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Economic Impact of COVID-19 on Home Values in Oakville

Are homes selling? Have prices dropped? These are the questions we are getting asked the most. Everyone wants to know how their home’s value has been impacted by current economic trends.

Here’s what we have seen in Oakville’s real estate market so far in 2020:

We experienced a strong seller’s market in January through mid-March. Prices increased as demand soared and supply was limited. Towards the end of March and into April, we saw a significant decrease in the volume of sales as the market moved more towards balance. The average sale price, however, continued to increase year-over-year in both April and May.

The average home sale price in Oakville
was +8.25% higher in April 2020
compared to April 2019.

 

This trend continued right into May. Sales volume decreased while prices continued to go up year-over-year.

 

The average home sale price in Oakville
was +11.27% higher in May 2020
compared to May 2019.

We are well into June now and I’ve seen a steady increase in buyer and seller activity. Homes are selling and home values are still on the rise in our local Oakville market.

Let me know if you’d like more personalized information or check out our Neighbourhoods Page for monthly segmented statistics for every single neighbourhood in Oakville.

Always here and happy to help!

 

Rina DiRisio
Sales, Representative
rina@rina.ca
416-804-4347