Oakville, ON, September 5, 2019 – According to figures released September 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased in August compared to the same period in 2018. Monthly property sales dropped by 47, totaling 616 compared to 663 in August 2018.
The total number of new property listings also saw a drop by 89 this year: 872 new listings in August 2019 compared to 961 in 2018.
"We are now full steam ahead into the Fall Market. Looking at the stats compared to last year, both sales and listings are down - with the exception of the average sale price in Milton, which has risen by 6.21%. There are two key factors causing this," proclaims OMDREB President Oliver Matas.
"The controversial Mortgage Stress Test is still having a large impact, reducing a Buyer’s ability to get into the market. Of note is also the Bank of Canada deciding to keep the interest rates the same, making Canada a bit of an outlier as counterparts around the world are easing their policies. Secondly, the Foreign Buyer’s Tax of 15% for properties in the greater Golden Horseshoe Area is also having an impact on sales and listings," Matas says.
"These factors could explain why Oakville, with a much higher average sale price than Milton, has slightly decreased year over year compared to Milton’s 6.21% increase. Looking ahead, many analysts are predicting a downturn in the economy next year and eventually our policy makers will be pressured to ease these monetary policies," explains Matas.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a drastic decrease of over $45 million compared to last year. The figures in August 2019 sat at $397,620,164 as opposed to $443,188,879 in August 2018.
Milton's average sale price for the month of August was $787,437, an increase of 6.21 percent compared to August 2018 at $741,366. The average sale price in Oakville was $1,157,335, nearly on par from $1,178,907 compared to the same time in 2018.
