Oakville Real Estate Update: August 2016

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Oakville Real Estate Update: August 2016
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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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For the first time in 2016, the number of units sold in a month is at least the same as last August 2015. Declining units have caused a new phenomenon to arise in Oakville: For Sale signs with a “Coming Soon” topper. This is allowing owners to ensure that their homes are ready for the market, while providing buyers interested in an area with advanced knowledge.

For the sellers they can do a home inspection and get everything addressed. The home can be decluttered, and staged. Flower beds, shrubs, trees and lawns can be manicured. There is no better way to create a bidding war then to have a perfect house. This is especially true for family homes, since buyers are likely stretching their budgets, and will not have the time or financial resources to do renovations.

For the buyers this advance notice allows for finances such as pre-approved mortgages to be organized, as well as to confirm what the sellers have done to prepare the home for sale. Here are a couple of questions to ask the listing agent:

Have the sellers done a home inspection? If they did, who did it?

Have the sellers done the repairs outlined in the home inspection?

If repairs have been done, try to find out who did the repairs?

If the repairs haven’t been done, speak to someone who will know the true cost of doing them.

The more information the buyer has the better the offer they can present.

Oakville Real Estate Update for August 2016

The Oakville residential real estate market took another jump this month, according to Oakville Milton District Real Estate Board’s Market Watch.  The average price of a home sold is now $1, 108,391, which is up from $901,754 from last year, a jump of 23%. The number of homes sold in August 2016 was 233. If you wanted a detached home in Oakville, you’ll be looking at spending over $1,000,000 (though there are detach homes below that). The typical townhouse is going to run you $600K to $800K, and for a condo apartment the price range will be between $400K to $600K.

The least expensive detached listing in Oakville is at 354 Bartos in Kerr Village, and is listed for $629K. It is a brick bungalow with 3 bedrooms (2 above ground),  in great but original condition kitchen and 2 bathrooms. The most expensive house listed is 88 Wolfdale Road for $18.888M, which has 6 bedrooms, 9 bathrooms, over 17K sq ft of finished space, and has an unobstructed view of Lake Ontario.

According to the Canadian Real Estate Associations latest market report, the Vancouver market is starting to be effected by the new foreign ownership real estate tax. However, what is also being noted is that the GTA is heating up as a result. So will the Ontario Government be implementing a similar real estate tax on foreign buyers, or will they let the market regulate the price? Affordable housing in Oakville is already a major issue, but the question remains, what is the best way to address this challenge?



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