The market seems quieter than it is with a 10% drop in sales volumes year over year along with a 3% price increase. The average detached 2-storey home sold for $934,000 in June, down from this May's $974,000 average price but up from June 2012's $910,000. Also it is taking longer to sell homes with 36 days being the average for a detached 2-storey home.
The rental market is about the same with 81 sales during the month. Million dollar home sales is also about the same with 38 sales versus 37 in June 2012.
Financing remains low with 5 year variable at 2.60% & closed at 3.39%. The closed rate is edging up from the recent below 3% range.
Thursday, July 4, 2013
Friday, June 7, 2013
May 2013
Although sales volumes were off 7% from this time last year the average price of a 2 storey home was $974,000. Up 8.5%. The Oakville sales volumes are not as bad as many other pockets of metropolitan Toronto as reported by the media.
Fifty homes sold above $1,000,000 with 11 above $2MM, which included 2 above $4MM & 1 above $5MM. Whose on first?:)
As you can see the luxury market is very active. Many of the buyer's are coming from China as the Chinese have obviously given Oakville a stamp of approval for being a safe and pleasant community to live in and raise a family. Oakville is also a short/easy commute to Toronto.
There were also 90 rental transactions & 24 of those involved condo apartments. Similar volumes to last year.
Financing remains very attractive with 5 year mortgage available as low as 2.79% & variable money at 2.60%. Last year at this time those rates were 3.19% & 2.90%, respectively. Hard to beat!
Fifty homes sold above $1,000,000 with 11 above $2MM, which included 2 above $4MM & 1 above $5MM. Whose on first?:)
As you can see the luxury market is very active. Many of the buyer's are coming from China as the Chinese have obviously given Oakville a stamp of approval for being a safe and pleasant community to live in and raise a family. Oakville is also a short/easy commute to Toronto.
There were also 90 rental transactions & 24 of those involved condo apartments. Similar volumes to last year.
Financing remains very attractive with 5 year mortgage available as low as 2.79% & variable money at 2.60%. Last year at this time those rates were 3.19% & 2.90%, respectively. Hard to beat!
Tuesday, April 2, 2013
Mach 2013
Sales volumes continue to be the challenge. Off almost 10% compared to March 2012 however, up almost 75% over this February (which had 3 days less selling activity).
The average selling price for a detached 2-storey home remains high at $938,000 and way ahead of last years $844,000.
41 homes that sold above $1,000,000. Pretty impressive. We normally see more expensive home sales activity in the low twenties each month.
Time to sell was a very respectable 4 weeks or, 28 days on average. Many properties sold in less than 2 weeks, similar to last March. Some of the stragler's (properties) kept the average DOM from being much lower.
The rental market was also frisky with 74 rental sales up from last month and March 2012.
Some financial institutions are offering five year mortgage money at a very low 2.79%. Hard not to take a mortgage.
The average selling price for a detached 2-storey home remains high at $938,000 and way ahead of last years $844,000.
41 homes that sold above $1,000,000. Pretty impressive. We normally see more expensive home sales activity in the low twenties each month.
Time to sell was a very respectable 4 weeks or, 28 days on average. Many properties sold in less than 2 weeks, similar to last March. Some of the stragler's (properties) kept the average DOM from being much lower.
The rental market was also frisky with 74 rental sales up from last month and March 2012.
Some financial institutions are offering five year mortgage money at a very low 2.79%. Hard not to take a mortgage.
Friday, March 1, 2013
February 2013
The average price for a detached 2-storey home this February was $951,000 and took on average 30 days to sell. A year ago homes sold approximatley 3 days faster but the average price was less by 7.5% or, $886,000.
There were 202 sales during the month for all types of housing, condo apts, THs, semi's... and 87 of those were for detached 2-storey homes. That's down from a year ago when there were 275 sales. A sales volume drop of approximately 36%. And that's significant!
There were 21 sales above $1,000,000, not bad fo a short month.
The rental market continued to move along nicely with almost 2 rentals a day with 55 rental sales.
Financing also continues to be very attractive with 5 year mortgage money being offered as low as 2.94% and variable money offered at 2.65%. Hard to beat.
There were 202 sales during the month for all types of housing, condo apts, THs, semi's... and 87 of those were for detached 2-storey homes. That's down from a year ago when there were 275 sales. A sales volume drop of approximately 36%. And that's significant!
There were 21 sales above $1,000,000, not bad fo a short month.
The rental market continued to move along nicely with almost 2 rentals a day with 55 rental sales.
Financing also continues to be very attractive with 5 year mortgage money being offered as low as 2.94% and variable money offered at 2.65%. Hard to beat.
Monday, February 4, 2013
January 2013
Not a bad start to the new year. The avarage price of a detached 2 storey home was $886,000 up 8.5% from a year ago. However, sales volumes were down almost 10%.
There were 21 sales above a million dollars, 50% more than last January. So the high end market is continuing to roll along.
The average price for a detached bungalow was almost $650,000 ($648,192) while the average sale price for a condo apartment was $under $300,000 ($286,308).
The rental market was active with 68 rental sales 14 of which were for condo apartment rentals.
Financing remains attractive with 5 year money being offered at 2.99% fixed & 2.65% variable.
At a recent company meeting with our executives the forecast for 2013 is for prices to flatline and volumes to drop approximately 5% from 2012 levels. Not bad considering the global economy.
Not a bad start to the new year. The avarage price of a detached 2 storey home was $886,000 up 8.5% from a year ago. However, sales volumes were down almost 10%.
There were 21 sales above a million dollars, 50% more than last January. So the high end market is continuing to roll along.
The average price for a detached bungalow was almost $650,000 ($648,192) while the average sale price for a condo apartment was $under $300,000 ($286,308).
The rental market was active with 68 rental sales 14 of which were for condo apartment rentals.
Financing remains attractive with 5 year money being offered at 2.99% fixed & 2.65% variable.
At a recent company meeting with our executives the forecast for 2013 is for prices to flatline and volumes to drop approximately 5% from 2012 levels. Not bad considering the global economy.
Wednesday, January 2, 2013
December 2012
The year ended on a satisfactory note although sales volumes were down significantly, 50% compared to December 2011 numbers. 101 sales versus 151 sales in December 2011.
The number of ultra high end property sales continued to impress. The last quarter of 2012 saw 23 properties sell above $1,500,000 compared to 16 for the corresponding period a year earlier. December 2012 had 10 sales above $1,000,000 with 3 of those above $1,500,000.
The average price for a detached 2-storey home in December was $784,000, that's still above three quarters of a million dollars making Oakville one of the GTA's most expensive areas to live.
The average time to sell (all types of housing) took a reasonable 37 days.
There were 38 properties rented during the month and 9 of those were for condo apartments. They ranged in price from $1,300 to $5,400/mth.
Financing as you hear and read in the news is remaining very attractive which should help kick start this year's sales!
The year ended on a satisfactory note although sales volumes were down significantly, 50% compared to December 2011 numbers. 101 sales versus 151 sales in December 2011.
The number of ultra high end property sales continued to impress. The last quarter of 2012 saw 23 properties sell above $1,500,000 compared to 16 for the corresponding period a year earlier. December 2012 had 10 sales above $1,000,000 with 3 of those above $1,500,000.
The average price for a detached 2-storey home in December was $784,000, that's still above three quarters of a million dollars making Oakville one of the GTA's most expensive areas to live.
The average time to sell (all types of housing) took a reasonable 37 days.
There were 38 properties rented during the month and 9 of those were for condo apartments. They ranged in price from $1,300 to $5,400/mth.
Financing as you hear and read in the news is remaining very attractive which should help kick start this year's sales!
Sunday, December 2, 2012
November 2012
Although sales volumes were off 28% year over year for November prices continue to hold with the average detached 2-storey home selling for $803,000. Had I left in one sale that sold for over $9,000,000 the average price would have been $927,000, which is more in line with October '2012's $948,500.
The ultra luxury home market segment has performed very well this year and continues to impress with 27% more sales this year than during the first 10 months of 2011. There have been 336 homes/apts sell above $1,500,000 with 65 of those greater than $2,000,000 and 16 greater than $3,000,000.
We have been fortunate to see these numbers given the difficult global economy.
Financing remains low and looks like it will stay that way well into 2013. Home price growth however, has exceeded salary growth and it wouldn't take much of an increase in mortgage rates to force many of the highly levered owners to have to sell, and that may lead to a moderate correction in prices.
The ultra luxury home market segment has performed very well this year and continues to impress with 27% more sales this year than during the first 10 months of 2011. There have been 336 homes/apts sell above $1,500,000 with 65 of those greater than $2,000,000 and 16 greater than $3,000,000.
We have been fortunate to see these numbers given the difficult global economy.
Financing remains low and looks like it will stay that way well into 2013. Home price growth however, has exceeded salary growth and it wouldn't take much of an increase in mortgage rates to force many of the highly levered owners to have to sell, and that may lead to a moderate correction in prices.
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