SUMMER 2021 MARKET UPDATE

SUMMER HAS ARRIVED AND IT’S HEATING UP THE OAKVILLE MARKET –

According to the TRREB (Toronto Regional Real Estate Board), May showed a minor sales decline in the Oakville real estate market following the March Peak, but the TRREB believes this is only temporary and that the market should continue to sustain its current high resale price rates. May rates were down to just over 18,500 new listings, down about 2,300 from April, but numbers are still up to nearly 10,000 above what they were this time last year.

The TRREB believes this will mean that resale values remain high and will likely increase even further, with average resale prices across all home types in the GTA continuing to grow month-to-month. Those actively looking to purchase a home continue to face a lot of competition from other buyers, which inevitably leads to increased prices.

One major contributor to increasing resale values is the massive lack in housing supply that has persisted through the pandemic, with borrowing rates continuing to stay low and demand remaining red hot. As Ontario continues to reopen and the world begins to return to normal, the TRREB believes we will see a significant increase in immigration into the area in the next couple of years that will further increase demand and add positive value to resale prices.

The market is continuing to stay extremely hot and competitive. If you’re considering making a move this year, our team can help you discover what your home is worth and how to best position you for selling success in the current market! We are your number one resource for all things real estate — give us a call today!

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of June 2021 in comparison to June 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-JULY-2021
GLEN-ABBEY-JULY-2021
GLENORCHY-JULY-2021
JOSHUACREEK-JULY-2021
RIVEROAKS-JULY-2021
SE-OAKVILLE-JULY-2021
SOUTHWEST&CENTRAL-OAKVILLE-JULY-2021
WESTOAKTRAILS-OAKVILLE-JULY-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

real estate oakville

SPRING 2021 MARKET INSIGHTS

A LOOK BACK AT MARCH & APRIL AND PREDICTIONS FOR MAY –

We have seen an increase in inventory in April and March compared to January and February of this year. The number of sales has also increased substantially over the last two months although we have seen a slight cooling in showings over the last two of weeks due to the latest lockdown, which we believe is likely only temporary.

Sale prices are an at all-time high with no sign of decreasing. Compared to April of last year, sales are up a whopping 330% while active listings are down by almost 46%.

The average sale price of homes of all types in Oakville was $1,667,854 in April of this year; an increase of 33.3% compared to April of last year.

Buyer confidence is high, and demand is unwavering so we expect to see continued strength in the market for the foreseeable future.

DO YOU HAVE ANY INSIGHTS ON PROPERTY SHOWINGS AND HOW MUCH INTEREST AND ACTIVITY HOMES ARE GETTING?

Certain properties are getting a lot of showings, while others have noticed a decrease in interest brought on by the latest lockdown. This is true across all price ranges – from the high-end luxury home market to less expensive condos and townhouses. The number of competing offers in April has eased somewhat, yet we continue to see multiple offers on well-priced homes in all price ranges. There’s no real answer to generalize what’s doing well and what is not. It certainly helps to have a well-staged, clean, market-ready home to generate interest.

ADVICE FOR SELLERS?

I expect market activity to increase towards the end of May as we emerge out of the latest lockdown. A decrease in showing activity – if you’ve noticed one – is not an indication to lower your price.

ADVICE FOR BUYERS?

If you’re ready to buy, and it makes sense for your situation – get the ball rolling. Don’t wait for prices to fall. While there are fluctuations in price here and there, the overall trend is upwards. Housing in Oakville and the GTA is in high with no sign of decreasing.

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of April 2021 in comparison to April 2020, taking into account all property types:

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

FEBRUARY 2021 MARKET UPDATE WITH RINA

FEBRUARY 2021 MARKET UPDATE WITH RINA

January 2021 has had the most transactions in comparison to every other January over the last 5 years. The number of properties listed in January 2021 is slightly lower than in January 2020, yet the number of transactions increased by 24% year-over-year. 49% of the properties sold last month sold above the asking price.

Listings are getting lots of interest and selling in record time, often in multiple-offer situations. Inventory cannot keep up with demand.

AS AN AGENT WHAT ARE YOU SEEING IN THE MARKET?

Lots of buyers in the market, ready to buy, eager to buy. Just not enough homes for sale in any price range whether it’s under 1 million dollars or over 2 million in all areas of Oakville.

ANY COMMENTS ON CURRENT INVENTORY?

Current inventory is very low when we look at the demand out there. Interestingly, we’ve had more transactions in January 2021 over January 2017 – which was a peak period in real estate. This really reflects on the huge supply of buyers, just not enough product.

WHY DO YOU THINK THERE IS SUCH A DEMAND FOR HOMES IN OAKVILLE – WHO’S BUYING?

We’re getting people coming from the city to the suburbs. We have some homeowners eager to change their living arrangements – with having to work from home and daily routines changing, either their home is too small or it’s too big or they need home offices or more of a backyard. I think what people are looking for is changing. Our needs and wants – everything is different than it was a year ago.

BUY FIRST OR SELL FIRST?

Typically, I would say to sell first and then buy because I tend to be more conservative. In this market, if you can, buy first and then sell. There just isn’t enough inventory. I would suggest that you find what you want first so that you’re not disappointed.

A LOT OF BUYERS ARE FINDING THEMSELVES IN COMPETING OFFER SITUATIONS. WHAT IS YOUR ADVICE TO BUYERS IN THIS MARKET?

I would say to really make an informed decision. Understand the market and what you are buying. Understand the values of that neighbourhood in the last 2 years, 3 years, 5 years. Look at the schools. Look at the amenities. Look at property values. Are you buying at the top end of the market? Will you be able to sell this home in the next 2, 3 years? Make a very informed decision. And if you have a really good agent, they will save you money and guide you through the process.

ADVICE FOR SELLERS?

For sellers, you’re in the driver’s seat – definitely! I would say have your home staged and marketed. Have great photos and video, drone photos, whatever you need to showcase your home and limit the amount of buyers coming through. Make it look great and show-ready. Staging is a huge factor in selling your home for top dollar. Be prepared for the craziness with the number of showings that you will experience in the first few days. Get on the market at the right time. Timing is key.

WHAT ARE YOUR MARKET PREDICTIONS FOR THE NEXT FEW WEEKS?

In the next few weeks, the market supply will increase. Many homeowners are getting their homes ready to list. The buyer demand is great and will continue to be strong. Even for the number of properties for sale right now, we just can’t keep up with the number of buyers. I don’t see prices dropping and I don’t see buyer activity going down anytime soon.

HAPPY NEW YEAR

HAPPY NEW YEAR

Hello and Happy New Year! It’s time to start fresh with new goals and a bright outlook for the year ahead. Let’s make it a good one!

We are one week into January 2021 and I wanted to share with you my personal observations of Oakville’s real estate market and the trends I see going forward.

It is quite clear that last year’s trend of low inventory and steady demand for housing continues to shape our local real estate market. Unlike during the first lockdown in March 2020 when showing appointments on listed properties came to a halt, we have not seen a decrease in buyer activity with this second lockdown. There is a large pool of active buyers. Oakville property sale prices are at an all-time high. This is indicative of strong buyer confidence going into the new year. With supply being so low right now, it’s an optimal time to get your place on the market as a potential seller (only if it’s the right time for you personally).

What about the rest of 2021? Royal LePage is forecasting Canadian home prices to rise 5.5% by the end of this new year. In the words of Phil Soper, our President and CEO of Royal LePage, “The leading indicators we analyze are pointing to a market that favours property sellers in the all-important spring of 2021. Across the country, a large number of hopeful buyers intent on improving their housing situation were not able to find the home they were looking for (in 2020), as the inventory of properties for sale came nowhere near to meeting surging demand. With policy makers all but promising record low, industry supportive interest rates to continue, we do not see this imbalance improving in the new year. The upward pressure on home prices will continue.”

Read the full forecast here.

As we navigate into the New Year with now well-practiced COVID-19 protocols, we are here to help you sell and buy properties safely and confidently. If you have any questions or you’re curious about the market, call me anytime. Always happy to share my expertise and guide you with unbiased advice.

Best wishes for a healthy and happy 2021!

– Rina

NOVEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

NOVEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

Over the summer months and well into the fall, we experienced high sales volumes with increasing average home prices for most property types. As demand remains strong and supply relatively limited, we expect to remain in a “Seller’s” market throughout December and into 2021. Here is our overview of November market activity:

If you would like to learn more about the market or just need a consultation, feel free to reach out to me on my cell at 416-804-4347.

SEPTEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

SEPTEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

Here is our overview of September 2020 in Oakville real estate:

There was a 47.53% increase in the number of sales in September 2020 vs. September 2019.

The average days on market decreased by 30.56%. This means that properties sold in less time in September 2020 vs. September 2019.

The number of active listings in September 2020 dropped by 33.09% in comparison to the number of listings on the market in September 2019.

The median sale price of an Oakville property jumped to $1,339,500 in September 2020 in comparison to $1,047,500 in September 2019. This is a 27.87% year-over-year increase in the median sale price (taking into account all property types) – WOW!

To summarize, homes sold more quickly and for more money in September 2020 in comparison to September 2019. There were fewer listings on the market in comparison to last year – which undoubtedly contributed to the increase in median sale price. The number of properties sold was also significantly higher, indicating a lot more activity in Oakville real estate market in September 2020 in comparison to the same time last year.

As demand continues to be strong with supply relatively limited heading into the fourth quarter, we expect to remain in a Seller’s market throughout the final months of the year and into 2021 as well.

Rina is a leading real estate agent in Oakville. If you are looking for houses for sale in Oakville, browse my website for featured properties.

OCTOBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

OCTOBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

Curious about the last month in Oakville real estate? Here is our overview of October market activity.

There was a 41.42% increase in the number of sales in October 2020 vs. October 2019.

The average days on market decreased by 28.13%. This means that properties sold in less time in October 2020 vs. October 2019.

The number of active listings in October 2020 dropped by 36.25% in comparison to the number of listings on the market in October 2019.

The median sale price of an Oakville property jumped to $1,386,817 in October 2020 in comparison to $1,127,454 in October 2019. This is a 23% year-over-year increase in the median sale price (taking into account all property types).

To summarize, September market activity trends have spilled over into October. Homes sold more quickly and for more money in October 2020 in comparison to October 2019. There were fewer listings on the market in comparison to last year – which undoubtedly contributed to the increase in median sale price. The number of properties sold was also significantly higher, indicating a lot more activity in Oakville’s real estate market in October 2020 in comparison to the same time last year.

Inventory is low, and with prices still on the rise, it’s a good time to sell!

A LOOK AT WEST OAKVILLE

A LOOK AT WEST OAKVILLE

Mature tree-lined streets and large lots, split level and bungalow style homes of the 1940s, 50s and 60s, and a budding display of newly-built houses, all within a well-connected and established community that is just a short distance away from Lake Ontario, great schools, downtown shops, restaurants and amenities  – this is the appeal of West Oakville. This Oakville neighbourhood is located south of the QEW, north of Rebecca Street, and in between Dorval Drive on the east and Bronte Road on the west.

REAL ESTATE TRENDS

West Oakville is undergoing rapid changes as more and more properties hit the market and young families and investors alike flock to get into this family-friendly community where property values are on the rise. We are well into the fall market and based on what I am seeing, West Oakville is still trending towards a seller’s market as demand outpaces supply. Well-priced properties, whether original or renovated, do not last on the market for too long in this neighbourhood.

PROPERTY VALUES

Based on sales reported on the Oakville, Milton & District Real Estate Board, the median sale price of a home in West Oakville increased by +17.19% in 2020 from the 2019 median sale price. While some volatility in sale price averages is normal to see from year to year in areas experiencing the type of suburban renewal that we see in West Oakville, this is quite a notable increase in property values compared to previous years.

If you’re a homeowner in West Oakville who is thinking of making a move in the next few years, now is the time while the market is hot! If you’re interested in buying in this neighbourhood, rest assured that your purchase will be protected by the attractive location, large lots sizes and the fact that growing demand is bringing home values up.

COMPLIMENTARY MARKET EVALUATION

Want to know what your property is worth? Contact us for a complimentary market evaluation.

RINA DIRISIO, SALES REPRESENTATIVE
CALL/TEXT: 416-721-3680
EMAIL: RINA@RINA.CA

 

“West Oakville is undergoing rapid changes as more and more properties hit the market and young families and investors alike flock to get into this family-friendly community where property values are on the rise.”

AUTUMN IN OAKVILLE

AUTUMN IN OAKVILLE

What’s your favorite spot for an autumn walk in Oakville?

We love this time of year in Oakville. The Sixteen Mile Creek trail system at Lions Valley Park in West Oak Trails is one of our favorite places to enjoy the beauty of the season. There’s just something magical about it all. Get out there this weekend and take it all in while it lasts!

CLICK TO VISIT OAKVILLE.CA FOR A LIST OF LOCAL RECREATIONAL TRAILS TO EXPLORE.

CONDO PRICE TRENDS IN BRONTE, OAKVILLE

CONDO PRICE TRENDS IN BRONTE, OAKVILLE –

There have been fewer sales in 2020 vs. 2019 and demand is high. If you’re looking to sell your Bronte condo, now would be a fantastic time from a financial standpoint. If you’re interested in buying a condo in Bronte, make sure you have the representation of a trusted and experienced Realtor who will provide you with unbiased advice and the statistics to back it. It makes all the difference!

Are you interested in buying or selling a condominium in Oakville’s Bronte neighbourhood? We can help! Contact us for a complimentary market analysis and let’s chat about your options.

Rina DiRisio
B.A., SALES REPRESENTATIVE
Lifetime resident of Oakville

Rina DiRisio

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