January 2010 Real Estate Market for Oakville

According to MLS statistics released by the Oakville, Milton & District Real Estate Board (OMDREB), for the month of January 2010, total sales transactions were 527, an increase of 64 percent over January 2009.  Total sales are comprised of all sales by OMDREB members regardless of jurisdiction.  The constant increases witnessed in the market over the past 8 months are solid indications of strong consumer confidence in real estate.  This confidence should result in a very strong and active spring market.

According to MLS statistics released by OMDREB, residential sales for Oakville in January 2010 are up by 133 percent over January 2009, which experienced extremely low sales activity.  The average residential sale price is $594,986 and the median is $507,500. 

Predictions are that we are not experiencing a housing bubble but that we should expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009.  It is anticipated that the rate of sales and price growth will be lower in the second half of 2010.  The introduction of the Harmonized Sales Tax plus any increase in mortgage interest rates may affect affordability in the latter half of this year.

Sources:  The Canadian Real Estate Association
The Oakville, Milton & District Real Estate Board