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.
The Bank of Canada Rate announcement is scheduled for next week on April 12th. Inflation seems to be cooling faster than expected and the Experts think the Bank will hold the rate at 4.5%. A spring market is starting in and around Oakville and Buyers are out looking and buying despite fewer homes to choose from. There’s news of bidding wars coming from Toronto where demand is much higher.
Companies are bracing for a downturn and re-structuring is taking place. Jobs have been lost and a few big box stores are closing in the area. Bed, Bath and Beyond is closing it’s doors entirely in Canada and Lowes will become Rona soon.
In Oakville, March 2023 saw the average sale price fall 14.6% from March 2022. The number of homes sold is down 25.5% from last year, and the number of homes listed for sale are up 35.5%. The days on market are 38 up from 14 days last spring giving Buyers a little more choice and time to make a decision. With that said, it’s best to act fast if you see a home on the MLS that you’re interested in. I can get you in to view quickly, so there’s no time lost if it’s the special home you’ve been waiting for.
If you’re thinking about making a move (or know someone who is) I’m only a text, call, or email away.
Be sure to check out my free local Facebook Group, Meet Me In Oakville. It’s a great place to connect with other community members and get weekly updates on the best events and happenings in and around town.
Ready to buy a home? I have some recommendations for great lenders. Just send me an email to hello@meetmeinoakville.com or call or text me at 905-399-7229. No pressure, no sales tactics, just the help and guidance that you need, when you need it!
