Wow! What a roller coaster year in real estate.
As we conclude October, results are substantially different from what they were earlier this year, as well as in the summer and even when compared to last month.
It is important to remember that the second best real estate market occurs in the fall. We would expect to see increased sales take place in September and October, although this year October outperformed September.
So, although all cities posted much fewer sales in October this year when compared to last year, all cities (except Milton) saw more sales take place in October than in September. This may mean that the psychological impact of the government’s Fair Housing Plan and Foreign Buyer Tax may be dwindling.
With regards to supply, Oakville, Burlington and Mississauga saw fewer new listings come to market in October versus September, although all have many more houses on the market at month’s end than compared to a year earlier.
With almost four months of inventory now on the market we continue to experience what is almost considered a BALANCED market.
This is great news for those looking to buy a home or those looking to ‘move up”. As a buyer there is plenty of choice available and with less competition now, you are able to have offers with financing and inspection conditions. If you are selling a home, remember that the average house price today is still higher than it was last year, and last year was a banner year.
My expectation is that the real estate market in our area will continue to see a little uptick throughout the remainder of the year, as buyers rush to purchase homes before the end of year, so as not to be impacted by the new Office of the Superintendent of Financial Institutions (OSFI) “STRESS TEST” coming into place on Jan 1, 2018 for buyers putting more than 20% down. Click here to learn more.
Here are October 2017 stats taken from the Toronto Real Estate Board (TREB) for Oakville, Milton and Mississauga, while the Burlington statistics are from the Ontario Regional system off OMDREB.
- 230 sales were report in October - a decline of 33.91% from last year, and up 12.20% since September
- 159 sales in October, a decline of 13.07% from last year but down 1.85% from September
- 689 sales in October - down 29.41% from Oct 2016 and 9.89% more sales than in September
The positive price results compared to last year continued in October, with all cities running ahead for AVERAGE price, although Oakville's MEDIAN price saw a decline. Sale prices vary based on area and whether we look at the Average or Median prices.
All cities ended October with substantially more listings than a year earlier.
Here are the actual residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON & MISSISSAUGA Ontario.
You’ll also find below the video by Jason Mercer, Director Market Analysis in which Jason discusses what is happening in Toronto and the GTA.
- 276 sales in October, down 17.37% from October 2016, and up 31.43% more sales than last month
More than ever it is critical that both buyers and sellers keep informed of the current local real estate market conditions. Therefore, if you are exploring the idea of buying or selling a home in Oakville, Burlington, Mississauga or Milton, ON, call or text Lisa Lanoue at 905 616-4204 today.
If you would like to receive listings for specific areas you can set yourself up on my website.
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