The third quarter continued on it's torrid pace with 143 detached 2-storey homes selling in 22 days on average. Their average sale price is now $1,323,000!  The average price of a detached 2-storey in September 2015, one year ago was $1148000 a 15% increase.

There were 43 bungalow sales at an average price of $933,000 many of which were bought for in fill and new construction.

We had 196 rental transactions during the quarter ranging in price from $1100/mth for a one bedroom apartment to $9200/mth for a Southeast new build.

Financing remains very attractive with 5 year money being loan as low as 2.35% while the variable rate is 2.20%.

I expect to see the market become more balance or even a buyer's market next year as many families comtemplating selling over the next few years decide to initiate their plans earlier to take advantage of these record prices.

Oakville Sales April - June 2016

This second calendar quarter for 2016 had numerous multiple offer bids which led to record pricing across the housing sector and excellent results for Seller's.  Not to mention quick sales.

The average price of a detached 2-storey home was $1,300,000.  A detached bungalow came in about 20% cheaper at $1,090,000.  Condo apartments averaged out at $745,000.  It has certainly been a tough go for buyer's as they were competing against several bids in many instances.

Many of the transactions were from foreign buyer's, in particular, investors from China. And there doesn't seemed to be much let up in the forecast as interest remain at record lows and employment is steady.

The rental market was equally busy with 239 leases during the period.  Detached homes rented on average for $3200/mth while townhomes and condo apartments rented for $2300 & $2000/mth on average, respectively.

The market should slow somewhat now that we are in prime time vacation mode.

First Quarter 2016

WOW who would have predicted such a sizzling start to the year.  It's a Seller's paradise with homes selling in 23 days on average.  The average cost of a 2-storey home is now slightly above $1,250,000! And that's all 2-storey's from small single garage 3 BRs to lakefront estates.  Buyer's on the other hand are dreading the thought of facing continuing multiple Offer situations when trying to purchase a home, and it wears on you.

Low interest rates are helping with the current demand as well as foreign interest, in particular many Chinese people are buying up a good half of the Oakville properties offered for sale.

Employment remains low and interest rates are expected to remain low for some time to come. As a result, prices should continue to rise.

January 2016

Sales volumes were down 21% from a year ago with just 1245 sales in January and if you look at the 10 year average the volumes were down 30%,   The average sale price on a brighter note, was up 13% to $941,000 for all types of housing, including condominiums,

2015 had 8% more sales than 2014 with 3092 sales compared to 2866 sales.  And 2007 had the most annual sales with 3613 properties sold.  However, were you to consider the expansion in the Oakville market over the period and factor in all the new construction unit sales have certainly declined.

This is very good for seller's and of course difficult for buyer's, especially first timers!

Anyone planning to sell this year should fare pretty well while buyer's can take advantage of the extremely low financing rates.

4th Quarter 2015

HAPPY NEW YEAR!

There were 284 sales during the period.  57 of those sold above a million dollars.  114 two-storey homes changed hands with an average sale price of $1,091,500 and, in a relatively quick 27 days. The rental market saw 79 transactions and 12 of those were for condo apartment leases.

Financing remains very attractive with 5 year mortgage money as low as 2.59% and variable at 2.20%.

Listings are still scarce so we start the new year with a seller's market.  It looks like prices will remain stable with some growth given the buyer/seller landscape.