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.