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October 2023 Oakville real estate update - prices begin to drop

A detailed analysis
Faruk Tokluoglu on Unsplash
Faruk Tokluoglu on Unsplash

Buyers are getting the upper hand as the inventory climbs and prices drop. 

In October 2023, the Oakville real estate market shows prices are beginning to soften as we see a decrease in prices.

A typical detached home in Oakville fetched $1.729 million, which in September was $70,000 higher. This month-over-month price drop is evident across all types of properties. 

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In Oakville, there was an 18.6 per cent decrease in the number of properties sold in October 2023 compared to the previous year. A total of 140 properties were sold, 32 fewer than in 2022.

In the past month, Oakville sellers listed 483 properties, pushing up available inventory to 2.6 months since September.

The average residential property in Oakville was sold for $1.39 million, marking a decrease of $160,000 compared to September.

The average number of days it took for a sale to be finalized also saw an increase, reaching 37 days in September, an increase of 8 days.

Additionally, on average, buyers paid 98% of the listed price, which remained unchanged from July.

Year-over-Year Home Prices

Comparing prices with the previous year, a typical residential property in Oakville now costs $1.32 million, reflecting a 1.66% decrease since October 2022 and a drop of $70,300 from September 2023.

The average price for a detached home stands at $1.729 million, reflecting a 0.14% decrease, also off $70,000 from the previous month. 

For semi-detached homes, the average price increased by 2.18% to $1.130 million but down $14,000 from September.

Townhouses also saw an increase of 1.41%, with the average price now at $896,300, but down $26,000. 

The average price of a condominium apartment increased by 2.3% to $680,500 compared to the previous year, but down $9,000.

October 2023 Oakville residential real estate statistics

Type Units Sold Median Price % LP to SP DOM
Detached 73 $1,620,000.00 98% 20
Semi-Detached 3 $1,079,000.00 95% 15
Link 1 $1,180,000.00 97% 5
Condo Apartment 30 $642,584.00 98% 33
Town House - Condo 10 $765,550.00 97% 25
Town House - Freehold 23 $1,255,000.00 99% 19

DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.

The best 5-year fixed-rate insured mortgage is 5.49%, an increase of 0.3% from the September real estate update. A 3-year variable rate is available at 7.0%, unchanged from the previous month.

The Consumer Price Index (CPI) rose to 3.8%, a 0.2% decrease from September. However, the Bank of Canada considers three other CPI indicators: CPI-trim, CPI-median, and CPI-common.

These indicators, which are all above the target rate of 2%, showed a downward trend for September.

The trim indicator decreased by 0.2% to 3.7%, the median indicator decreased by 0.3% to 3.8%, and the common indicator declined by 0.1% to 3.7%.

The next CPI figures will be released on November 21, when the Bank of Canada will make another decision. For the first time since the rash of interest rate hikes, the Bank of Canada Governor Macklem alluded to a future that would see a rate decrease. 

"Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong," said TRREB President Paul Baron.

"However, more of that demand has been pointed at the rental market, as high borrowing costs .and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly."