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.