Wow! An uptick in volume of sales during the month of November
My expectation that the real estate market in our area would experience an uptick in the volume of sales did in fact prove correct. Oakville and surrounding areas saw many more sales take place in November as compared to the four months previous. I believe this was a result of buyers rushing to purchase homes before the end of the 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.
Sales are down however when compared to last November, as well as year-to-date.
The number of listings continues to grow in our area and we now have substantially more homes available for sale than the same time last year.
With more homes for sale and fewer sales taking place, the result has been that the AVERAGE and MEDIAN sale prices, for most house types in OAKVILLE (except DETACHED homes), declined compared to November 2016.
All three other areas posted higher Average and Median sale prices compared to last year, but sale prices are down when compared to October.
Year-to-Date Average and Median sale prices however continue to run ahead of those last year, although at a much more modest rate~ more reflective of a balanced market.
Here are the actual NOVEMBER 2017 residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON & MISSISSAUGA Ontario. Information has been taken from the Toronto Real estate board and the OMDREB Regional site for Burlington.
You’ll also find below the video TREB Market Watch NOVEMBER 2107 by Jason Mercer, Director Market Analysis in which Jason discusses what is happening in Toronto and the GTA.
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.
Follow me on Twitter or like me on Facebook and stay informed.