Oakville appears to enjoy a special place in people’s hearts, at least where real estate is concerned. The town of “Oakville” named after its abundance of oak trees has a stated mandate to maintain its tree canopy. The lower reaches of Oakville are blessed with a microclimate, being sheltered by the Iroquois ridge, thought to be the vestigial shoreline of the ancient glacial “Lake Iroquois” the precursor to today’s Lake Ontario. This microclimate, with rich deep soil and large tree canopies make the neighbourhoods of South East Oakville feel “cottagey.” Christened by some “Canada’s Gold Coast,” South East Oakville’s streets sport some of the most expensive real estate in the country. The Eaton family settled here over 100 years ago naming their family 10 acre estate after their Irish family seat “Ballymena.” Oakville with its storied traditions has been home to captains of industry and famous tycoons and entrepreneurs. Many of the larger lots, previously graced with old manor houses have been subdivided into more modest parcels. Some however are preserved and are now the grist of local banter as the old gives way and new projects unfold comprising the latest celebrity “dream homes” their sprawling across large acreage.
Well, back to reality and today’s topic….“Homes for sale in Oakville.” Although South East Oakville is a real estate treasure house, many of the homes for sale in the Oakville area are more affordable. At Chatsworth, our clients often have questions about values of homes, when considering the cost of a new build. “Did I pay too much?” “Is it worth putting xxxx sq. ft on this lot,” are often repeated questions and valuations that are foremost when making real estate decisions. Zoocasa publishes monthly results of homes for sale in Oakville, comparing last year to this year. Statistics can be helpful, however, are often skewed by outside influences that have been witnessed in the recent mortgage rules changes. This year prices for homes for sale in Oakville register an overall decline, however, this decline is more pronounced in the larger home segment and in fact 2 bedroom homes show an increase of close to 20% year over year. Statistics from last March (2017) paint a picture of a tight market when there were 530 homes for sale in Oakville, and 430 sold, whereas this March has 1100 listings to 234 sold, quite a difference!
Yet another interesting stat, if you had a home for sale in Oakville last March, it only lasted 8 days on the market, whereas this year, that DOM stat climbed to 22 days. Still, pricing seems to have responded to the market conditions and sales still command over 95% of list price.
When comparing sales pricing in the GTA, a home for sale in Oakville, at an average price of $1M is only surpassed by King City at $1.7M. Halton Hills at 4.4% topped the list of areas in the GTA that enjoyed a price rise with a lonely second place of king at 3.6%. All other areas had price drops in a home for sale in Oakville dropping an average, across the board, of 17.8%
Finally in actual dollars, if you had a home for sale in Oakville, the average price bottomed out in January 2018 (not surprisingly when new rules came into effect) and have climbed almost $100k since that low. These figures and facts are possibly very relevant if you are considering buying or selling, but for the majority of Oakville residents who are at the lowest turnover rates (3.8%) in the whole of the GTA these statistics may be academic.
For more information about homes for sale in the Oakville area, please feel free to continue browsing through our Chatsworth Fine Homes website. Click here to find our contact information and to fill out our contact form.