As of Sept 2 there are 601 available listings on the Oakville Board. This is down from 738 less than a month ago. In the last 30 days 285 homes in Oakville were sold or about 48% of the currently available listings. This is the second month where the sales have been off the scale of normal sales. The inventory continues to shrink. In the Ennisclare complex in Bronte there were 9 listings available last month and now there are 4.According to the papers prices have started to rise and the current trend should do nothing but force prices up. So what needs to happen to balance the supply/demand. Will there be a rush of new listings as people return from holidays and get back to business. I think this may happen but at the same time there will be more buyers getting back to business. My guess is that inventory will continue to be low, that both sales and listings increase and that there will be upward pressure on prices. It is basic economics and until the appetite for home ownership subsides we may be in for a bit of a upward bubble. Hang on and enjoy the ride. If you are a buyer you may want to act now before the economy and jobs start to increase again and interest rates start creeping up.
Cheers..Doug Izon P. Eng. Real Estate Broker, Century21 Dreams 905-599-1265 www.EyesOnOakville.com; Mortgage Broker, Centum Total Mortgage Services Inc. Lic # 10646 www.eyesonoakville.ca
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