December 2024

HAPPY NEW YEAR!

And an excellent weather start to the year given our low snow volumes.

Interest rate seemed to have settled with the expectation of another quarter point cut coming soon.

Here's a closer look at how the year over year average sales numbers fared;

       Type                              December 2024                    December 2023.     % change

Det 2-storey                           $2,310,340                           $2,447,820                - 6

Bungalows                             $1,505,875                           $1,565,815                - 4

Split Level                             $1,385,750                           $1,360,750                + 2

Semi-Det                               $1,040,667                            $1,485,286               - 43

Link                                       $1,059,000                            $1,181,000               - 11 

Freehold THs                        $1,184,026                             $1,165,379               + 2

Condo THs                            $841,571                                $771,000                  + 9

Condo Apts                           $666,294                                 $711,952                  - 7

Stacked THs                          $644,000                                 $675,500                 - 5

As you can see prices are down for more property types than up, with the majority of the percentage changes falling in the single digit range.   Prices are generally holding and did indicate a relatively stable selling price over the past twelve months.

There are currently 65 homes for sale above the $3mm mark with the highest asking price not too far below 30 million dollars.  Some of these homes are up for rent as well as for sale. In December 2024 10 properties sold above  $3,000,000 compared to 9 in December 2023.

At the moment we have 231 properties for sale and 139 for lease.

With President Trump coming into power later this month and the likelihood of a new Canadian government forming by the Spring it will be interesting to see what affect that this will have on real estate.

Stay tuned!

November 2024

Thank you for visiting my site.

This November has been very active with prices on the rise and an extraordinary number of luxury sales closing.  141 homes and condo's sold.

The average price of a detach 2-storey home has almost returned to the March 2022 peak of $2.7mm.  November 2024's average 2-storey home selling price was $2,657,043. That's more than $400,000 over this October's average selling price.

Detached bungalows came in at $1,754,300.  Semi's and Links average cost were $1,033,500 and $1,197,500, respectively.  Freehold and condo THs were $1,187,333 and $788,500.  Condo apartments and Stacked THs went for $850,542 and $626,167.

48 properties were leased. The lowest was $2100/mth for a 542SF 1 bedroom 1 bathroom 1 garage apartment at Dundas and Bronte Rd and the highest was for a detached 4BR double garage executive 2-storey home that went for $6500/mth + utilities.

At the moment there are 412 properties available for sale and 147 for lease.  34 of those for sale are asking above $4mm with 4 asking above $10,000,000. WOW!  $2,100 is the cheapest lease listing at the moment.

Looks like we will see at least a 1/4 point reduction in interest rates in a few days,  This should spur on some of the on the fence buyers to take the plunge and buy a place.

Merry Christmas!

October 2024

The market has been relatively brisk with a number of properties selling quickly and prices have been holding.

The average time to sell took 32 days. 

At the moment there are 553 homes and condos for sale.  The most we have seen in several months.  With the holiday season upon us you can expect activity to wane.  

40% of the sellers currently on the market are asking above $2,000,000.   Yes Oakville is an expensive town.  Thankfully there is some relief with the dropping interest rates.  The next drop is expected on Dec 11th.

The average sale price for a detached 2-storey home was $2,227,915, up almost 3% from a year ago.  Bungalows averaged $1,544,929.

Condo apartments avaraged $984,252 however, if you back out a $4.8mm DT condo sale sale that number drops to $746,750.

Freehold and condo THs sold for $1,198,600 and $892,857, respectively.  While stacked THs averaged $662,000.  Semi-detached and link homes did not trade during the month.

There are 148 properties available for lease.  39 leased in October ranging from $1,400 for a basement apartment and $5,500 for a stylish townhome.

Se[tember 2024

September had some mixed results.

A number of luxury homes sold relatively quickly with one standout which went for over $10mm in less than a week.  It was for a large home on a large property so very impressive and not on the lake!  Also many other properties moved well as well.

On the other hand some homes have been languishing and have had to resort to price reductions to ultimately get sold.  And this is not unusual.

Prices are back up to the Spring of 2022 when we the average detached 2-storey homes sold for approximately $2.7mm, in March of that year.  This September's average (including the $10.2mm sale) was $2,614,146.  Backing that sale out you still have a healthy average sale price of $2,400,000.

Other sales values were as follows:

Detached bungalows averaged $1,219,333 sidesplits $1,610,000 backsplits $1,335,000 semi-detached $1,022,500 Linked homes $1,226,000 Freehold THs $1,073,563 Condo THs $888,714 Condo apartments $695,466 Stacked THs $743,333.

46 properties were lease during the month ranging in price from $2200 to $5500/mth.  The lowest lease price was for a 1 bedroom 1 bathroom 544SF condo apartment in Westmount while the highest was for an executive 4 bedroom home in Lakeshore Woods in Bronte with just over 3,000SF of living space. 

October should be a good month and heres hoping that the Fall colours will work their magic.

Stay tuned!

August 2024

August had 116 sales and 84 properties leased.  Not bad considering it's a prime vacation time and has been an overall  slower market.

The average price of a detached 2-storey home was $2,176,711 up almost 7% from August 2023.

Other types of home sale averages are as follows;

Detached bungalows $2,109,214

Sidesplits                   $1,725,000

Backsplits                  $1,145,000 

Condo apartments.     $867,909

Condo THs                 $902,286

Freehold THs              $1,470,056 

Stacked THs                $653,333

Semi-detached             $1,220,000

Linked homes              $1,215,000  

A number of the freehold sales were for land/new build purposes.  A Southwest 1/4 acre lot sold for $1,725,000.  A Southeast 1/3 acre lot sold for $2,825,000.  An almost 1 acre court location SW lot sold for $3.5mm.

The number of lease transactions was similar to the 86 that were leased in August 2023.

The upcoming interest rate reductions should improve sales volumes and edge prices upwards.  So if you are thinking of buying this may be a good time ot enter the market. And if you are thinking of selling, there will likely be more buyers out shopping and the Fall has proven to be a pretty time to showcase your home.  Happy selling!      

June 2024

Hello again.

The rental market was quite active with 101 leases which was just about double last years result. And rents have been going up pleasing many happy investors.  At the moment there are 85 properties available for lease.

Presently we have 538 properties for sale which is giving buyers some choice.  Property sales have had mixed results as you will see below, with some price increases and decreases, and the actual sales volume has gone down.  June 2024 had 143 sales compared to 176 a year ago and this mirrors May's year over year results which were 170 in May 2024 and 228 in May 2023.  Nevertheless homes and condo's are still expensive and many prospective buyers are looking forward to more interest rate cuts to help with affordability

The average sale price for a detached 2-storey home was still above the two million dollar mark at $2,077,526, but down almost 7% from June 2023's $2,218,575.  Bungalows sold on average for $1,619,583 down slightly from last years $1,669,000.  Condo apartments went up from $794,455 to $895,222 which was also up from this May's $835,444.

Similarly freehold townhomes were down slightly from $1,163,000 to $1,111,042.  Condo townhomes fell from $1,243,519 to $953,111.  Semi- detached homes also dropped from $1,310,200 to $1,217,667.  Detached split level homes went from $1,889,750 to $1,490,333.  Major price shifts are often attributed to transactions which occur different neighbourhoods.  For example, if one year there were more Southeast sales as was the case for detached split homes, then that can create a significant change in price from one year to the next. 

One link home traded this June for $1115000 and Stacked condo townhomes fell to $653,333 from $705,000.

It took on average 22 days to sell a property up from 17 days in June 2023.

Expect market activity to soften for the summer as per usual and enjoy this wonderful time of year!

May 2024

There are 493 active listings at the moment which is more than double last months count and is 200 more than May 2023s.   58 of the active properties are asking $4,000,000 or more. 

In May 2023 228 properties sold while this May 170 sold, which was 20 transactions less than this April.  This added inventory is providing more choice to buyers yet the sales volume is down.  Interestingly those who are selling are managing to do so in under 3 weeks.  There are still some multiple bid sales occurring but less agents are setting Offer dates when they list sellers homes.

The average sale price by property type is shown below with the year over year percentage change.  It's quite a mixture of results but you can see that the average price for a detached 2-storey home is still above $2.1 million.  Note: there were no Link home transactions included for this period.  A Link home may be attached at the basement level (below grade) or, at the garage and their exterior above grade walls are detached.

                                                        May 2024                May 2023             % Change

Detached 2-storey                         $2125653                 $2178198                 - 2.5

Bungalows                                    $1495750                 $1696286                 -13.5

Split Level                                    $1561833                 $1532154                  +2

Condo Apts                                    $835444                   $805811                   +3.5

Condo THs                                    $877333                   $1044632                  -19

Freehold THs                                $1297389                 $1280419.                 +1

Semi-Detached                             $1145000                  $1290500                 -12.5

Stacked THs                                 $750000                    $795000                   -6

The rental market was active with 62 leases during the month up from 51 a year ago.

The financial markets are expecting to see a cut in interest rates at next weeks announcement.  It's not likely going to be enough of a drop, should it happen, to encourage a lot of new buyers into the market.  But if it does it may have a positive effect on home sale prices as well as stock market investments.

Don't hesitate to call with your questions 905-330-9197