Here's a look at year over year numbers for November Oakville sales by type of housing.
November 2022 November 2021 Approx % Change
Detached 2-storey $1992510 $1782000 +12%
Detached Bungalow $1510000 $1140000 +32%
Condo Apartment $724789 $610000 +19%
Condo Townhome $1037571 $721000 +44%
Freehold TH $1193813 $882000 +35%
Semi-Detached $1152500 $954000 +21%
These results are great however, they are down from the peak sales amounts obtained during the first quarter.
Month over month from this October to November detached 2-storey / Freehold TH's & semi-detached were all up approximately 7% / 1/2% / 10% / while detached bungalows / Condo apartments and condo townhomes were all down approximately 50% / 24% / 1.5%. Bungalow sales volumes were light so any change can be significant. October 2022 only had one bungalow sell that went for $3050000 while there were 11 sales this November which average $1510000.
Lease sales activity was decent with 50 transactions down slightly from last months 63 sales.
We are likely to see a further reduction in average sales prices going forward as the effect of rising interest rates causes more families to have to sell their properties. And that will likely take all of 2023 to sort out.
One saving grace is that Oakville is a desirable place to live/work and it is likely to handle these difficult times better than most communities.
Stay tuned!
