The softness continues. Sales volumes were down from the first quarter as well as year over year.
The average price of a detached 2-storey home was $1,290,000, down 10% from the first quarter of 2018's $1,421,000 and down 17% from the second quarter of 2017 when the average sale price was $1,511,000.
Sales volumes were down over 80% for 2nd quarter year over year and down over 50% from the first quarter 2018. Many would be seller's are sitting on the sidelines.
It took slightly more than a month to sell your home or condo so the time it takes to sell is creeping up.
There were 155 rental sales ranging from $1,100/mth for a Bronte basement apartment in a detached bungalow in Bronte to $8,500 for a Southeast Oakville executive home. At the moment there are 83 rentals available ranging from $1,300 to $10,000/mth.
The market will remain soft til September which is normal. Hopefully interest rates will not be increased as expected, and will have to see what the fall market unveils. The good news is the fall market can be very good.
Monday, July 2, 2018
Sunday, April 1, 2018
1st Quarter 2018
Market sales volumes softness continues down over 40% year over year and 10% if you were to compare it to the first quarter of 2016 during more normal times.
Gone are the days of sizzling multipe Offers and homes and condo's take 20% longer to sell.
Thankfully, foerign buyer interest has returned somewhat, however, many Seller's are still having to reduced their asking prices in order to get sold.
The average price for a detached 2-storey home was $1421000 a drop of 6% year over year.
Many buyer's have enough product to choose from the 626 properties for sale. 2/3's of those cost a million dollars or more with the cheapest property, a condo apartment asking $320000. Most areas/streets in Oakville would be consider to be in a buyer's market. The most sought-after addresses can of course buck that trend.
The rental market was active with 155 transactions ranging from $1100/mth basement apt to an $8500/mth executive home. There is reasonable choice still available with 115 for lease ranging from $1550 for a small condo apartment to $17900/mth for an estate property.
Gone are the days of sizzling multipe Offers and homes and condo's take 20% longer to sell.
Thankfully, foerign buyer interest has returned somewhat, however, many Seller's are still having to reduced their asking prices in order to get sold.
The average price for a detached 2-storey home was $1421000 a drop of 6% year over year.
Many buyer's have enough product to choose from the 626 properties for sale. 2/3's of those cost a million dollars or more with the cheapest property, a condo apartment asking $320000. Most areas/streets in Oakville would be consider to be in a buyer's market. The most sought-after addresses can of course buck that trend.
The rental market was active with 155 transactions ranging from $1100/mth basement apt to an $8500/mth executive home. There is reasonable choice still available with 115 for lease ranging from $1550 for a small condo apartment to $17900/mth for an estate property.
Wednesday, January 3, 2018
4th Quarter 2017
Market conditions for many Seller's were and continue to be difficult since the new Ontario government regulations announced last April. The number of showings as well as open house traffic in most instances has fallen off. It was not unusual for no one to show up at an open house. The extremely cold December weather coupled with the holiday season, didn't help much either.
The average price for a detached 2-storey was up 3.5% to $1,476,462. Detached bungalows went from $979,000 to $1268318 or up 29% while condo apartments fell 15% to an average of $492,289. The bungalow increase reflected more higher end bungalow sales this year while the condo apartment drop reflected more lower end apartment sales compared to 2016.
No surprise it took longer to sell properties too. The average was hovering 30 days compared to 20 a year earlier.
I expect 2018 to be a difficult year. Further tightening finance requirements, with expected interest rate increases and lower GDP growth prospects will definitely have an adverse effect on real estate sales. The low inventory selection will keep the market more balanced for now, however, it will play into the Buyer's hand as more product comes to market, eventually turning the playing field into a Buyer's market. There are a lot of Baby Boomers sitting on the fence mulling over when to cash out/sell.
The average price for a detached 2-storey was up 3.5% to $1,476,462. Detached bungalows went from $979,000 to $1268318 or up 29% while condo apartments fell 15% to an average of $492,289. The bungalow increase reflected more higher end bungalow sales this year while the condo apartment drop reflected more lower end apartment sales compared to 2016.
No surprise it took longer to sell properties too. The average was hovering 30 days compared to 20 a year earlier.
I expect 2018 to be a difficult year. Further tightening finance requirements, with expected interest rate increases and lower GDP growth prospects will definitely have an adverse effect on real estate sales. The low inventory selection will keep the market more balanced for now, however, it will play into the Buyer's hand as more product comes to market, eventually turning the playing field into a Buyer's market. There are a lot of Baby Boomers sitting on the fence mulling over when to cash out/sell.
Wednesday, October 4, 2017
3rd Quarter 2017
Gone are the days of multiple Offers. And here to stay for a good while is a balance/buyer's market.
Our inventory levels are healthy with 445 properties for sale. 72 of those are condo apartments. If you were interested in acquiring a detached home in Southeast Oakville the cheapest homes available at the moment are $1100000/$1250000/$1500000 for Ford/Old Oakville & Morrioson areas, respectively.
This quarter saw sales volumes and price movement year over year as follows;
Type 3rd Qtr 2017 3rd Qtr 2016 Percentage change
Vol / Price
D-2 storey 99/$1392K 143/$1323K -45% / +5%
D Bung's 20/$1106K 43/$933 -110% / +18%
C-apts 33/$562
Sales prices for condo apartments were essentially flat since Qtr 2 2017, and up slightly by a single percentage point. Average prices were down however for detached 2-storey homes and bungalows by 12.5% and 10% respectively. We will see what the fourth quarter brings.
On the rental side there are 151 properties available. Of those 29 are condo apartments.
Financing is a little more expensive year over year. Variable rates are up 20 basis points to 2.40% and 5 year mortgage money is available at approxinately 2.79% up from 2.35% last year.
Our inventory levels are healthy with 445 properties for sale. 72 of those are condo apartments. If you were interested in acquiring a detached home in Southeast Oakville the cheapest homes available at the moment are $1100000/$1250000/$1500000 for Ford/Old Oakville & Morrioson areas, respectively.
This quarter saw sales volumes and price movement year over year as follows;
Type 3rd Qtr 2017 3rd Qtr 2016 Percentage change
Vol / Price
D-2 storey 99/$1392K 143/$1323K -45% / +5%
D Bung's 20/$1106K 43/$933 -110% / +18%
C-apts 33/$562
Sales prices for condo apartments were essentially flat since Qtr 2 2017, and up slightly by a single percentage point. Average prices were down however for detached 2-storey homes and bungalows by 12.5% and 10% respectively. We will see what the fourth quarter brings.
On the rental side there are 151 properties available. Of those 29 are condo apartments.
Financing is a little more expensive year over year. Variable rates are up 20 basis points to 2.40% and 5 year mortgage money is available at approxinately 2.79% up from 2.35% last year.
Monday, July 3, 2017
2nd Quarter 2017
It's as if someone turned the tap off. Sales volumes continued on their downward trend. Off more than 75% compared to the second quarter 2016 when there were 1312 sales compared to 298. Of those there were 97 2-storey, 51 condo apartment and 33 bungalow sales.
The average days on market was 24. Still reasonable quick however, since May 1st (through June 30th) the sales volume numbers have really fallen off. The average selling prices for the above categories are also shown below;
Detached 2-storey 24 $1,566,309 (without including a $16mm sale)
Condo apt sales 22 $556,863
Detached bungalows 8 $1,213,212
Those average sale prices during the 2nd quarter of 2016 were $1,300,000/$745,000 & $1,090,000. The year over year percentage change were +20%/-37%/+11%, respectively. In the case of condo sales, there were more entry level condo's purchased compared to 2016 which has led to this average price decline.
Add the normal slowdown for summer vacations and your not in a good position if you have to sell. And showing and open house traffic is way down.
Some feel the market will pick up in September as the fall market is usually quite good. I believe it will take a little more time for the dust to settle from the recent rule changes, similar to Vancouver and we won't get back to normal volumes til Jan 2018.
Buyers sitting on the sidelines certainly have more choice and I believe we are approaching a Buyer's market! You can argue it's balanced right now.
Rental sales volumes were similar year over year, 233 versus 239. Perhaps we will see some buyer's enter the market sooner should interest rates increase.
The average days on market was 24. Still reasonable quick however, since May 1st (through June 30th) the sales volume numbers have really fallen off. The average selling prices for the above categories are also shown below;
Detached 2-storey 24 $1,566,309 (without including a $16mm sale)
Condo apt sales 22 $556,863
Detached bungalows 8 $1,213,212
Those average sale prices during the 2nd quarter of 2016 were $1,300,000/$745,000 & $1,090,000. The year over year percentage change were +20%/-37%/+11%, respectively. In the case of condo sales, there were more entry level condo's purchased compared to 2016 which has led to this average price decline.
Add the normal slowdown for summer vacations and your not in a good position if you have to sell. And showing and open house traffic is way down.
Some feel the market will pick up in September as the fall market is usually quite good. I believe it will take a little more time for the dust to settle from the recent rule changes, similar to Vancouver and we won't get back to normal volumes til Jan 2018.
Buyers sitting on the sidelines certainly have more choice and I believe we are approaching a Buyer's market! You can argue it's balanced right now.
Rental sales volumes were similar year over year, 233 versus 239. Perhaps we will see some buyer's enter the market sooner should interest rates increase.
Thursday, April 27, 2017
1st Qtr 2016 versus 1st Qtr 2017
WOW who would have thought prices would get to where they are. Crazy market, great for Seller's and horrible for Buyer's.
Sales volumes this year are very soft compared to 2016. Essentially down by more than half. The number of detached 2-storey, condo apartments and detached bungalows sales were as follows;
85, 48 and 29. This works out to 25%, 55% and 38% of their 2016 sales volumes. Add to that the price increases year over year for each of these categories and you can see the frustration for Buyer's.
Detached 2-storey homes average sale price for the first quarter of this year is $1,512,412 that's up 17.62% over 2016's $1,285,859.
Detached bungalows are averaging $998,450 up 9% (from $916,000) and condo apartments are averaging $497,333 up 16% (from $427,448).
There may be some relief for Buyer's with the recent taxes implemented by the Wynne governoment. It's a wait and see, but we are already experiencing reduced activity at open houses and showings, as well as fewer attempts to auction properties off. Let's call it "back to normal/traditional" marketing is now in the works.
Interest rates remain very attractive with no foreseeable rise in 2017. 5-year benchmark money can be borrowed at 2.54% while variable rates approximate 2.20%.
Feel free to make a comment at "kevinconroy@cogeco.ca" or call at 905-330-9197
kevin conroy
Royal LePage
Sales volumes this year are very soft compared to 2016. Essentially down by more than half. The number of detached 2-storey, condo apartments and detached bungalows sales were as follows;
85, 48 and 29. This works out to 25%, 55% and 38% of their 2016 sales volumes. Add to that the price increases year over year for each of these categories and you can see the frustration for Buyer's.
Detached 2-storey homes average sale price for the first quarter of this year is $1,512,412 that's up 17.62% over 2016's $1,285,859.
Detached bungalows are averaging $998,450 up 9% (from $916,000) and condo apartments are averaging $497,333 up 16% (from $427,448).
There may be some relief for Buyer's with the recent taxes implemented by the Wynne governoment. It's a wait and see, but we are already experiencing reduced activity at open houses and showings, as well as fewer attempts to auction properties off. Let's call it "back to normal/traditional" marketing is now in the works.
Interest rates remain very attractive with no foreseeable rise in 2017. 5-year benchmark money can be borrowed at 2.54% while variable rates approximate 2.20%.
Feel free to make a comment at "kevinconroy@cogeco.ca" or call at 905-330-9197
kevin conroy
Royal LePage
Sunday, January 1, 2017
4th Quarter 2016
We open the new year the same way we started last year, with a Seller's market.
Our president, Phil Soper, is forecasting an increase in the 10% range for 2017. Hard to believe prices will continue on that pace but we have seen an Oakville price increase of almost 8% since the 2016 3rd quarter results. The average sale price for a detached 2-storey home was $1323000 and has risen to $1426000 for Q4. Add to that the low inventory 96 sales in Q4 compared to 143 in Q3 and attractive financing for move up Buyer's, you can certainly believe it.
Homes general sold in less than 20 days, 2 days quicker than Q3.
The average sale price for a detached bungalow was $979000 while condo apartments sold on average for $563000.
Fasten your seat belts!
HAPPY NEW YEAR!
Our president, Phil Soper, is forecasting an increase in the 10% range for 2017. Hard to believe prices will continue on that pace but we have seen an Oakville price increase of almost 8% since the 2016 3rd quarter results. The average sale price for a detached 2-storey home was $1323000 and has risen to $1426000 for Q4. Add to that the low inventory 96 sales in Q4 compared to 143 in Q3 and attractive financing for move up Buyer's, you can certainly believe it.
Homes general sold in less than 20 days, 2 days quicker than Q3.
The average sale price for a detached bungalow was $979000 while condo apartments sold on average for $563000.
Fasten your seat belts!
HAPPY NEW YEAR!
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