June 2025

Summer is finally upon us and buyers and renters are out looking.  And there is ample choice.  At the moment there are 1,482 homes and condo's for sale and along with 702 for lease.  Clearly a buyers market in most pockets.   And June saw another 1,144 new listings added.  A year ago at this time there were 538 properties for sale and 105 for rent. 

Nevertheless, demand is reasonable with 235 sales and 535 leases in June.  And the average selling time was 28 days.  And those property owners with exclusive locations coupled with renovations and updates  have experienced some multiple bids.  We also saw 6 homes sell above the $4,000,000 mark.

Sales prices have adjusted slightly downwards with the average price for a detached 2-storey home dropping 1.5% month over month to $1,995,989 and down 4% year over year.

Buyers confidence is being impacted by economic uncertainty and high interest rates. 

Sellers are adviced to price competitively and ensure their properties are well maintained both inside and out to attract buyers.  Those that don't will likely have to reduced their asking prices, and in some cases more than once.

Here are some other housing type sales averages for you;

Bungalows $1,590,867 / Split Level $1,472,333 / Linked Homes $1,166,750 / Semi-detached $1,174,375

Freehold THs $1,137,452  / Condo THs $845,321 / Stacked THs $638,875 / Condo apts $702,135

The Oakville rental market is expensive with almost 200 homes renting for above $4,000/mth and more than a hundred of those renting above $5,000/mth. 

Oakville commands more money because it is a charming and special lakeside town with lots to offer and is a safe community to live and grow a family.

May 2025

Welcome!

President Trump is still having fun with his on again off again tariff threats.  Even so a number of families have ignored his daily antics and have continued on with their own lives and housing requirements which has resulted in a reasonably active month.  And May is historically the time of the year for action in real estate.

Here's the year over year breakdown of sales activity based on type of housing.

                                       May 2024                            May 2025                       Apprx % Change

 

Detached 2-storey          $2125653                            $2032765                                 -5

Bungalows                     $1495750                            $1376900                                 -8

Split level homes           $1561833                            $1647857                                 +5

Semi-Detached              $1145000                            $1089500                                 -5

Linked homes                no mthly sales                    $1358500

Freehold THs                $1297389                            $1169048                                  -11

Condo THs                    $877333                              $789757                                    -11

Stacked THs                  $750000                              $684889                                    -10

Condo Apts                    $835444                              $794150                                    -5

Notwithstanding the above changes we saw a number of properties come to market during the month and sell.  So that is good news!  

The ultra luxury segment (properties listed at or above $3,000,000) had 14 sales.  The highest sold above ten million.  It had been on the market for over a year and the seller had to reduced their asking price a few times.

With interest rates recently holding there will be difficult times ahead for those about to renew their existing low interest rate mortgages.  Some families will have to cut back on their spending in order to hang onto their homes. 

At the moment there are 493 properties for sale and 375 for lease.  

May saw 19 leases completed all between $1900/mth and $3000/mth, which is in the lower end of the leasing scale.   Most detached homes tend to rent well above $4000/mth.

Expect June to be fairly active given the late Spring we have had to endure.

Be well and stay safe.

                  

April 2025

With the elections behind us we can all now focus on our lives, family and work.

Although real estate prices have been softening for the most part over the last year we have seen a slight bump in sales volumes, so that is encouraging.  In addition warmer weather is upon us which will bring out more buyers shopping for homes.  It is a buyers market with reasonable choice for most styles of homes and areas.  And in a buyers market it does take longer to sell (on average) with only a trace of multiple offer activity.

At the moment there are 1,395 apartments and homes for sale and 751 for rent in Oakville.  Lat month we saw 213 sales and 415 leases.

The average price of a detached 2-storey home fell below the $2,000,000 mark for the first time in a couple of years to $1,999,227.  A year ago the average sale price was $2290,063 a drop of almost 15%.  Here are the April numbers;

                                      2024                            2025                           % change

Det 2-storey               $2290063                      $1999227                        -15

Bungalows                 $1477450                      $1354500                         -9

Condo apts                 $779656                        $626793                          -24

Condo THs                 $1244500                      $905125                           -37

Freehold THs             $1168786                       $1094150                        -7

Semi-Det                    $1466667                       $1187429                        -23

Split Level                  $1424571                       $1434000                        +1

Linked                        $1062000                       $1345333                        +36

Stacked THs.              $711333                         $684500                           -4

Split level and linked home sales took the prize for the month with year over year percentage gains. Together they only represented 5 sales.  And don't be dismayed by the larger percentage decrease property types as there were more lower priced properties trading which enhanced their decline.

The rental market was more active than last year with 482 properties leased up from 415 in April 2024.  Some of these leases however came from sellers who hedged themselves by putting their properties up for sale and for lease and choosing the best option for their circumstances.

At the end of the day the Trump tariffs, which are still ongoing, will make Canada stronger and more independent.

March 2025

 Hello again.

At the moment the market has not been very active for early Spring time on the sales front with only 179 sales this March, about half the sales volume from March 2024.  The rental market was brighter with 340 lease transactions. 

With 1239 homes and condos for sale and 765 available for lease, there happens to be plenty of choice and also points to the unusual economic times we find ourselves in.   Namely in a trade tariff war with, and initiated by, the USA. 

Many buyers have been sitting on the fence waiting to see how the dust will settle from the 25% U S trade tariffs already on steel and aluminum and starting on automobiles tomorrow,  April 3, 2025.  

These tariffs will have an economic impact on millions of Canadians across the country and in so doing will also impact real estate, especially in a number of the directly affected cities like Windsor, Ontario. 

There will also be global adverse reaction to the USA on their respective country reciprocal tariffs. 

At this time, Canada has been spared reciprocal tariffs on a number of other goods.  However, President Trump has indicated that their will also be tariffs on lumber, pharmaceuticals and semi-conductors.  The details to follow.

The long term silver lining is Canada will become a stronger nation.  In the meantime, Canada will fight these tariffs and increase her global independence and cooperation with other countries.

Here are the average year over year sale prices;

                                                  March 2025                     March 2024           Approx % Change

Detached 2-storey                     $2,036,093                       $2,236,815                        -10

Det Bungalows                          $1,422,900                       $1,766,000                        -24

Det Split Level                          $1,554,800                       $1,598,125                         -3

Semi-Detached                          $1,132,666                       $1,197,714                         -6

Linked Homes                           $1,088,750                       $1,244,333                         -14

Freehold THs                            $1,203,125                        $1,161,941                         +3

Condo THs                                $893,176                           $747,429                            +20

Condo Apartments                    $680,469                            $740,528                           -9

Stacked THs                              $664,400                            $643,833                          +3

As you can see more choice translates into more bargaining and ultimately lower selling prices.  Some sellers will have to bite the bullet and lower their asking prices in order to complete their sale.

You can bet that the current Prime Minister and his Premiers as well as corporate heads will meet to come up with a response to improve and erase some of the existing tariff percentages.

Stay tuned!

February 2025

February saw more properties come to market in advance of the normally busy Spring market. 

Both for sale and for lease properties took longer to complete.  The cold weather and significant snow fall did not help either.  Also recent immigration restrictions may further cool the market.

The rental market saw 307 leases during the month which was exceptional, ranging in price from $1500 to $12,000/mth. 

In addition, the ultra luxury segment (properties above $3,000,000) was virtually non existent compared to prior month activity.

The average price for a detached 2-storey home was $2,230,725 down almost 13% from a year ago with 53 homes changing hands.  Detached bungalows averaged $1,702,636 up about 12% with 11 sales.

Other styles of housing were as follows;

Condo apartments $713,650 Condo THs $782,462 Freehold THs $1,100,939 Semi-detached $1,056,750

Link homes not as common with just one sale at $1,250,000

Detached split level homes $1,581,714

It's great to have the Ontario election behind us sa well as the Liberal leadership race coming to a conclusion so our politicians can focus on President Trump's proposed tariffs.

Expect to see more activity as the weather improves.

January 2025

The market was relatively active this January with over 700 showings per week and over 500 homes and condo's to choose both for sale and for lease.  Buyers and tenants have choice. And the weather other than being cold has cooperated with not too much snow. 

Year over year the sales numbers are down 41% to 136 sales compared to 192 sales a year ago.

Here is the breakdown by housing style;

                                           2024                       2025                    % change

Detached 2-storey             $2195757              $1962472                  -12

Det bungalows                  $1359571              $1410000                   +4

Det Split Level                   $1390000              $1979259                   +42

Condo Apartments            $785400                $790560                     +1/2

Condo THs                        $856333                $1256000                   +46

Freehold THs                     $1141667              $1243906                  +9

Semi-Detached                  $1156412               $1227333                  +6

Stacked THs                      $725000                 $681600                    -6

As you can see most of the categories have seen increases.

We also saw a 25 basis point reduction in the overnight rate which will benefit lines of credits holders and variable rate mortgages.  In addition, the change in power in the United States with President Trump taking over from Joe Biden comes with his proposed tariffs implementation.  And that is partly why the Fed recently reduced interest rates to help keep future inflation in check.  It is hard to tell if President Trump will actually go ahead with these tariff plans or, is he actually bluffing?  General consensus says he will.  We shall soon see.

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!