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Oakville Condos – Real Estate Market Update

July 16, 2008

Overall TREB (Toronto Real Estate Board) members reported 8,600 sales in June according to Toronto Real Estate Board president Maureen O’Neill. “Sales were down 18 percent from the 2007 total of 10,451, which was the best performance ever for that month,” noted the president. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

Sales within the City of Toronto totaled 3,481, down 18% from the 4,238 recorded in June 2007. Sales within the 905 suburbs, at 5,119, were also down (as a whole) 18% from the 6,213 recorded during the same period last year.

In the Town of Oakville, Real Estate sales for the month of June 2008 totaled 158, up 3% from the 153 trasactions reported during June 2007. Now this would only be viewed as a marginal increase, but considering the performace in the rest of the GTA, Oakville’s Real Estate market appears to be remaining stable and active.

Not only were the number of residential Real Estate sales up, the average home price in Oakville for June 2008 was $532,969, with homes selling on average for 98% of listing price. This was up 9.3% from $483,389.

Oakville’s condo market had almost twice the number of active listings last month than recorded for the same period last year. The number of real estate transactions reported in June was on par with last year and the average selling prices were up considerably in the Condo Townhouse market.

It would seem that the mayhem currently being experienced in the U.S. Real Estate and Mortgage markets is not on the horizon here at this point in time. It would appear however that the Oakville condo market is turning into a buyer’s market with the number of active listings increasing, buyers are starting to be more selective. This coupled with recent changes to federal mortgage rules will help keep prices in check and avoid out of control pricing inflation.

If you would like more information on Oakville’s Condo Market or Real Estate in general you can contact Ryan through his office at 905.507.0040 ext.22 or visit http://www.buyandsellyourhome.com/.

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