September 2018 Market Intelligence

Oakville from March 2017 to September 2018

Hi everyone. Here are the updated numbers for Oakville. These numbers have been out for a while so my apologies for not getting them out to you earlier but I have been really busy, so busy that I have had to hire an assistant, which has freed me up to keep creating these updates for you. So as we can see by the graph we had a better September this year than last year in terms of volume, selling 234 instead of 204 last year which is a 15% increase in volume year over year but at an average price of $1,063,734 we have taken a 2.7% hit on the average price year over year, but up 3% over August 2018. While we are still 18% away from our highest average prices in March of 2017, it is encouraging to see some increased and stable growth in sales volume. It tells me that despite multiple interest rate hikes and mortgage guideline tightening rules there are still solid increases in sales volume. What’s very encouraging is that there are still approximately 100,000 people moving into the GTA every year from other countries, other provinces, and other cities or towns, but in addition to this we are now starting to see millennials entering the market en masse. This group of buyers is on average a few years older than the Gen X’rs when they bought their first home because prices are higher. Check this out! There are currently about 1,000,000 millennials living with their parents in the GTA. It is estimated that 50,000 millennials will be purchasing a property in the GTA every year over the next 10 years according to Ryerson University’s Centre for Urban Research and Development. So in short I believe the necessity for shelter and a strengthening economy (of which the rate hikes are based upon) is going to at least keep pace with the coming interest rate hikes and we will continue to see stronger volume and increased selling prices (although we will still have seasonal fluctuations as we do every year). If you would like to discuss further please call me any time at 905-399-4269.