Real Estate Market Update

Real Estate Market Update

There has been an outpouring of commentary regarding the state of the Canadian real estate market after, the Ontario provincial government imposed a foreign buyer’s tax to assuage the frenetic market. For the record, the tax took effect on all agreements of purchase and sale after April 20th. The conversations regarding this adjustment have fixated on home sales as opposed to property sale price. According to The Oakville Milton District Real Estate Board; Oakville’s median sale price for the month of June was $992,500, which is an increase of 28.48% from June 2016. The ratio of sales to new listings has dipped below 40%, meaning we are etching closer to a balanced market. This could restore a healthier relationship between buyers and sellers. Despite the decline in home sales, properties are still selling for more than they did this time last year. This means that sellers are still selling their homes for top dollar, and buyers do not face the constant bidding war dilemma.

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