Oakville, ON, March 7, 2022 – According to figures released March 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 23.4 percent for Single Family homes and 15.6 percent for Townhouse/Condo homes compared to February 2021. The Median Sales increased 26.8 percent to $1,750,000 for Single Family homes and 18.1 percent to $980,000 for Townhouse/Condo homes.
The total number of new property listings decreased 12.5 percent for Single Family homes and 8.3 percent for Townhouse/Condo homes compared to this time last year.
For homes processed through the OMDREB MLS® system, the number of days on market decreased 30.0 percent for Single Family homes and 36.4 percent for Townhouse/Condo homes in February 2022.
Year over year, Months Supply of Inventory also decreased 14.3 percent for Single Family homes and 28.6 percent for Townhouse/Condo homes.
“Throughout the first couple of months of the year we have seen a small market balancing, with the amount of new listings dropping at a lesser annual rate than the number of sales. However, demand is still strong and because Oakville, Milton, and surrounding areas have a lack of inventory on the market, price growth pacing remains an issue,” says OMDREB President Vishal Kapoor.
“In the coming months, it will be interesting to watch the effect of the Bank of Canada raising its interest rate. With an increased cost of borrowing, some potential home buyers may choose to re-evaluate their position in the market and hold off on purchasing,” continues Kapoor.
He adds, “Understanding that the market will be tough to navigate for the foreseeable future, I encourage those who are willing to test the waters in Oakville, Milton, and Halton Hills to contact an OMDREB REALTOR® to help them.”
