Here’s Oakville’s Market update for September 2022 as compared to September 2021. The Average Price is up this month compared to last September by 5%. The market is back to where it was a year ago. But now, the interest rates are much higher. The rates have been so low for such a long time it’s hard to wrap your head around the new payments. That said you have to live somewhere and paying rent isn’t the answer. If you missed out on purchasing a home with the sharp rise in home prices now is the time to lock in and buy. There most likely will be one more rate hike in 2022. 

The number of active listings is up by 144.7 % to 372 listings on the market giving Buyers more choice. The number of units sold is down by 37.9%. The average days on market are 39 days up from 23 days last September. 

The real estate market is still adjusting to the aggressive increase in bank rates and the resulting affordability issues that it created. Based on our strong population growth and the high demand for housing in the Oakville area, there’s always a possibility for a quicker than expected recovery. 

Having a home that’s just right for your family is important, there will always be peaks and valleys.  Over the long term the market will continue to go up. Don’t wait, now is a good time to buy and I can help you 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.)