FEBRUAR MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in February was $1,120,284 and the median sale price was $920,000. The average days on market was 26.  There were 155 sales versus 253 sales last year in February. The average sale price year to date is $1,095,925 compared to $1,299,629 in 2017.

In a recent press release talking about the real estate market, Phil Soper, CEO of Royal LePage Real Estate Services Ltd., stated that 2016 was a strong year and that momentum was carried into the first half of 2017. It was then the Ontario government introduced their own set of regulatory changes in curbing house price inflation, which caused Canada’s largest housing market to stall. While overall Canadian market volumes were virtually identical in 2016 and 2017, the second half of 2017 was much slower in Ontario than the first. These lower sales volumes have extended into early 2018.  Changes implemented by the chartered bank regulators, the Office of the Superintendent Financial Institution, went into effect on January 3 of this year. The full impact of OSFI stress test on mortgage financing will be not known until well into the spring market.