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