With 1.2 months of home resale stock available, home buyers will continue to raise prices by paying an average of 103% more, according to Oakville’s May 2021 real estate statistics. The typical price tag for an Oakville home dropped slightly to $ 1.1 million, but is still 23% more expensive than a year ago.
“The inventory shortage experienced throughout the GTA continues to affect our stores, raising average selling prices and significantly dropping days in the market,” says Lynn Hoffmann, President of OMDREB.
“Unfortunately, this means that a lot of people are priced out of the market, something we can’t afford to see going on. The need for more affordable housing is obvious, and something that OMDREB still advocates.”
In home sales at GTA, property owners sold 7,357 more properties in May 2021 than in May 2020; however, in May 2020, sellers and buyers were uncertain about how the pandemic would affect the housing market. A better comparison is in May 2019, when 9989 properties were sold, which means a 19% increase in unit sales.
From May 2019 to May 2020, the values of GTA residential properties increased by a reasonable 2.9%. The average property price still rose 28% from May 2020 to May 2021 to $ 1,108,453, indicating that the increase in property values has not diminished.
“There has been a strong demand for owner-occupied housing in all parts of the GTA for both country-oriented residential and condominium apartments. This was fueled by confidence in the economic recovery and low borrowing costs, “said Lisa Patel, President of TRREB.
During the month, Oakville sellers listed 590 properties and sold 410 properties sold, making inventory 1.2 months less than in April 2021. Typical residential property sold for $ 1.297 million, up from $ 1.285 million in April 2021. , 15 days. The contraction in inventory and strong demand led to many offers that raised prices by 103% above the listed price.
Housing prices for more than a year
The average residential property in Oakville now costs $ 1.223 million, up 23.5% since May 2020. The average price of a detached house is $ 1.47 million, an increase of 26.3%. A connected home is $ 1.049 million, an increase of 27.19%, a townhouse will lead you 22.04% more to $ 824,800, and a condominium will cost $ 685,600 – 13.91% more.
Statistics from April 2021 on Oakville residential properties
DOM – total number of property sales days; % LP – SP – percentage difference between list price and sold price.
Realtor.ca from June 15, 2021 here are the cheapest ads by number of Oakville Terrestrial Bedrooms
- $ 450,000 one bedroom, one bathroom apartment in Palermo
- $ 490,000 for a two bedroom, one bath condo condo in Glen Abbey
- $ 469,000 three bedroom, one bath condo condo in Falgarwood
- $ 620 for a four bedroom, three bath condominium in Falgarwood
So how affordable is Oakville, Ontario?
Currently, the best-advertised mortgage rate is fixed at 1.54% per annum from MCAP for three years. With 25 years of depreciation, the $ 100,000 price is $ 92.64 per week or $ 401.44.
If a buyer buys the cheapest property mentioned above and pays a 10% down payment ($ 45,000), their weekly mortgage payment based on the information above would be $ 375.18 or $ 19,509.36 per year after taxes.
Oakville’s average annual income is about $ 60,000, and after taxes, it drops to $ 49,300 or $ 948 a week. In this case, the mortgage would take 39.5% of that person’s tax home salary, or 32% of his or her gross income.
If mortgage rates rise by just 1%, the weekly cost of a mortgage will rise to $ 420.30, even though getting a mortgage requires buyers to pass a Canadian mortgage stress test.