Houses For Sale in Oakville
Your mortgage payment is likely one of the biggest, if not the biggest monthly payment in your budget. Despite this fact a recent CMHC survey reported that interest rate increases were not among the top motivators for first time buyers in 2017. Not surprisingly, according to the survey a full 80% of home buyers saw their home as a long term investment and further technology was seen as a significant tool in the home buying process. When we are not in the market, buying and selling we may not be so aware of where prices are in our area, we are however always curious about “how much did that neighbours house go for?”
One of our neighbourhoods is Oakville, and so for this blog, we will look at Houses for sale in the Oakville area. Despite a significant year over year correction April 2018 saw a 1.2% month over month increase in average prices for houses for sale in Oakville. With approx. half the inventory available in spring 2017 by April 2018 the average home doubled and in some cases close to tripled its days on the market. Current statistics from MLS show that listing prices have adjusted such that the average Oakville house for sale commanded 96-97% of its asking price. Many saw the recent “correction” as a normal part of any commodity pricing cycle while others insist on labelling it a harbinger portending a future tectonic shift in housing. Bild GTA reported difficulties in maintaining housing inventories due to lack of available land and point to the recent price increases as inevitable consequences of the supply and demand market forces. North Oakville is seeing parcels of land being freed up for development. The old Saw Whet Golf course at Hwy 25 was the subject of an OMB planning challenge but is now moving forward into the build phase. Developers are clearly seeing support for current pricing and future increases due to limited supply.
Our wheel house is centred on the infill market and as more and more older homes come to the end of their useful life and are ripe for redevelopment, the inventory is shrinking with many Oakville streetscape seeing a transformation. Oakville’s tree lined street and laid back, almost old world feel is a favourite for many looking to build their dream home. With more houses for sale in Oakville witnessed by the elevated levels of inventory, pricing may have softened but the future still looks rosy from where this writer sits.
If you are looking to build your dream home, call the Chatsworth team to begin your journey!