Making our way into the New Year, Oakville’s luxury home market continues to make significant gains at the top of Canada’s housing market. With all signs pointing to a robust 2014, a recent report by Re/Max states that seventy-five per cent of all markets have experienced year-over-year percentage increases in sales. Furthermore, over two-thirds of markets have set new records for high-end sales in 2013.
On a high note for Oakville, our community saw a 19% increase in 2013 within the luxury residential market for homes priced $1.5 million and up. In total, 156 Oakville homes within this upper-tier market sold last year.
Most important to the success of Oakville’s real estate market has been the lack of single-family homes available in all price ranges which has contributed to steady home buying activity. As pent-up demand and low interest rates persist, 2014 should be a banner year for sellers. In addition, purchasers remain grounded, well informed and have the resources to make purchases a reality, enabling our local market to remain healthy in the year ahead.
Oakville offers world-class real estate at affordable prices when compared to other major hubs around the world. A penthouse in New York recently sold for $90 million. By comparison, Oakville’s prestigious Edgemere Estates offers a spectacular lakefront condominium for a mere $6.3 million! An $18.6 million compound offering mountain and water views sold in Greater Vancouver last year, while Oakville’s magnificent waterfront properties sold for just under $10 million! This being said, it appears that Oakville’s high-end home prices and buying activity will be on the rise as evidenced throughout other markets.
If you would like more information about Edgemere Estates or any other listings that might be of interest to you, please don’t hesitate to be in touch!
Wishing everyone a wonderful month!