Here’s Oakville’s Market update for August 2022 as compared to August 2021. The Average Price is up this month compared to last August by 27.5%. Average Price is an indicator that higher priced homes are being sold. Often people buying homes at the top end prefer the summer months when it’s quieter and they have more time to shop. This year there’s more to choose from compared to last August. Rising interest rates aren’t always a factor when it comes to sales in the higher end.  

The number of active listings is up by 174.8% and the number of units sold is down by 38.1% . The average days on market are 45 days up from 22 days last August making it a more balanced market. 

The market is adjusting to the increase in Bank Rates. Today the Bank of Canada raised it’s benchmark rate by three quarters of a percent, that’s  .75 of a percentage point to 3.25%. I’ve read that inflation is cooling off faster than expected and possibly that’s the reason the Bank didn’t make it a whole 1%  that some economists predicted.

Having a home that’s just right for your family is important, once you’re in the market it’s all relative. There’s always peaks and valleys but over the long term the market will continue to go up. Don’t wait, lock in now and find your perfect home.

(Note the stats above are from the Oakville Milton Real Estate Board and may be different from the Toronto Real Estate Board. Not all Oakville Agents list on Toronto, and not all Toronto Agents list on Oakville.)