February 2018 Market Report

Oakville, ON, March 2, 2018 – According to figures released March 2nd by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales showed a decrease of 24.05 per cent in February compared to the same period in 2017. Monthly property sales totaled 518 compared to 682 in February 2017.

The number of new property listings saw an increase of 16.14 per cent, from 830 in February 2017 to 964 in 2018.

“It is well known that sales in the Spring of 2017 were exceptionally high” I would call the number of sales in the Spring of 2017 as an anomaly, states OMDREB President Rick Kedzior. We are seeing decreases across the GTA with OMDREB being on the lower end of the scale. The government’s attempts to cool the market are working. Once we get through the first quarter it is expected we will see more moderate changes over 2017.Kedzior states that the GTA continues to attract over 70% of new immigration to Canada with the Oakville and Milton communities leading the way as safe communities to raise a family.

The dollar volume of all property sales processed through the OMDREB MLS system saw a decrease of 43.78 per cent in February 2018 to $333,117,553 from $592,489,673 in February 2017.

Oakville’s median residential sale price for the month of February was $920,000, a decrease of 26.40 per cent from $1,250,000 compared to February 2017. The median sale price in Milton was $697,000, a decrease of 11.77 per cent from $790,000 compared to the same time last year.

To view the full report, click HERE.