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!

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!