Oakville’s residential real estate market showed no signs of slowing down during August, even as the number of sales dropped by close to 20 percent from Aug. 2020.
The price of a condo apartment year over year has increased to over $680,000, up 15 percent, and that is the least expensive type of property in Oakville. How will entry-level home buyers ever find the resources to live here?
Residential sales saw owners selling 8,596 properties, or 2,142 fewer in August 2021 than during Aug. 2020, a 19.9 percent decrease. From 2020 to 2021, GTA property values increased by 12.5 percent to $1.19 million.
“The fact that new listings were at the lowest level for the past decade is alarming,” said TRREB President Kevin Crigger. “It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes.”
During the month, sellers in Oakville listed 313 properties and sold 278 properties, leaving just one month of inventory. The average residential property sold for $1.489 million, and a sale on average took 20 days.
Inventory remained low and, when combined with strong demand, resulted in multiple offers, which pushed prices 102% above listed prices.
Year-over-year home prices
An average residential property in Oakville is now going for $1,261,600, which has increased by 19.7 percent since August 2020. An average detached home price is $1,512,500, an increase of 20.3 percent.
An attached home is $1,099,100 million up 22.8 percent, a townhouse will run you 13.1 percent more at $815,500, and a condominium apartment costs $686,200 – up 15.7 percent.
Statistics for Aug. 2021 Oakville residential real estate
DOM – total days a property is for sale; % LP to SP – the percentage difference between the list price and the sold price.
As of Sept. 4, 2021, on Realtor.ca, here are the most affordable listings situated in South-East Oakville (south of Cornwall Road and east of the 16 Mile Creek)
- $854,900 for an apartment with two bedrooms, two bathrooms on Robinson Street
- $1,499,900 for a condo townhome with two plus one bedrooms, two bathrooms on Robinson Street
- $1,699,600 for a detached home with four plus one bedrooms, and three bathrooms on Aspen Forest Drive.
Even during this election, the lack of affordable housing remains top of mind with young people, trying to enter the market, and expanding families who require more space.
“The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point,” continues Crigger.
“Working with provincial and municipal levels of government on solving supply-related issues is much more important to affordability than interfering with consumer choice during the home buying and selling offer process or revisiting demand-side policies that will at best have a short-term impact on market conditions.”
Affordable Housing Plans by Political Party
People’s Party of Canada’s (PPC) affordable housing plan has not been posted at present.