We’ve had the first increase in average sale price since March when we were at record numbers. A $110,000 decrease in average price between March and April and then another sharp decrease from May to June of $159,000 in average price. Volume has dropped also from the height of 451 units sold in March to 212 in August. The average price is up slightly from July to June. Days on the market is up to 33 average.
For the first time in years, we have a buyer’s market with 3 months of inventory. First time buyers have lots to choose from, but prices are still high, so our younger buyers still have to search elsewhere if they want to buy without a condo fee. The lowest price on a freehold townhouse in Oakville in August was $509,000 compared to the lowest price on a condo townhouse at $300,000 with a $563 condo fee.
September is historically an active market, and we’ll see what happens after everyone gets settled into school. We’re likely going to see an increase in the mortgage rates in the next few weeks after the positive Canadian economy reports that were released. And we’ve got Hurricane Irma bearing down, following Harvey that prompted our gas prices to shoot up about 10 cents a litre.
Enjoy the first day of school and drive carefully !