royal LePage Real Estate Services

326 Lakeshore Road East  Oakville,  Ontario  L6J 1J6 

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