January 2022

The seller's market continues, with most homes no matter the price point, are attracting multiple bids.

Lack of inventory is still the main issue however, as the weather starts to warm up and COVID-19 vaccinated numbers cross 90%, more homes will come to market and more shoppers will as well.

Case in point we only have 78 properties for sale (all types) on the market at the time of this posting (Feb 2, 2022). Last January saw 407 properties change hands compared to 99 this year.

Year over year average price results are as follows;

    Type                              Jan 2021                      Jan 2022                 % change

Det 2-storey                    $2059000                     $2681100                     +30%

Det Bungalow*              $1608000                      $1873545                     +16%

Semi-detached                $1179000                     $1533000                      +30%

Freehold THs                   $980792                      $1511538                      +54%

Condo THs                       $866111                      $1130000                      +30%

Condo apts                       $621852                      $893688                        +43%

*Detached split level homes will have similar results to detached bungalows as most of those buyers want the land to build a new home. 

Buyers remain frustrated with having to compete for properties and that won't get any easier with impending interest rate hikes coming in the near future.

If we see the number of rate increases we expect this year some homeowners may feel the pinch and have to sell.  This added inventory could lead to a more balanced market. 

December 2021

 HAPPY NEW YEAR!

It appears that the Omicron variant will become more of a concern as we roll through the Winter months given the recent daily increases in infections.  And more cases are expected even as the country clamps down once again on social activity.  Thankfully most of the population have had 2 vaccines and many are eagerly awaiting their booster shot.  We all must act responsibly.

Real Estate has continued to be active with selling prices still increasing and inventory remains low. Business will continue on a more stringent Covid-19 showing protocol especially during the temporary lock down period.

Detached 2-storey and bungalows rose 31% and 16%, respectively to $2375000 and $1619000.

There were 95 sales during the month for all types of housing (condo's...) and it took almost 2 weeks to sell them.  Detached 2-storeys made up 30 of those sales and only 3 bungalows changed hands during the month.

The rental market is in line with last year's sales volume with approximately 50 leases.

Royal LePage predicts 2022 price increases in the 8-10% range in many neighborhoods in Canada.

Stay safe!

Nov 2021

This Seller's market is incredible!

Homes and condo's sold in under 9 days this month with the majority of those seller's attempting auction/multiple bids, being successful and therefore the extraordinary swift sales results.

Here's the average sales price breakdown by housing type year over year;

                                           Nov'21.                             Nov '20

Det 2-storey.                   $2252000                            $1782000

Det bungalow                 $1663000                            $1140000

Condo apts                     $781000                               $610000

Condo THs                     $864000                               $721000

Freehold THs                 $1395000                             $882000

Semi-det                         $1261000                             $954000

Detached 2-storey homes were up almost 1/2 a point from last month (Oct' 21) and 43% year over year.

Detached bungalows were up 46%

C-apts gained 28%

C-THs were up almost 20%

F-THs were up 58% and

Semi detached gained 32%

Usually semi-detached homes cost more on average than freehold townhomes.  This November in Central Oakville there were a few high end FH THs (one of which sold for $3,000,000) sales which resulted in this change in ranking.

Inventory remains very low with only 105 homes and condo's available for sale. A year ago there were 416.  Expect no let up in this activity.

October 2021

 This excellent seller's market continues at the expense of some very frustrated buyer's.

The average sale price for a detached 2-storey home was $2,224,829 down about a point and a half month over month however, up 33% year over year.  Bungalows were off about 2% month over month at an average sale price of $1,757,640.

The ultra luxury market (> $3MM) saw 13 homes close in October at an average sale price of $4.5mm.

The time it tool to sell was just under 2 weeks which supports the majority of seller's success when they price their homes sharply to attract multiple bids.  Some seller's however, end up having to adjust their asking price usually upwards when the auction attempt doesn't work.

Financing is edging up but still very attractive.  Look for a bump in rates next April.

This November will likely be a strong month given the low inventory and number of house hunters trying to find something before interest rates start to creep up.

September 2021

The market is still sizzling with many multiple Offers making those selling very happy.

Properties are sold quickly, on average in under 2 weeks and in most cases Seller's realize more money than they could ever have imagined.  Many of them are leaving the GTA to buy something and are adding  money to their retirement fund.

Month over month (August 2021 to September 2021)  the numbers as follows;

Detached bungalows were up 9% to $1,789,300 while Detached 2-storeys were off by about 4% at an average sale price of $2,191,300.  And volumes were way down from a year ago with just 87 detached 2-storey sales compared to 450 last September. T he number of leases follow suit with only 31 transactions.

It looks like the frenzy will continue in October.

August 2021

There is not much to add these days.  Inventory remains light with just 105 properties available for sale.

The market is still very active and prices which seemed to have flattened over the summer and maybe were even off a couple of points are still healthy when compared to a year ago.  Detached 2-storey and bungalows were up almost 35% to $2,284,395 and $1,640,333, respectively.  And the time it took to sell them was for days faster at 14 days.  So seller's are still in the driver's seat.

There were 96 rental properties leased down from 100 this July and up from 30 in August 2020.

Expect this Seller's market to continue this fall.

July 2021

The average sale price for a detached 2-storey home this July was $2149000, up 14% over June 2021and 38% over July 2020.  Back to the Spring sales price levels.

Some seller's are still attracting multiple offers.  This is unusual for this time of year when most families are normally busy relaxing and vacationing. 

It took on average 2 weeks to sell a home.

Public open houses have once again returned as has a more normal lifestyle with restaurant dining...

Inventory is still light and that is aiding the existing seller's market. 

The rental market saw 100 properties get leased.

It looks like there will be no actual summer holiday time for many families.