March 2019 Market Intelligence

Due mostly to poor weather and lingering effects of raised interest rates and  the mortgage stress test, the month of February was challenging for real estate in Oakville so it didn’t take much to have a big improvement and the month of March delivered a huge improvement with a 2.4% price increase and an 80% jump in sales volume over February 2019. Prices though have remained relatively flat year over year comparing 2019 to 2018. The highlighted months in the chart below are the months in which the Bank of Canada raised their overnight rates. The markets typically feel the effect of these increases up to eighteen months afterwards. 

The town of Oakville has many different sub segments of the market that all have a significant effect on average prices. The bulk of our transactions are made between $750,000 to $1,400,000 even though there is a significant percentage of supply in the $2,000,000 to $10,000,000 range. When we have unusually large spikes in the average sales price it can usually be attributed to increased sales activity in these higher price categories, so if you are trying to gauge what your property is worth or what the value is of the property or properties that you are interested in, do not use the average sale price to try to determine the true market value of any property. If you are curious, just reach out to me and I will prepare a detailed comparative analysis for you at no charge.