2016 OAKVILLE PRICES OFF TO A HUGE START

The average price of an Oakville resale home sold through the Oakville-Milton MLS system in January was $965,165 - up by 15.7% compare to the $834,553 average price in January 2015. Tight inventory, a healthy economy and historically low interest rates, buyers had access to 5-year variable rates of as low as 2.8% and 3-year variable rates of as low as 2.15%.                                                                                                                                                                                           The Oakville resale market recorded 110 sales through the Oakville-Milton MLS system in January, down by 27.2% versus the 151 units sold in January 2015. There continues to be large amount of demand in the market which, coupled with a solid economy and low interest rates, could produce a large spike in volume of inventory situation were to finally improve. The dramatic price increases alluded to above may lure many potential sellers onto the market, however this remains to be seen. Of the 110 homes sold in January, 72 (65.4%)were fully detached homes; 18 (16.4%)were semi-detached/link/freehold townhomes; and 20 (18.2%)were either condo apartments or condo townhomes.

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