August 2021 Market Report
Oakville, ON, September 8, 2021 – According to figures released September 8 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased in August compared to the same period in 2020. Monthly property sales were down by 295, totalling 534 compared to 829 in August 2020.
The total number of new property listings also saw a decrease of 484 this year: 575 new listings in August 2021 compared to 1,046 in 2020.
For homes processed through the OMDREB MLS® system, the number of days on market until sale dropped 35 percent in August 2021, sitting at just 13 days compared to 20 in August 2020. For townhomes and condos, days on market dropped 30 percent at 14 this year compared to 20 in August 2020.
“The notion of affordable housing has been a popular one for the last few years, and that remains as we continue to see limited supply on the market. This topic is now being touched on even further with a federal election on the horizon, and all parties have indicated the various ways they plan to tackle housing supply and affordability issues. While this is good to hear, we need to ensure that those elected follow through with these plans,” says OMDREB President Lynn Hoffmann.
“OMDREB continues to advocate for new and affordable supply by working with other industry associations and all levels of government, and we will be meeting with government officials later in September to discuss how a proper approach to these issues must be taken. It is unacceptable that new buyers continue to be forced out of the market by no fault of their own, and with Halton continuously named as one of the best Regions in Canada to live, we need the next generation of homeowners to be proud to come here.” continues Hoffmann.
In Oakville, the average sale price for a home in August 2021 was $2,115,917, up 27.1 percent from $1,664,579 in 2020. The average sale price for a townhouse/condo was $1,006,535, up 18 percent from $852,917 in 2020.
In Milton, the average sale price for a home in August 2021 was $1,420,094, up 32.3 percent from $1,073,161in 2020. The average sale price for a townhouse/condo was $845,051, up 24 percent from $681,502 in 2020.
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