Oakville's hot market continues!

The average price of a detached home in Oakville is up year over year by 3.5% to $645,000. We saw extraordinary sales volumes with 300 sales during the month of August compared to 210 last year. A 43% increase. The average time on the market is 38 days for all types of housing including condo apartments. However, homes over $500,000 take on average 52 days to sell while homes over $1,000,000 take 68 days to sell.

Condo apartment average sales price jumped 21% year over year for August to $330,000 from $273,000. In addition, condo apartment rentals almost doubled going from 16 to 30.
There were 89 properties rented this August compared to 70 in 2008.

Borrowing costs remain very attractive with 5 year money running at 3.93% and variable rate mortgage money offered at 2.45%.

A number of move up buyers as well as "downsizers" are sitting on the sidelines waiting for the right property to come along. And many are waiting to see how the real estate market will unfold going forward. We shall see.