Oakville, ON, December 3, 2018 – According to figures released December 3rd by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales fell in November compared to the same period in 2017. Monthly property sales totalled 534 compared to 623 in November 2017.
The number of new property listings is lower than it was in November 2017, 1,033 new listings in November 2017 compared to 932 in 2018.
"The average sale price in Oakville suffered a small decline of 3.43% in November 2018 compared to 2017. In Milton the average price declined by 2.63% in November 2018 versus 2017. Even though total sales in both Oakville and Milton took a large tumble in November 2018 vs 2017, overall pricing in the OMDREB trading areas have held their own year over year," states OMDREB President Rick Kedzior.
"The decrease in sales is largely contributed to the Mortgage stress test, increased mortgage rates and the Non-Resident Speculation Tax," claims Kedzior. "Our Governments have been successful in cooling the Real Estate Market in Ontario and now is the time to eliminate these items before they completely strangle the market."
The dollar volume of all property sales processed through the OMDREB MLS® system saw an decrease of 29.37 percent in November 2018 to $305,777,527 from $432,955,251 in November 2017.
Milton’s median residential sale price for the month of November was $666,500, a decrease of 1.26 percent compared to November 2017 at $675,000. The median sale price in Oakville was $865,000 a decrease of 3.35 percent from $895,000 compared to the same time in 2017.
