July 2020 Market Report
Oakville, ON, August 5, 2020 – According to figures released August 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in July compared to the same period in 2019. Monthly property sales went up by 68, totalling 430 compared to 362 in July 2019.
The total number of new property listings saw the same this year: 630 new listings in July 2020 compared to 541 in 2019.
“It is apparent the demand for ‘a place to call home’ has been the driving force in Halton real estate during a time that typically shows a lull in activity. Ontario’s move to Stage 3 has untethered the ability to hold in-person showings, which points to consumers being able to regain confidence in buying and selling real estate. In addition, REALTOR® safety protocols show that these things can be done safely and with care.” President Richard Weima said.
“Mortgage rates have not been this low in decades for Buyers, so it comes as no surprise that activity and home values have risen so strongly. Because of this, our governments really need to understand why housing has grown to be so out of reach for many consumer segments. All levels of government are driving costs up for housing with regulatory restrictions and the numerous taxes and fees associated. REALTORS® continue to urge greater attention paid to reduce red tape for increased building opportunities, as well as providing consumers with improved housing options to meet this challenge,” continues Weima.
In Oakville, the average sale price for a home in July 2020 was $1,571,751, up 14 percent from $1,378,385 in 2019. The average sale price for a townhouse/condo in the same area for July 2020 was $776,195, up 9.6 percent from $708,392 in July 2019.
In Milton, the average sale price for a home in July 2020 was $1,052,402, up 12.1 percent from $938,666 in 2019. The average sale price for a townhouse/condo in the same area for July 2020 was $684,013, up 13.8 percent from $600,807 in July 2019.
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