Price of detached home in Oakville fell $157,800 in July


Published August 9, 2022 at 4:35 pm

Detached home prices are falling fast and Oakville led the way with an 8.3 per cent drop in the cost of an average detached home. INSAUGA PHOTO

Housing prices in Oakville continue to drop drastically.

The cost of a detached home tumbled across the Greater Toronto Area in July and nowhere more than here in Oakville, according to the Toronto Regional Real Estate Board (TRREB).

Oakville, which was among the fastest growing areas for price over the last few years, led the decline with a stunning drop of 8.3 per cent.

The average price of a home fell from $1,894,800 to $1,737,000

Not great news at all for sellers, but much more affordable for buyers who can take advantage of the $157,800 drop in the price of a detached home.

That dollar drop is the second largest in the GTA to only King, where prices fell to $178,200 lower.

Halton Region wasn’t far behind in third with the steepest decline, with prices dropping 6.6 per cent.

In June the average cost of in Halton was $1,570,00 compared to July when it fell to $1,465,700. That’s a plunge of $104,300 in a month.

Across the GTA, the average price of a home fell to $1,455,000 in July. That’s down 4.5 per cent or $68,600 in just a single month.

The drop in prices have cooled off a market that made large gains over the last two years. That’s thanks in large part to rates increasing which has resulted in less demand.

Real estate experts expect those prices to continue to fall.

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