Price of Oakville, Ontario condo drops over $200k in two years

A handful of recent sales suggest that some buyers who paid high prices for southern Ontario homes in 2022 are selling at significant losses. 

According to a listing on HouseSigma that was subsequently highlighted on X by a real estate commentator, a one-bedroom, one-bathroom condo unit located at 304-1408 Bishops Gate just sold for $420,000 in May–down 36 per cent from its sale price of $657,000 in February 2022. 

"Oakville Condo Plunge" 📉

📍Oakville, ON 🇨🇦

In 2022, an Oakville condo located at 1480 Bishops Gate sold for $657k. By May 2024, this same property resold for $420k, representing a staggering $237k loss or 36.1% decline.👇🏽 pic.x.com/sLKh0b7Lcd

— Shazi (@ShaziGoalie) July 2, 2024

The 600-700 square foot unit also sold for quite a bit under its most recent asking price, as it was listed for $447,000 in March–a $27,000 difference. 

While selling for more than $20,000 under-asking is quite stark in a market that was once much friendlier to sellers, the difference between its sales price now and in 2022 is much more dramatic. 

In 2022, the home sold for $237,000 more than what it sold for this spring. 

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The listing’s history shows significant price fluctuations over the past two decades. The condo, located in Oakville’s Glen Abbey neighbourhood, sold for just $153,000 in 2004. Its value climbed gradually over the years, selling for $168,500 in 2006 and $185,000 in 2009. 

Its value shot up significantly between 2009 and 2022, when prices climbed across the board during the height of the pandemic. Its 2022 sale price was $472,000 over its 2009 price.

According to the listing, the suite offers an open-concept kitchen and living room, an upgraded bathroom and a private balcony with a barbecue. Called a good choice for first-time buyers or residents looking to downsize, the suite offers west-facing views and the building itself boasts a gym and sauna. 

The building is close to shops, schools and highways.