These figures are exclusively for the Oakville residential market and although all information provided is deemed accurate it is not guaranteed.
The average sale price is found by adding the value of all sales and divided by the number of homes sold. The median sale price is the midpoint sales price of all sales.The variance between the median and the average is primarily accredited to the high price point of the multiple luxury sales in Oakville for the month. A few $5 million plus sales can skew the calculation upward.
These stats do not include sold properties not reported through the the Oakville, Milton and District Real Estate Board. For example, a home listed and sold by a Toronto Real Estate Board member who did not list the property on the Oakville board. I know sounds crazy right...who would ever do that and forego the massive exposure to Oakville realtors? Shockingly, it happens.
See further down for our more in depth "Under the Hood" look at the numbers.
Differing housing statistic variables such as calculation method, time period comparison, geographic location and property type can yield contrasting observations, particularly in the fluctuating markets we have seen over the last few years. Naturally, the media like to focus on the most profound headline catching material to entice viewers to read their paper or click their links. For example March 2018 vs March 2017, showed a sales volume drop of 40% and a doubling of average days on market. Interesting to note though that March 2017 was a bit of an outlier in that it represented the peak of the frenzy and not the year as a whole and the days of market went from 10 to 20....not really as drastic as it sounded.
With both pricing and activity down off of their highs of 2017, it would be fair to say that the foreign home buyers tax, the mortgage stress test being made applicable to even the most qualified of buyers and the Bank of Canada's interest rate hikes have taken a little of the shine off the real estate market. Hopefully it doesn't prove to be too much and slow this vitally important sector of the Canadian economy more than intended. At present, it seems to be a more balanced market as high employment and immigration rates continue to fuel the demand side and offset a potential decline. Buyers are more cautious however, as they look for fair and defendable values and are far less likely to engage in the crazy multiple bidding scenarios we witnessed in the last couple of years.
As always, we are here to answer any of your real estate and housing questions you may have, no matter how big or small the need might be. Look forward to chatting,
Blair & Peter
Dec 2018 YTD
Dec 2017 YTD
Dec 2018 YTD
Dec 2017 YTD
Dec 2018 YTD
Dec 2017 YTD
Average Sale Price
Number of Sales
Days on Market
Our team walked away with some great pieces of information from an Oakville Town Talk with Regional and Town Councillor Sean O'Meara, some of which we will cover in further detail in future editions. You may already be familiar with some of them, while others may be news to you. Let us know if you have any further questions but highlights include:
- There will likely be condos built in very close proximity to the Bronte GO Station
- Approximately 1200 units on the old Saw Whet Golf COurse
-Downtown Oakville redevelopment in 2 stages over the summers of 2019 and 2020
-Potential Wyecroft Road bridge to span Bronte Creek to connect Burlington
-Under railway track bypasses planned for Kerr Street and Burloak Drive
-Development projects applied for old Mexicali Rosas and for Cudmores
-Town of Oakville will continue to fight development of the Glen Abbey Golf Course
-Hopedale Mall may become an outdoor strip plaza and potential residential or condos built on some parts.
-Bronte Mall redevelopment in full swing with a 14 storey and two 4-storey buildings with approximately 480 upper end rental units
If you have any questions about the content of our newsletter, require information on a particular property or are interested in having a free no obligation price evaluation of you home, please email us directly or click below
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