The sale of townhouses and condominiums dropped 34.8 per cent since this time last year, according to the Oakville, Milton and District Real Estate Board (OMDREB).
New figures released by the OMDREB, comparing December of 2022 to the same time last year, show the townhouse/condo decline marks the deepest drop in the market, which also indicates that single-family homes are down by 10.8 per cent in the last year.
The report also reveals that median sale prices decreased 12.3 per cent to $1,330,750 for single-family homes and 15.5 per cent to $716,000 for townhouses and condos.
However, the total number of new property listings increased 15.4 per cent for single-family homes but decreased 17.1 per cent for townhouse/condo homes compared to this time last year.
For homes processed through the OMDREB multiple listing service, the number of days on the market increased 157.1 per cent for single-family homes and 218.2 percent for townhouse/condos in December.
“The end of the year saw home sales down significantly from 2021 across Oakville and Milton, continuing a trend of cautious buyers digesting higher interest rates and falling prices. There are several positive signs, however, as we enter a new year,” says OMDREB President Hunter Obee. “The number of homes for sale has been reduced markedly from the summer, with inventory levels firmly at a Sellers Market level. Additionally, the Bank of Canada appears to be almost done raising rates, which should help put a floor under prices. Once the market has had time to digest the new pricing and rate environment, the lack of supply will come into focus – with record immigration and double-digit rent increases helping resume demand for homes in the area.”
The Oakville, Milton and District Real Estate Board represents over 2,200 realtors who serve the communities of Oakville, Milton, Halton Hills and the surrounding areas.
