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A vibrant and impressive community within the Greater Toronto Area (GTA). The Town of Oakville is a beautiful lakeside city with a strong heritage, preserved and celebrated by residents and visitors alike. Founded in 1857, this striking town has become one of the most coveted residential and business centres in Ontario. This thriving municipality of about 165,000 residents provides all the advantages of a well-serviced urban centre, while also maintaining its small-town ambiance.
Oakville could shift from seller’s market in 2021, prices expected to rise 5%
The Oakville housing market has seen average residential prices rise and inventory dwindle in 2020, which has been a common trend across many Ontario housing markets, resulting in rising prices. But Oakville homebuyers could be in for some relief, with the current seller’s market potentially beginning to transition into more balanced territory in 2021.
The region saw average home prices rise to $1,169,468 in 2020 (Jan. 1-Oct. 31) compared to $1,026,539 in 2019 (Jan. 1-Dec. 31). Low inventory is expected to be a major concern that will continue to have a direct impact on home availability and prices next year. Furthermore, low interest rates expected to hold steady in 2021 are likely to keep buyer demand high. Thus, the RE/MAX outlook for the Oakville housing market is an increase of 5% in average price to approximately $1,227,941 across all property types.
Oakville currently has two to three months of housing inventory available.
After a year of supply challenges, move-up buyers are expected to drive the market in 2021, pushing up prices. In 2020, home-buying hesitation was not particularly relevant despite economic challenges, with first-time homebuyers continuing to move ahead with purchases, predominantly condos in the $400,000 to $600,000 price range. Oakville’s condominium market moved at the same sale and purchase pace as detached homes, and this is expected to continue in 2021. This is in contrast to the dip in condo activity experienced in neighbouring Mississauga, and even more pronounced in downtown Toronto.
Meanwhile, the luxury market was not significantly impacted by the pandemic, driven by move-up buyers and starting at $3 million. Activity is expected to continue at its current pace in 2021.
The hottest neighbourhoods in Oakville, based on 2020 sales, are Glen Abbey, River Oaks and South East Oakville. Properties in highest demand include condominiums, two-story detached homes, townhomes and luxury properties – a wide range of housing types that speaks to the high demand for housing in the area.
*Source: Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX broker/owners and affiliates.