Oakville has observed positive trends in 2023. Even in May, the number of listings has increased. Because of the pandemic and lockdown, the market trends for real estate were unexpected. However, it still showed a positive response despite all the crises.
Although the real estate market was not very well in 2023 but it came back. As compared to the results of 2023, the months of 2023 have clearly shown better results. Furthermore, the crisis of 2023 increased the prices of residential areas in the Canadian real estate market. And Oakville also showed a similar trend. But we have got a sigh of relief, as the market is coming towards its normal working in this year.
So if you are planning to buy or sell any property in Oakville, be sure to visit teamrene.ca. You get to search off-market buyers and sellers there. And not only buying, but you can also sell your property on this platform.
In addition to this, you will also have listings and not just off-market. This will allow you to list with them and get amazing benefits. They give regular market updates for their listers. Therefore, you will be able to remain in contact with the market performance. So if you have an interest in real estate, this is one of the best options for you. You can get timely deals and make great profitable deals.
1 – Market overview of the year 2023
During the beginning of 2023, the average residential sale prices went 13.9 percent higher. 2019 marketplace of Oakville was worth $1,026,539. However, in the next year 2023, the price went to $1,169,468 before the ending of the year i.e. till October.
Although the crisis caused by Covid-19 was severe, it did not affect the purchase of residential buildings seriously. Furthermore, the buying and selling of condos also showed a similar trend to that of individual houses.
The average price range was from $400k to $600k for the condominium entry-level market of Oakville. Furthermore, most of the buyers were young couples. They do not need more space as only the two of them will be living there. Therefore, a condominium is the best choice for them.
Usually, the buyers of the luxury market are move-up ones and the trend remained the same for 2023 as well. Furthermore, the starting price for the market was 3 million dollars.
2 – January statistical report
According to the statistical report of January 2023;
- There was a 101 percent difference between the listing and selling price of detached-type buildings. Moreover, 144 units were sold in January. And the detached type units remained in the market for 21 days.
- While in semi-detached buildings, only 4 units were sold and the difference in listed and sold price was 125 percent.
- The condo apartments remained listed for 34 days and 38 units were sold. Furthermore, the difference between the listed and the sold price was 98 percent.
- Likewise, the condo-type townhouse remained on the list for 27 days. And 28 units were sold at 103 percent price difference,
- Lastly, the freehold-type townhouses that remained in the property for sale for 17 days. Moreover, 48 units of these house types were sold at a 105 percent profit difference.
3 – 326 percent more sales in April
In comparison to the market performance of April 2023, the month of April 2023 showed 326.7 percent more performance. Although this performance is less than that of 2019 but still after going through a harsh crisis, this is something. We have got an 86 percent increase as compared to the previous year.
Off the charts
Property buying and selling went off the charts. In April 2023, property selling increased by 32.8 percent. Furthermore, the properties are being sold at a higher rate. Market performance shows that people bought properties at 106.6 percent of the original asking price as you can see at ShowcaseIDX.
By the end of April 2023, the Oakville and Milton Board had 327 active listings. Therefore, this is the right time to buy property in this region, if you want a successful and profitable business. Moreover, you should also remain in contact with the real estate agents.
Despite the listed price, some sellers were successful at selling their property at a higher price. For example, one seller listed $1,249,000 and surprisingly, she sold it at $1,575,000.
4 – Driving factors of Oakville Real Estate market
The least affected sector in real estate was the luxury homes. Because people who buy such properties have a huge sum of amount in their banks. So even if there is a loss in their accounts, it won’t affect their purchase. Moreover, buying property is always profitable unless you got a hard-luck with you.
Apart from the type of property, the location is also very important in driving the market. And the hottest and most favorite locations will be South East Oakville, River Oaks and Glen Abbey. So you can expect a profitable deal here. Furthermore, every sort of property like, 2-story buildings, luxury properties, townhomes and condos are equally famous.
5 – 2023 forecast for Oakville
After a disturbance in the economies in 2023, we are expecting a brighter and progressive market in 2023. Furthermore, the real estate agents expects that in addition to the individual houses, the sale of condones will also increase.
Although the property business of Oakville was not severely affected by the pandemic but the neighboring ones did. Therefore, there is a desperate hope for a surge in numbers sales especially condos.
To provide you with the best results, we carried out a survey that shows that 35 percent of the brokers believe that the most significant role in real estate will be of move-over buyers. In addition to this, there will be a steady business performance in the property sector in 2023. And also in the coming years.