Oakville
Oakville is a town located in Halton Region, in Ontario, Canada. This Canadian town is located on Lake Ontario between Hamilton & Toronto. According to the census in 2021, the population of the town is about 213,759 individuals & it is the largest town of Ontario.
It is part of the Greater Toronto Area which is one of the most densely populated towns of Canada. One of the reasons the people moving towards this Canadian town is their affordable housing.
Real Estate Market Outlook of Oakville
The real estate market of Oakville depends on the rates of their construction styles and number of active listings.
The most important ones are detached houses, condominiums & townhouses. Condominiums are the individual housing complex in which each apartment is owned individually. Townhouses are the type of terraced housing.
According to real estate statistics the average housing price is $1,550,773. The new listings in Oakville are 75 in the last twenty-eight days. As of today, the town’s housing data shows 26 median days on market for a home.
Real Estate Market Analysis for Oakville Condos – October 2022
Renewed market activity in Oakville’s real estate market during October 2022 helped out to cushion Oakville home prices & brought about the 1st month-over-month price rise since February 2022.
The average sold price in the town increased to $1,079,500 in October 2022, a 0.4 percent rise as compared to last month. That stops the slide in house rates that GTA has been viewing since the peak in housing prices in February.
Even so, housing prices are still low by 19 percent as compared to February 2022. This is a prominent fall which is largely because of the high interest rates & high borrowing costs.
An astonishing month-over-month hike in the rates was also met with a month-over-month rise in sales activity. Home sales are high by 15 percent as compared to the last month, with around 5,627 house sales for the month of October 2022.
Even though house sales are still down by more than 34 percent year-over-year, this rise in sales activity is the 1st month-over-month sales hike since March 2022.
Despite all this hike in the average sale prices in Oakville, the condominiums in the town are still the most affordable ones. During the month of October 2022, the average price of a one-bedroom condominium is $567K. This price was $610K about three months ago. This is quite a significant fall in their prices.
Let’s have a look at some of the condominiums which are currently available for sale. A one bedroom & one bathroom condominium is available for sale at 1490 BISHOPS Gate unit # 403, Oakville, Ontario. This condominium costs only $ 579,900.
Another 2-bedroom two-bathroom apartment is available for sale at 100 LAKESHORE Road E unit # 804 Oakville, Ontario. This condominium costs only $827,700.
Similarly, another two bedroom and two-bathroom condominium apartment are available for sale at #418 – 19 DUNDAS STW Oakville, Ontario. This condo cost only $799,000. Oakville has such well-constructed condominium units for sale.
