Real Estate Market Recap for 2017

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in December was $1,099,682, up by 2.65% versus the $1,071,286 average price of December 2016.  The average year-to-date price of a resale home in Oakville at the end of 2017 was $1,233,920 which was an increase of 14.82% over 2016.

Real estate markets across Canada cooled down, coming off of a record year considered to be the greatest real estate boom in Canadian real estate history.  The Canadian Real Estate Association says that markets that made the largest gains over the past year, have seen the largest monthly drops.  House prices are not down year-over-year.  Instead, they are falling month-over-month, a trend that hit Ontario in the spring after the provincial government announced a few price cooling measures (namely a proposed 15 per cent tax on foreign buyers and speculators) and persisted into the end of the year 2017. Looking forward, government policy could continue to influence consumer behaviour in 2018, as changes to federal mortgage lending guidelines come into effect with new federal stress-testing rules.