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As a real estate broker serving the vibrant communities of Oakville and Burlington, Ontario, I've been closely monitoring the ebbs and flows of the current mortgage market. The market is continually evolving, influenced by a range of factors from economic trends to policy changes. Let's take a closer look at what's happening right now as of October 20, 2023.
The Current State of the Mortgage Market : Oakville Real Estate Agent
According to Rates.ca, the best mortgage rates in Oakville are continuously updated and compared across major banks, mortgage brokers and lenders1. This suggests that despite the fluctuations in the market, there are always opportunities for potential homebuyers to secure a competitive mortgage rate if they shop around effectively.
Housing Prices and Sales Trends
Current MLS® stats indicate an average house price of $1,518,465 in Oakville with 854 new listings in the last 28 days2. Despite the rising house prices, which reached $1,568,200 last month3, the market appears to be in balanced territory with a sales-to-new listings ratio (SNLR) of 52%4. This indicates that supply and demand are evenly matched, providing both buyers and sellers with opportunities.
In contrast, Burlington has seen a significant jump in housing sales. Last month, there were 239 sales in the city, representing a 26% increase from February5. This surge in activity suggests that Burlington remains an attractive market for potential homebuyers.
The Broader Ontario and Canadian Housing Market
While local trends are essential, it's also crucial to consider the broader context. According to Wowa, home sales in Ontario were down 4% year-over-year in August 20236. At the same time, Canadian home prices have been steadily increasing, even after previously falling for three months7.
Navigating the Current Mortgage Market : Oakville Real Estate Agent
The current mortgage market presents a unique set of challenges and opportunities. Despite rising house prices, the balanced market in Oakville and the surge in sales in Burlington suggest that these areas remain attractive to buyers.
As a real estate broker, my role is to guide clients through this complex landscape, helping them make informed decisions that align with their financial goals and lifestyle preferences. Whether you're considering buying or selling in Oakville or Burlington, staying updated on the current mortgage market is crucial. Contact me today to set up an appointment!
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
Oakville Real Estate Agent
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