Oakville, ON, November 8, 2022 – According to figures released November 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 50.6 percent for Single Family homes and 52.3 percent for Townhouse/Condo homes compared to October 2021. The Median Sales Price decreased 6.9 percent to $1,390,000 for Single Family homes and 3.8 percent to $818,000 for Townhouse/Condo homes.
The total number of new property listings increased 18.6 percent for Single Family homes and 8.0 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 170.0 percent for Single Family homes and 127.3 percent for Townhouse/Condo homes in October 2022.
Year over year, Inventory increased 297.4 percent for Single Family homes and 330.5 percent for Townhouse/Condo homes.
“The housing market in Oakville, Milton, Halton Hills, and beyond, is undergoing a major shift, with buyers and sellers having to adjust to the rapidly changing environment. With the latest inflation reading stronger than expected, the Bank of Canada announced yet another rate hike in October, the sixth rate increase this year.This, along with the lack of available supply, has caused activity to decline and put downward pressure on sales prices,” says OMDREB President Vishal Kapoor.
“With inventory continuing to remain lower than normal, it is putting additional pressure on the red-hot rental market, which has seen demand—and rents—skyrocket this year. However, the demand for housing will rebound quickly, and the rental market will cool, when we begin to see more homes being built. OMDREB continues to advocate for additional housing supply that affordably meets the needs of all households,” continues Kapoor.
He adds, “Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today.”