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March 2023 Market Report


  • April 6, 2023

Oakville, ON, April 6, 2023 According to figures released April 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 37.4 percent for Single Family homes and 29.2 percent for Townhouse/Condo homes compared to March 2022. Median Sales Price decreased 8.4 percent to $1,530,000 for Single Family homes and 22.5 percent to $775,000 for Townhouse/Condo homes.

The total number of new property listings decreased 51.3 percent for Single Family homes and 38.8 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 88.9 percent for Single Family homes and 200.0 percent for Townhouse/Condo homes in March 2023.

Year over year, Inventory increased 50.6 percent for Single Family homes and 71.9 percent for Townhouse/Condo homes.

“March saw a larger decline in new listings than sales versus 2022, leading to a tightening of the supply of homes for sale and causing increased competition amongst home buyers,” says OMDREB President Hunter Obee.

“An uptick in month-over-month prices, as well as decreases in fixed mortgage rates has given buyers the confidence to step back into the market. We expect to see tight supply going forward, putting increased upwards pressure on prices,” continues Obee.

He adds, "Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today.”

Click here for the full report.