Home prices in Oakville take massive tumble in May
Published June 20, 2022 at 12:02 pm
Housing prices in Oakville came crashing down in the month of May.
The housing market took a huge dip in Oakville with prices falling a whopping $172,500 from April, according to the latest data released by the Toronto Regional Real Estate Board (TRREB).
The median sale price of a home in Oakville is $1,400,000.
Canada’s most expensive place for real estate, Oakville’s 11 per cent tumble in home prices was the second largest to only Caledon in the GTA real estate market.
“Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term,” said TRREB President Kevin Crigger. “There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer.
“However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration.”
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Home prices in Caledon fell by a whopping $192,000 in May, with a reported median price of home at $1,330,000.
Home buyers in Ajax are also found massive savings last month. The third biggest drop in the GTA, Ajax home prices fell by $156,200, leaving its median sale price at $988,800.
In all, six markets reported a drop in excess of $100,000 over just one month.
With inventory rapidly on the rise, the TRREB data shows that the most expensive homes in the GTA aren’t moving like they were.
The news wasn’t all bad for home sellers in certain locations of the GTA. Adjala-Tosorontio, located in the County of Simcoe, actually enjoyed a six-figure increase. The price of homes in the township had an increase of 8.9 per cent, or $100,000, in May. The median price of a home there jumped to $1,225,000.
The price of a home was also on the rise in Bradford-West Gwillimbury. Homes there went up 6.2 per cent or $70,000 in price to $1,200,000.
In all, 14 of the 41 median sale price regions reported show a monthly increase in May.
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