It was positive year in the Oakville Condo Market with healthy gains in many of the categories that we currently measure. There were a total of 562 apartment condominium transactions reported through the Oakville Milton District Real Estate Board (OMDREB) beginning from 1/1/2015 to 12/31/2015. The total transactions consisted of 353 sales and 207 leases which have increased over the previous year. The overall condo market grew with the addition of a few completed projects in 2015 which were easily absorbed into the market. There has been a healthy mix of product being developed for the market that will meet the demand for those looking for affordability and those who desire a more luxurious lifestyle. There are currently a few projects in development as well as those in the planning stages for next year. The activity during the course of the year has certainly reflected a well balanced market.
All facts and statistics discussed here are based on apartment condos that were either sold or leased in Oakville during 2015. There are other types of condominiums that have sold or leased in Oakville including Townhouse Condos, Bungalow Condos, Commercial Condos, or Industrial Condos that were not used in compiling any of our information.
Oakville Condominium Sales Activity 2015
There were a total of 353 apartment condominium sales in 2015 based on data provided by OMDREB. The average list price was $459,753 compared to the average sales price of $444,476. The lowest sale price was $165,000, while the highest sale price was $2,220,000 which is quite remarkable for a community in the GTA. The typical sale was a 2 bedroom , 2 bathroom unit. The average unit sat for an average of 39 days on the market which seems quite high compared to non-condominium properties except one needs to keep in mind that usually every sale requires a status certificate which can take up to 14 business days to order and have a lawyer review. Once sold, the average sale price to list price was 96.72%. This means that on average a condo listed at $100,000 would sell for $96,720.
Oakville Condominium Lease Activity 2015
There were a total of 209 lease transactions in 2015 based on OMDREB. The actual number may be higher considering a lot of non Oakville agents will use the Toronto Real Estate Board (TREB) to list their leases which would not be part of our total. The average lease was $1,953 per month. The lowest lease was $1150 while the highest lease was $5000. The typical unit that rent was a 2 bedroom, 1 bathroom unit. The average unit sat for 26 days on the rental market. The actual lease price to list price was 97.63%. This means that on average a unit listed for lease at $1400 would eventually lease for $1,366.82.
There was alot of activity in 2015. Builders have brought projects to completion as well as bringing more into development contributing to Oakville’s continuing evolution. Condo sale prices have been increasing with the rest of the market. Affordability has been kept in check while those looking for luxury have had many options available to them. The Oakville condominium market may continue to see year after year growth as current trends continue in the market.