The Oakville, Milton and District Real Estate Board

The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 287 units in March 2024. This was a decline of 5.9% from March 2023.

Home sales were 31.1% below the five-year average and 32.9% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 702 units over the first three months of the year. This was up by 9.3% from the same period in 2023.

“Despite experiencing a year-over-year downturn in March, MLS® homes sales demonstrated resilience by posting a third consecutive monthly increase. The number of newly listed homes ticked up slightly compared to last year, yet remained well below the historical figures,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. "Active listings kept rising, exceeding the five-year average for the month. Market conditions are balanced as we head into the traditionally active spring period. As buyers await a clear signal from the Bank of Canada that both interest rates and by extension mortgage rates will soon decrease, this may later be viewed as the calm before the storm.

In other news, OREA recently announced Oakville-based REALTOR®, Rick Kedzior, has assumed the role of President of OREA. “I’m honoured to be taking on the important role of OREA President in 2024 and I look forward to working with our REALTOR® Members and Member Boards to improve the real estate profession today and for the future,” said Mr. Kedzior. “We can only get there by working and collaborating as a team, so I encourage all of our members and leaders to come together for the next generation of REALTORS® and continue the fight to keep the dream of homeownership alive for all Ontarians.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,290,800 in March 2024, a small reduction of 1% compared to March 2023.

The benchmark price for single-family homes was $1,527,900, edging up 0.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $884,800, a modest gain of 2% compared to a year earlier, while the benchmark apartment price was $655,500, nearly unchanged, up only 0.1% from year-ago levels.

The average price of homes sold in March 2024 was $1,377,713, a decrease of 6.5% from March 2023.

The more comprehensive year-to-date average price was $1,402,294, a small reduction of 1.5% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $395.4 million, a decline of 12% from the same month in 2023.

The number of new listings saw a gain of 17.7% from March 2023. There were 473 new residential listings in March 2024.

New listings were 24.9% below the five-year average and 30% below the 10-year average for the month of March.

Active residential listings numbered 519 units on the market at the end of March, up sharply by 38.4% from the end of March 2023.

Active listings were 22.1% above the five-year average and 8.1% below the 10-year average for the month of March.

Months of inventory numbered 1.8 at the end of March 2024, up from the 1.2 months recorded at the end of March 2023 and above the long-run average of 1.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.