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. 

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.