Timing the Oakville real estate market?

Sitting on the sidelines waiting for "the crash"? It already happened.

Back in 2017 most people thought that real estate was grossly overpriced and detached from reality. The reality is we will never see prices that low again and that was just 5 years ago. Like the sad but true joke in real estate: "When is the best time to buy real estate?" "Five years ago!" Apply this joke to any point along this timeline and you will find it to be true. Even if you bought at the height of the market in 2017 you are sitting pretty now. 

So what is this Home Price Index?

Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends. The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.

Each month, the MLS® HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.

The trendline here is quite clear. Buyers who are either first time buyers or move-up buyers who are moving up into a higher price range have the best opportunity they have had in over 18 months. While nobody can predict the future, we do look at historical figures and trends to make our best guess. 

Call me any time to discuss at 905-399-4269.