JUNE MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale property in Oakville in June was $1,157,779 compared to $1,132,968 in June 2017, which was a 2.19% increase. The average days on market was 32.  There were 216 sales versus 197 sales last year in June. The average sale price year to date in 2018 is $1,097,980.

“We have worked with Anita and Rina over the last five years to sell two properties, lease out a property and to purchase our current home. This is a terrific team of real estate professionals. It gave us peace of mind knowing that we had two of the best agents working on our behalf. They are knowledgeable about their industry, they took the time to sit down with us and go through our goals and helped us realize our plans. Not only did they help successfully sell our house of 31 years, but they helped prepare us for that whole process. Our questions were answered promptly, and they provided solutions for many challenges we faced during our downsizing and they did it with style, creativity and in a very heart-warming manner. We are very happy in our new home thanks to Anita and Rina, who made sure we got exactly our heart’s desire”                                             L and J  

MAY MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in March was $1,104,344 and the median sale price was $1,015,000. The average days on market was 27.  There were 220 sales versus 362 sales last year in March. The average sale price year to date is $1,096,026 compared to $1,338,916 in 2017. 
 

APRIL MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale property in Oakville in April was $1,098,642 and the median sale price was $996,750. The average days on market was 29.  There were 190 sales versus 345 sales last year in April. The average sale price year to date is $1,099,488 compared to $1,321,728 in 2017.

MARCH MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in March was $1,104,344 and the median sale price was $1,015,000. The average days on market was 27.  There were 220 sales versus 362 sales last year in March. The average sale price year to date is $1,096,026 compared to $1,338,916 in 2017.

FEBRUAR MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in February was $1,120,284 and the median sale price was $920,000. The average days on market was 26.  There were 155 sales versus 253 sales last year in February. The average sale price year to date is $1,095,925 compared to $1,299,629 in 2017.

In a recent press release talking about the real estate market, Phil Soper, CEO of Royal LePage Real Estate Services Ltd., stated that 2016 was a strong year and that momentum was carried into the first half of 2017. It was then the Ontario government introduced their own set of regulatory changes in curbing house price inflation, which caused Canada’s largest housing market to stall. While overall Canadian market volumes were virtually identical in 2016 and 2017, the second half of 2017 was much slower in Ontario than the first. These lower sales volumes have extended into early 2018.  Changes implemented by the chartered bank regulators, the Office of the Superintendent Financial Institution, went into effect on January 3 of this year. The full impact of OSFI stress test on mortgage financing will be not known until well into the spring market.

JUST SOLD! #707 - 2180 Marine Drive

It's a lakefront dream! Sought after 2 bedroom + den suite “The Ennisclare” model boasting approximately 1969 sq. ft. & 192 sq. ft. balcony in the prestigious Ennisclare II on the Lake complex with direct lake and harbour views. Voted Condo of the Year in 2016. Trendy Bronte location just steps to lake, harbour, parks, shopping & restaurants. Great floor plan with generous principal rooms for entertaining & massive windows & 2 walkouts, all with spectacular views of Lake Ontario & Bronte Harbour.

Recent updates include fresh tasteful décor and most new light fixtures. Grand foyer with elegant tray ceiling, walk-in closet & luxurious marble floor tiles. Huge living room with a wall-to-wall window, outstanding lake & harbour views & deluxe wall mouldings. Separate dining room with freshly painted wainscotting & oversize window overlooking Lake Ontario.

Large kitchen with ample oak cabinetry, newer granite look counters, peninsula with breakfast bar, chiseled stone like tile backsplash & extra-large breakfast room with walkout to the private balcony with outstanding lake, harbour views. Generous den with a huge window and tranquil lake views. Oversize master retreat with wall-to-wall windows, crown mouldings, dressing room area & extra-large 5-piece ensuite bathroom with soaker tub & separate shower. Spacious 2nd bedroom with walkout to the private balcony, a 4-piece bathroom, laundry room & in-suite storage room. This unit comes with 2 side-by-side owned underground parking spaces. Must see!

Just Listed! #2001-2180 Marine Drive

Immaculate, beautifully maintained & updated 1830 sq. ft. luxury suite, “The Cambridge” model, offering 2 large bedrooms, a den, a solarium and fabulous lake & harbour views in the sought after Ennisclare II on the Lake in trendy Bronte. Walk to everything – Bronte Harbour, parks, trails, shops, restaurants & cafés.

Large foyer & center vestibule with a tray ceiling & elegant crystal ceiling light. Entertain with ease in the generous dining room overlooking the formal living room with wall-to-wall windows offering tranquil lake & harbour views. Updated kitchen offers plenty of newer white shaker-style cabinetry with oversize soft closing pot drawers, neutral floor tiles & backsplash & a large breakfast room with a huge window. Sizable den features sliding glass doors to the sunken solarium with wrap-around windows & lake & harbour views. Spacious sunken master retreat with lake views, a sitting area, dressing room area & updated 4-piece ensuite bath with deep soaker tub/shower combination. Bright 2nd bedroom, adjacent updated 3-piece bathroom with an oversize shower & large in-suite laundry room with extra storage space. 2 parking spaces.

Very desirable complex on the banks of Lake Ontario with 24 hour security & gatehouse & extensive building amenities. Voted condo of the year in 2016.

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.”

Just Listed! #1506-2180 Marine Drive

Amazing Value! Outstanding completely renovated 2 bedroom, 2 bathroom luxury condominium, The Donlea model, approximately 1346 sq. ft. plus 157 sq. ft. balcony with lake views in coveted Ennisclare II on the Lake complex in trendy Bronte. Fabulous lifestyle location steps from Lake Ontario, Bronte Harbour, Heritage Park, shops, restaurants & Bronte Village. Superb building amenities & gatehouse with 24 hour security. 2 parking spaces. Quality workmanship, extensive upgraded materials & finishes & slightly revised floor plan offers open concept space for entertaining.

Hardwood floors, stone & porcelain floor tiles, flawless smooth finished ceilings, tray ceilings, elegant crown mouldings, deep baseboards, custom cabinetry, pot lights & upgraded light fixtures! Massive sunken living room with wall-to-wall windows & walkout to private balcony overlooking Lake Ontario. Spacious formal dining room with custom floor-to-ceiling display cabinet with glass shelves & granite capped half-wall open to the living room. Spectacular gourmet kitchen offers extensive dark stained custom cabinetry, under-cabinet lighting, base cabinets with pullout drawers, large peninsula/island with breakfast bar, granite counters & quality stainless steel appliances.

Luxurious tranquil master retreat with sliding glass door to balcony, hardwood floor & lavish ensuite bathroom with dark custom cabinetry & granite counter. Large 2nd bdrm with walkout, gorgeous main bath with soaker tub & large laundry room with custom cabinetry. 10+

Just Listed! #707-2180 Marine Drive

It's a lakefront dream! Sought after 2 bedroom + den suite “The Ennisclare” model boasting approximately 1969 sq. ft. & 192 sq. ft. balcony in the prestigious Ennisclare II on the Lake complex with direct lake and harbour views. Voted Condo of the Year in 2016. Trendy Bronte location just steps to lake, harbour, parks, shopping & restaurants. Great floor plan with generous principal rooms for entertaining & massive windows & 2 walkouts, all with spectacular views of Lake Ontario & Bronte Harbour.

Recent updates include fresh tasteful décor and most new light fixtures. Grand foyer with elegant tray ceiling, walk-in closet & luxurious marble floor tiles. Huge living room with a wall-to-wall window, outstanding lake & harbour views & deluxe wall mouldings. Separate dining room with freshly painted wainscotting & oversize window overlooking Lake Ontario.

Large kitchen with ample oak cabinetry, newer granite look counters, peninsula with breakfast bar, chiseled stone like tile backsplash & extra-large breakfast room with walkout to the private balcony with outstanding lake, harbour views. Generous den with a huge window and tranquil lake views. Oversize master retreat with wall-to-wall windows, crown mouldings, dressing room area & extra-large 5-piece ensuite bathroom with soaker tub & separate shower. Spacious 2nd bedroom with walkout to the private balcony, a 4-piece bathroom, laundry room & in-suite storage room. This unit comes with 2 side-by-side owned underground parking spaces. Must see!

Real Estate Market Recap for 2017

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in December was $1,099,682, up by 2.65% versus the $1,071,286 average price of December 2016.  The average year-to-date price of a resale home in Oakville at the end of 2017 was $1,233,920 which was an increase of 14.82% over 2016.

Real estate markets across Canada cooled down, coming off of a record year considered to be the greatest real estate boom in Canadian real estate history.  The Canadian Real Estate Association says that markets that made the largest gains over the past year, have seen the largest monthly drops.  House prices are not down year-over-year.  Instead, they are falling month-over-month, a trend that hit Ontario in the spring after the provincial government announced a few price cooling measures (namely a proposed 15 per cent tax on foreign buyers and speculators) and persisted into the end of the year 2017. Looking forward, government policy could continue to influence consumer behaviour in 2018, as changes to federal mortgage lending guidelines come into effect with new federal stress-testing rules.

November 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 November was $1,137,933 down by 5.78% from the average price of $1,207,764 in November 2016. The average days on market was 33. The average selling price year to date is $1,241,030 compared to last year at $1,074,767, an increase of 15.47%.  
The number of all property sales decreased in November compared to the same period in 2016 and the number of new property listings saw an increase. “We are seeing a trend at this point,” said Dennis Horton, 2017 President of OMDREB. “The number of sales has seen a decrease, and this could be a result of the impending mortgage changes coming in January 2018. We look forward to seeing what the market brings in December leading into the new year.”

October 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 October was $1,201,603 up by 7.60% from the average price of $1,116,768 in October 2016. The average days on market was 29. The average selling price year to date is $1,248,379 compared to last year at $1,053,201, an increase of 18.53%.  October saw an increase in volume of sales of 10.50% over September indicating that the sales pace is picking up.

The GTA’s housing market began a modest recovery in September and has continued to grow slowly in October, suggesting the GTA has halted the sharp downturn in house prices that began in May after the provincial government announced its Fair Housing Plan changes, including a new foreign-buyer tax. 

The condominium sector remains the strongest segment of the housing market in the GTA, while detached home sales have lagged.  It is hard to predict what impact the new stress test for mortgages being implemented in January 2018 will have on the real estate market.
 

September Market Updates

The average selling price for a resale home in Oakville in September was $1,215,234, up by 9.07% from the average price of $1,114,202 in September 2016. The average days on market was 29. The average selling price year to date is $1,255,268 compared to last year at $1,046,515, which is an increase of 19.95%.
Home prices in Canada’s five most populated housing markets are rising at a similar, healthy pace on a quarter-over-quarter basis. This is the first time this has occurred in six years. In the third quarter, home prices in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area, Calgary and Ottawa all rose at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis, indicative of a more balanced Canadian residential real estate market. Following a very similar trend to the Vancouver housing correction of 2016, the Greater Toronto Area market experienced a sharp drop in sales volumes beginning in April 2017, which continued through much of the third quarter. With underlying employment and economic growth on solid footing, the Toronto market began to grow again in August.

Nationally, condominium prices increased 15.2 per cent on a year-over-year basis and have begun to appreciate faster than any other housing segment in large urban centres. The overall affordability of condominiums continues to attract peak 

August Market Updates

The average selling price for a resale home in Oakville in August was $1,147,983 up by 5.9% from the average price of $1,084,250 in August 2016. Prices are off dramatically from February which was the peak of the market at $1,428,664. A better supply of properties and a pause in demand have combined to create this deceleration in price growth. Despite the change in prices from the early year, the overall price gain in Oakville in 2017 is 21.21%. The average selling price year to date is $1,259,471 compared to last year at $1,039,083.

The Oakville resale home market recorded 150 sales in August – down by 38.3% versus the record-setting 243 homes sold in August 2016. This brought year-to-date (January thru August) sales to 1,859 units, down by 24.2% versus last year.

The softness in sales has been accompanied by some recent strength in inventory growth, although absolute levels of inventory still lag historical norms. The market seems to be returning to a more balanced situation with supply returning to more normal levels and with the forecast that the recent pause in buyer activity will come to an end as the market heads into the fall period.

July Market Updates

he Oakville resale home market recorded 138 sales in July - down 50.0% versus the 276 homes sold in July 2016. This brought year-to-date (January thru July) sales to 1,695 units – down by 23.3% versus the comparable period last year. A recent release from the Ontario government found that foreign buyers represent a small proportion of buying activity in the Greater Toronto area. It seems the year-over-year decline experienced in July had more to do with buyer confidence, with many would-be home buyers on the sidelines waiting to see how market conditions evolve. In addition, summer market statistics are generally not the best indicators of housing market conditions due to its low seasonal importance. The approaching fall market will provide a better indicator of the true impacts of the Ontario Fair Housing Plan and rising borrowing costs.

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in July was $1,114,913 - up by 6.7% versus the $1,044,974 average price of July 2016. That said, prices are off substantially from their high of $1,428,664 which was recorded in February. Despite this recent pullback in prices, the overall price gain in 2017 remains very substantial. On a year-to-date basis (January thru July), the average price increase for all property types in Oakville is 23.3%. Looking forward, the market appears to be headed back to a more balanced situation with supply returning to normal levels and with the expectation that the recent pause in buying activity will be relatively short-lived.

May Market Updates

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in May was $1,270,295, up by 20.79% versus the $1,051,630 average price of May 2016.  The average year-to-date price of a resale Oakville home is $1,314,733 up 28.39% from the average sale price in 2016 of the same time period of $1,023,993. Oakville’s median residential sale price for the month of May was $1,045,000 an increase of 28.39% from $926,500 compared to May 2016.

The Oakville resale market recorded 243 sales in May, down by 43.62% versus the 431 units sold in May 2016.  Year-to-date unit sales are down slightly by 12.87% compared to the same period last year (1340 units versus 1538 units).  

We have seen an increase in properties for sale in some segments of the market which could be due to the time of year and to buyers and sellers perception that the market may be shifting. 

Ennisclare Condos - March Sales

The Oakville resale market recorded 359 sales in March, up by 18.9% versus the 302 units sold in March 2016. March sales signaled a turnaround in volume likely due to the beginning of strengthening inventory levels. With the first quarter of 2017 now over, year-to-date sales are showing a 9.0% growth versus the comparable period last year (748 units versus 686 units). It is likely these sensational price increases will entice a growing number of sellers onto the market, which will be highly positive for volume going forward.
 

Just Sold: 2180 Marine Drive #2206

We just sold this fabulous 2 bedroom, 2 bathroom luxury condominium with great layout, high ceilings and generous principle rooms, 3 walkouts & tranquil lake views in the coveted Ennisclare ll on the Lake complex.

This suite is the 'Donlea' model, offerings approximately 1346 square feet of luxury living space plus a 157 square foot balcony.

Spectacular skyline & Lake Ontario views from the balcony & living room. Massive sunken living room & equally large dining room – perfect for entertaining. Beautiful updated white kitchen & oversize breakfast room with custom cabinetry, computer desk & pot lighting. Beautiful large master retreat with walkout & large updated 3-piece ensuite bath with oversize shower. Large 2nd bedroom with walkout, updated main bath with a deep soaker tub, good size storage room & in-suite laundry room.

All this and on the 22nd floor!

For the sale price or general inquiries about the market, please contact us!

February Sales

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in February was $1,428,664 - up by 43.5% versus the $995,357 average price of February 2016. The median price in February was $1,250,000 - up by 41.9% versus the February 2016 median price of $880,750. The proportion of fully detached homes selling over the $1 million mark was 87.4% - or almost 9 out of every 10 detached homes sold in the Oakville resale market. Continued low inventory levels and strong consumer confidence levels are combining to create this spectacular rise in resale prices.