Oakville home prices have fallen $204,000 since February
Published July 6, 2022 at 4:12 pm
House prices are falling and nowhere quicker then here in Oakville.
Canada’s most expensive real estate market has fallen as rapidly as it rocketed upward in the last two years, according to data compiled by the Canadian Real Estate Association (CREA).
The price of an Oakville home has lost about 31 per cent of the equity it gained since March of 2020. That’s a stunning decline of over $2,200 per day on average since reaching its peak.
The average cost of a home in Oakville in May dropped five per cent, or about $75,800, and has now tumbled 12.4 per cent, some $204,100, from the peak price it reached in February of 2022.
The price of a home in Oakville peaked in February of this year, climbing to an average cost of $1,645,000. That was up a startling 65 per cent or $648,100, since March of 2020.
Average house prices are falling pretty much everywhere across Canada. After two years massive growth ignited in part by cheap debt, rates are back on the rise and markets are taking away all the major gains.
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Cambridge had the second largest drop with the average price of a home tumbling $149,000. Kitchener-Waterloo prices fell $109,300 on average in the same time period.
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