Just updated the numbers this morning to see how the market is for Oakville. Between foreign investment tax, and the mortgage changes, we’re really seeing the impact here as the average price for detached homes is still falling. And yet, can you say the whole market is falling?
Not at all! Look at non-detached, below that, with prices still on the rise and sales numbers typical for past years (2017 not included, as it was influenced by the Province’s actions).
At some point I expect the non-detached will nudge the detached home sales up a bit! Other areas aren’t responding like Oakville as driving force behind pricing here was a bit different. (Oakville was actively marketed to foreign investors, unlike adjacent areas and historically has a reputation as a status area.)
If you sold in Oakville last February through early April, you did significantly better than the market is now for Detached homes! Of course, this is likely holding back those that don’t need to sell, seeing the significant drop in pricing.
As always, this varies between specific areas of Oakville, so if you really want to know what’s going on in your area, just contact me! 905-827-6606 or firstname.lastname@example.org