January Market Updates

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in January was $1,070,117 down from a marginal .47% from the average price of $1,075,139 in January 2017. The average days on market was 39.  There were 106 sales versus 135 sales last year.

As you recall in early 2017 we saw the sky rocketing of prices and then the quick decline of the ‘bubble’.  In the next months we are going to see comparisons year-over-year that are going to look really bad.  And the perception for some will be that the market is going down.  But actually the market has balanced out over the past year.  We may see some cooling as the market adjusts to the new mortgage rules, but anticipate that with the economic activity being what it is in the GTA, demand for housing will never go away. Continued migration will put pressure on available market inventory and we still have the supply and demand imbalance. “Policy measures [like the new mortgage rules] will quell runaway housing inflation to an extent,” writes Royal LePage president and CEO Phil Soper. “However, we do forsee an upswing in demand in the latter portion of the year, as prospective buyers adjust to the new realities.”