July 2022 Market Report
Oakville, ON, August 10, 2022 – According to figures released August 10 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 35.3 percent for Single Family homes and 45.0 percent for Townhouse/Condo homes compared to July 2021. The Median Sales Price increased 4.4 percent to $1,385,000 for Single Family homes and 9.0 percent to $820,000 for Townhouse/Condo homes.
The total number of new property listings increased 32.6 percent for Single Family homes and 10.6 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 increased 91.7 percent for Single Family homes and 100.0 percent for Townhouse/Condo homes in July 2022.
Year over year, Inventory increased 190.6 percent for Single Family homes and 139.2 percent for Townhouse/Condo homes.
“Compared to this time last year, the July 2022 market in Oakville, Milton, and Halton Hills has seen a balance that is much more digestible for consumers. Once again, the amount of active inventory available for ready buyers has increased. The result is more choice for those looking to make a purchase in the short term, and continued moderation of annual price growth. While borrowing costs do continue to rise, the recent stability trends witnessed over the last seven months will still offer relief to those who want or need to enter the market now,” says OMDREB President Vishal Kapoor.
“Bolstering housing supply and ensuring multiple home types to meet the needs of every home buyer in OMDREB’s jurisdiction remains our priority. The Oakville, Milton and District Real Estate Board actively advocates for the future approval of new and more diverse housing types to tackle the supply challenge. We will continue to work with all levels of government to ensure that Oakville, Milton, and Halton Hills homebuyers have the inventory they need to make their next home purchase at a price that is right for them,” continues Kapoor.
“It’s important to remember that specific neighborhoods within the OMDREB market can see results that often differ from the entire collective area. Because of this, determining the right price and conditions when buying or selling a property can be challenging. Local OMDREB REALTORS® have the experience, knowledge, and tools to help buyers and sellers make those big decisions,” adds Kapoor.
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