Oakville Real Estate Update: Old Oakville

Oakville Real Estate Update: Old Oakville
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Nolan A Machan

Nolan A Machan

Nolan Machan is the Publisher of OakvilleNews.Org and has over 41 years of local Oakville knowledge. He is committed to providing Oakville residents with the most up-to-date information about our great town.

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As one of Oakville’s most sought after neighbourhoods, Old Oakville has many of the classic features that make up a town. Its streets are lined by large trees. A  busy historic main street of shops, cafes, spas and restaurants is combined with easy access to public transportation. Last but by no means least it is in the catchment area to one of the top ten schools in Ontario: Oakville Trafalgar High School.

So many people visit Olde Oakville that the shopping district is designated as a tourist destination by the province, and its shops are able to stay open 7 days a week. Though, many of the stores still close on Sundays and Mondays.

The boundaries of Old Oakville from a real estate perspective are South of the train tracks, East of the Sixteen Mile Creek, West of Chartwell Road and North of Lake Ontario.

So what does it really cost to live in Old Oakville?

Over the last year a detached home can range in price from $605,000 for a fixer-upper to $6,300,000 for a lakeside mansion. The average price for living the dream is $1,425,000. Now, this will purchase you a beautiful home with 3 to 4 bedrooms, a finished basement, several bathrooms, but isn not located south of Lakeshore Road where that price is more typical of a building lot.

There are plenty of town homes to choose from as well, many of which have been renovated and even an include elevator.  A basic town home starts off at just under $600,000 and can reach $1,300,000. The average price is just slightly over $900,000. The town homes are very sought after properties and sell normally in a month.

Finally apartments start at $195,000 for a place that will need lots and lots of work, or looks at a brick wall. At the opposite end of the spectrum, for 1,150,000 you can have a view of the lake in luxury. This  top price could actually be a fixer upper or a luxury 2 story penthouse by the GO Station. The average price for an apartment over the past year is $433,0000.

So there it is living in Old Oakville, real estate prices did range substantially this past year from $195,000 up to $6,300,000.

What is the big issue facing Old Oakville real estate?

The largest factor that will be effecting real estate is the redevelopment of the hospital lands. The new hospital is slated to open in 2015. It is the largest track of developable land in Old Oakville, and the hospital’s departure will change the dynamics of the community, as access to the hospital’s facilities will change from walkable to a 15 minute car ride in good traffic. At this point it is difficult to determine if this change will benefit or detract from housing prices. In the short term, the properties directly effected by this change will likely suffer a little. However, in the long term, it is expected to have no significant impact.

So Old Oakville, with its low crime rate and high walk ability factor continues to be a high demand neighbourhood. Whether you are looking at a small apartment, a stunning town home, or a detached home, there is something for everyone.

 

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