Oakville, ON, October 11, 2022 – According to figures released October 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 41.2 percent for Single Family homes and 41.1 percent for Townhouse/Condo homes compared to September 2021. The Median Sales Price decreased 3.8 percent to $1,405,000 for Single Family homes and 5.5 percent to $780,000 for Townhouse/Condo homes.
The total number of new property listings increased 12.1 percent for Single Family homes and 8.7 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 160.0 percent for Single Family homes and 127.3 percent for Townhouse/Condo homes in September 2022.
Year over year, Inventory increased 207.2 percent for Single Family homes and 237.6 percent for Townhouse/Condo homes.
“It is still encouraging to see another increase of available supply on the market for those who are looking to buy a home immediately. However, more needs to be done. There are still potential buyers forced out of the market due to affordability concerns, and inventory levels are still well below the norm. This signifies that there are still challenges ahead of us,” says OMDREB President Vishal Kapoor.
“With municipal elections right around the corner, now is a very important time to pay attention to housing matters in candidate platforms. In the news, federal and provincial policies surrounding housing are often highlighted, and we often forget that municipalities also play an important role. Halton homeowners and renters must ensure that their voice is heard,” continues Kapoor.
He adds, “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.”