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We hope you enjoyed a fabulous summer. As the weather is changing and everyone is getting back to school and fall routines there is always an interest as to what is happening in the Real Estate market. This month we are excited to share that Buyer confidence is back on the rise based on number of sales across all home types. See below for the breakdowns.
If you live in or are looking to move to Oakville we have officially been recognized as one of the BEST places to invest in Canada! The market stats for this month support that as we are seeing an increase in the average price both on an annual and monthly basis. In August 2022 the average price of a detached home is $2,163,399 which is an increase of 10.4% since August 2021 and a 6.3% increase since July 2022. Just like detached homes, the Condo market is on the rise when we look at the average price. In August 2022 the average sale price for a Condo was $1,011,520 which is an increase of 21% over the same time last year and a 7.8% increase since July 2022. The number of sales across all home types has increased by 5.6% since July 2022.
In Burlington we do see a decrease in average price since July 2022 of 7%. The average price of a Condo unit is $663,158 which is an increase of 8.5% since August 2021. However the average condo price decreased since last month by 7%. The good news is the number of sales across all home types in Burlington is up by 18% since July 2022, indicating Buyer confidence is back.
The average price in Mississauga saw a positive increase on an annual basis. Currently a detached home is $1,521,265 which is an increase of 2.5% since August 2021 and a slight decrease of 4% since July 2022. The Condo market is showing a similar trend from both an annual and monthly perspective. Currently the average condo is $612,804 which is a 3.8% increase since last year, however we see a small decrease since last month of 2.4%. Also good news as the number of sales across all home types has increased since last month by 9%. This shows Buyer confidence is on the rise!
The average price of a detached home is currently $1,648,298 which is a decrease of 1.5% since last year, however we do see a positive increase since last month of 8.7%. The average price of a Condo is $736,940 which is a 2.2% increase since August 2021. Across all home types the average number of sales has increased by 4.8%, once again indicating Buyer confidence is on the rebound.
As you know the Bank of Canada announced a benchmark interest rate hike by 0.75%. Buyers purchasing power may have decreased, however there are many serious Buyers that have previously locked in rates for 120 days and will fuel the Fall Market. In addition immigration continues to strengthen the market as well when we look at long term population growth and the need for more housing.
If you have any questions….please reach out. We are always happy to guide you to navigate this changing market.
