Oakville & Burlington – How was 2017 Performance?

Posted on Posted in Burlington, Market Activity, Oakville, Property For Sale, YTD

With all the changes through 2017, we had a roller coaster year in price…    With the pending Provincial Government plans in the works, there was a rush to buy in the spring that significantly drove pricing up in both Oakville and Burlington and accelerated the beginning of the spring market, followed by a significant drop in both the number of sales, and dollar value over previous years!   Yes, it was a crazy year in the market!!!

Oakville

The pricing bubble burst, but average pricing of detached homes still stayed above 2016 prices, but the number of sales, plummeted to the lowest sales transaction numbers we’ve seen in the last four years.   There was a few months where the average List Price was significantly higher than the average Sale Price in Oakville.  Sellers were hopeful and the abundance of active listings, bit by bit, expiring, was a common sight.

For non-detached homes, we saw pricing actually fall below the average for 2016, late in the year, which did push the number of sales transactions a bit higher, but only outperforming the past three years, in the last few weeks.   Of course another factor for the last push in the end of the year was the mortgage changes put in to effect for 2018.

Overall the market was not predictable as previous years, due to direct interference by government action.

Of course, there is some variation by area, so if you’re interested in knowing your specific area, just contact me!

Burlington

The pricing bubble burst, but average pricing of detached homes eventually fell below 2016 prices.  Burlington sellers were more realistic, adjusting their pricing faster than Oakville, resulting in a lower number of sales, but not as severe as Oakville.

For non-detached homes, we saw pricing stay above the average for 2016.  The number of sales transactions were down, but not as much as detached properties.   Again a factor for the last push in the end of the year was the mortgage changes put in to effect for 2018.

Of course, there is some variation by area, so if you’re interested in knowing your specific area, just contact me!

So what will 2018 bring us?  Hopefully no further government actions to impact our markets, so we can settle in to predictable growth.  Will it happen?  We’re all watching the spring market to see how 2018’s activity compares to previous years!

So, when do you sell, or buy?   Let’s talk, performance varies by area, so I can help you to time it right.

James