Real Estate Statistics

Mortgage Rates

This chart shows how the five year mortgage rate has changed over the years. As you can see rates are at historical lows.

There is talk of rates going higher but possibly later in 2010.

Average Sale Price

This chart shows how prices have changed over the last fifteen years or so in Oakville. Rentals have been excluded. Once inflation is taken into account prices are now well above their 1989 peak in Oakville. We did have a dip in prices of about 5% after the economic crash in October of 2008, but prices have fully recovered. Averages can be misleading because the mix of types and sizes of homes that sell will vary over time but the average does give an overall indication of the way in which prices have moved over the years. The change in the average will not directly apply to a specific home because we have to take into account upgrades, maintenance, supply and demand for a particular type of home, location desirability etc. We are pleased to offer to prepare a Current Market Evaluation, using actual sales of comparable homes, for a specific home on request.

Days on Market

This chart shows the number of days that homes have taken to sell on average in each year. In slower markets, such as 1990, the average number of days that a home is on the market is quite a bit higher. Actually when the market is slow a home may end up getting relisted so the days on the market may be understated. Clearly in the last few years we have experienced a strong market although there was a soft period of approximately 6 months from October 2008 to April 2009.

Sales

This chart shows the number of sales (excluding rentals) in each month over the last six years. There is a fairly consistent pattern with slower sales in December and January and a strong Spring market.

Monthly sales in 2009 were below the 2008 levels until May when they actually went higher than in 2008.