The Oakville real estate market is actually doing very well, despite rumours in the press recently about the sorry state of real estate in Canada. The doom and gloom that the national newspapers seem to be reporting isn't as widespread as they’re making out – yes, some city markets are a little stagnant right now (such as Vancouver), but here in Oakville the market is looking good.
Oakville is covered under the Oakville, Milton and District Real Estate Board, or OMDREB for short. The board oversees all the real estate activity in Oakville so when it comes to the real estate market, these guys are the experts.
Each month OMDREB produces a real estate market report which is available to look at online for anyone who’s interested. Usually it’s just us real estate agents who have a look at the information on there and then we report it back to you in one way or another.
With this information, real estate agents are able to advise you – the home buyer or home seller – as to whether this is a good time to buy or sell. Understanding the market is the key to making smart decisions in the world of real estate so if you are thinking of buying or selling please do get in touch with us first. In the meantime here’s a look at recent market activity in the town.
As I said, OMDREB produces monthly reports that show the number of home (or unit) sales, and the average prices that they’re being sold for. We can make comparisons with the previous year or previous month to get an idea as to what the real estate market is doing at any given time.
The February 2013 report shows that although the number of residential sales were down from February last year, the average price was actually quite a lot more. In February 2012 the average sale price was $667,000 whereas in February 2013 it was $698,000, showing a nearly 5% increase. Now this could be a result of a handful of more expensive homes being sold in Oakville this year compared to last, or it could show that the Oakville real estate market is going up in price.
Another important statistic to look at on these reports is the average number of days on the market (DOM). In February the DOM was only 28 while in January of this year it was 43. Admittedly, an average of 43 days on the market is really quite high for Oakville so January was definitely a slower month, but with an average DOM of 28 in February, it looks like the Oakville real estate market is getting back on track as this is the kind of number we would expect to see at this time of the year.
It’s always difficult to predict the outlook for real estate in any town or city. Add to this the bad reports about the Canadian housing market which will have some effect on people’s decisions to buy or sell, and it becomes even more difficult to predict. The press really can influence the Oakville real estate market, and any others for that matter! Putting aside what’s been reported in recent months we can take a look at what the experts think is going to happen – the Canadian Mortgage and Housing Corporation has predicted that housing re-sales are going to be stable in 2013, so this is good news!
Click here to download a FREE digital copy of the real estate investing book, Income For Life for Canadians.
Downloaded by over 26,354 Canadians since 2007. Grab your copy by clicking here now.
The Rock Star Real Estate Team after a game of Trampoline Dodge Ball in Mississauga, Ontario.
You can contact anyone on our team by going to their profile pages by clicking here.