Oakville Real Estate Market: What September 2023 Trends Mean for Buyers and Sellers
Wednesday Oct 18th, 2023
A Closer Look at Oakville's Real Estate Dynamics
September 2023 brought some interesting shifts in the Oakville real estate market. While detached homes experienced a slight dip in value, other property types like condo apartments saw a year-over-year increase of 2.7%, marking the first such rise in nearly a year. The average residential property in Oakville was sold for $1.55 million, an uptick of $60,000 compared to August.
The Greater Toronto Area (GTA) Perspective
The Greater Toronto Area (GTA) witnessed a 7.1% decline in property sales compared to September 2022, with a total of 4,642 properties changing hands. Despite this, property values in the GTA rose by 2.1%, reaching an average of $1,119,482. This suggests that while the market may be softer, it's far from stagnant.
Mortgage Rates in Oakville
For those considering buying homes in Oakville, it's crucial to keep an eye on mortgage rates. As of September 2023, the best 5-year fixed-rate insured mortgage stood at 5.19%, a slight increase from August. The 3-year variable rate remained stable at 7.7%.
How Can I Sell My Home for the Best Price?
If you're pondering the question, "How can I sell my home for the best price?" Jamie Vieira & Associates has a comprehensive marketing plan designed to get you the best deal. With an average sale time of 29 days and buyers paying 98% of the listed price on average, the Vieira team's expertise can make a significant difference in your selling experience.
Year-over-Year Price Comparisons
When compared to last year, the average price for a detached home in Oakville stands at $1.799 million, a slight decrease of 0.26%. Semi-detached homes and townhouses, however, saw increases of 1.5% and 6.03% respectively.
Inflation and Its Impact
The Consumer Price Index (CPI) rose to 4%, a 0.7% increase from August. This rise has sparked discussions that mortgage rates could be contributing to overall inflation, a factor that the Bank of Canada will likely consider in its next decision on October 25.
Whether you're buying or selling in the Oakville real estate market, partnering with Jamie Vieira & Associates ensures you get the service you truly deserve. With fluctuating mortgage rates in Oakville and a market that offers opportunities for both buyers and sellers, now might be the ideal time to make your move.
What are the Current Mortgage Rates in Oakville?
As of September 2023, the best 5-year fixed-rate insured mortgage is 5.19%, and the 3-year variable rate is 7.7%.
Is Now a Good Time for Buying Homes in Oakville?
Given the slight softening of the market and stable mortgage rates, now could be an opportune time for buying homes in Oakville.