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: