Tags: February 2018 Oakvile real estate results, Oakville real estate stats for February, February 2018 Burlington real state results, February Burlington sales stats, Feb 2018 Milton real estate report, February 2018 Mississauga real estate stats, MLS listings, home searches, Oakville MLS, Oakville realtor, Team Gonin
THE SLOW START CONTINUES
The total NUMBER OF SALES in the Oakville, Burlington, Milton and Mississauga areas was lower in February than last year in each of the cities. Although sales were down over last year, each city reported more sales in February than the month before.
While demand was down compared to last year, the supply of homes was up. The NUMBER OF LISTINGS in each area increased substantially when compared to 2017.
AVERAGE AND MEDIAN SALE PRICESare down compared to last year however most areas posted slightly higher sales prices in February versus January. Most cities also saw higher Average and Median sales prices in February 2018 when compared to the same month in 2016…. let’s remember that 2016 was a banner year.
Although I believe that the psychological impact of the Fair Housing Plan and the Foreign Buyer tax is behind us, we are now starting to experience the effect of the OFSI MORTGAGE ‘STRESS TEST’on the real estate market. Buyers now need to qualify at higher rates, and due to the higher borrowing costs, some have to re-evaluate plans. It will be interesting to see how this all plays out in the coming months.
Here are the actual FEBRUARY 2018residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON and MISSISSAUGA Ontario. Information has been taken from the Toronto Real Estate Board and the OMDREB Regional site (for Burlington).
Below is also a video below by Jason Mercer, TREB's Director of Market Analysis where he reports what has happened in Toronto and the GTA in February and forecasts what to expect in the next few months.
Here is the video TREB Market Watch February 2018 by Jason Mercer, Director Market Analysis in which Jason discusses what is happening in Toronto and the GTA.
More than ever it is critical that both buyers and sellers keep informed of the current local real estate market conditions.
Therefore, if you are exploring the idea of buying or selling a home in Oakville, Burlington, Mississauga or Milton, ON, call or text Team Gonin at 647-800-7097 today.
We are here to help.
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