Real estate predictions are made daily, weekly and monthly depending on the region and community you live in. These predictions are often based on such factors as rising or falling interest rates, employment outlook and immigration patterns, all of which effect the real estate market in Oakville as our Town continues to grow and prosper.
Families have been choosing Oakville for its safe and stable environment, excellent schools and close proximity to major hubs around the province. This being said, we have already seen an increase year to date of the number of residential sales in Oakville increase by 10.19%, with the average sale price increasing by 4.4% and the median sale price increasing by 10.56%, bringing the median price of a home selling in Oakville to $670,000.00.
A few recent announcements by CMHC should also be kept in mind when purchasing in this highly competitive market. Although these changes are unlikely to have a major effect on the housing market, it is important to note that under the current rules a home buyer must purchase insurance (this most often comes from CMHC) if their down payment is less than 20 per cent of the value of the home. For example, any borrower who meets that threshold can receive a mortgage from any lender without having to obtain insurance, known as “uninsured” mortgages. Alternatively, a borrower with a $300,000 mortgage who is only able to put down 10% ($30,000) on the home purchase would have to be insured. CMHC’s fees range from 0.6 % to 3.15% depending on the particulars of the purchase. It’s best to know all the facts before placing an offer on a property for a successful stress free purchase.
Wishing everyone a great spring and “Happy House Hunting”!