There has been a certain amount of discussion as to why the $2,000,000 category is sluggish in Oakville as opposed to Toronto, where sales are extremely strong. The majority of Oakville press currently in the national media is about the proposed power generating station at the Ford plant, and we are even beginning to have clients demonstrate concern about the small power generating station north of the new hospital.
Prior to this topic, Oakville was known as an extremely wealthy community with a beautiful historic core. Until we start to see this issue greatly diminish in the national and local press, sales could possible continue to be affected. However, the reality is that Oakville will continue to be a town with excellent schools, a stunning downtown, as well as great properties.
So if you’re in the market for a $2,000,000 plus properties there is a great opportunity to purchase.
Market Stats
This was another strong week of 199 new Oakville listings (though slightly below last week’s at 200 plus), with a decrease from last week’s sales to 96 properties. Here are the statistics for price range as it related to listings, solds, and solds at or above list:
| Price Range | Listed | Sold | Sold at list or above |
|---|---|---|---|
| Leased | 14 | 18 | 13 |
| $100K to $500K | 69 | 38 | 8 |
| $500K to $1M | 97 | 32 | 7 |
| $1M to $2M | 13 | 5 | 0 |
| $2M plus | 6 | 2 | 0 |
This past week you’ll note that we are seeing property leasing faster then they are listing with a strong push upward on price. The next price category has the next highest category is having more listing then sales, along with purchases willing to pay asking or above. This as prices increase and sales then decrease.
Here are the statistics as they relate to type of property to number of listings, number sold.
| Property Type | Listed | Sold |
|---|---|---|
| Detached | 144 | 54 |
| Semi-Detached | 5 | 3 |
| Townhome | 35 | 20 |
| Apartments | 15 | 19 |
Security of MLS Information
Recently, there was an article in the Toronto Star discussing the MLS and the opening up of it to everyone. The premise of the article is that the MLS system which is run by the Real Estate Boards of Canada, have been created and maintained by the boards. There are also very strict guidelines before properties can be listed on MLS, which provides security for both the purchaser as well as seller.
This is a hot button in the world of real estate, and we’ll find out soon enough what the government decides. Currently, this is not having any direct influence on the purchases or selling of real estate in Oakville, but it could. So keep in mind the security that MLS provides, the next time you’re looking for an Oakville property.
Tags: Apartments, Detached, Homes, Houses, Oakville, Power Plant, Real Estate, Semi-detached, Townhomes
About the author: Nolan Machan
Nolan Machan is a dedicated Oakville residential realtor, who has a healthy roster of happy buyers and sellers. He is passionate about meeting the needs of his clients using his depth of Oakville knowledge, and years of marketing and negotiating skill.
Follow
Subscribe
Some questions from the other side of the fence.
I believe natural gas is what most of the 50,000 or so houses in Oakville use.
What proportion of the new total gas usage in Oakville including industry would this new plant consume?
In terms of emission output, how much does its emission-reducing apparatus reduce what would be the case without the apparatus? Is it 50% or 90%, somewhere between or some other number? How does that compare with an average house, which likely has no emission-reducing capability at all?
I think the relationship $2 M + unsold houses and the plant does not exist. I think the relationship is this: inflated expectations on the part of the sellers encouraged perhaps by low interest rates and even realtors themselves, and a relatively small demographic willing to clear the market at those prices, exacerbated by the fact boomers are starting to think of downsizing, not upsizing, and I would even add the volatility of the markets, as in what happened yesterday, does not help.
Geoff, good question. Just to note that new power plant combines the natural gas with other chemicals (ie. Ammonia) which is shipped to the plant via train in large tanks. The burning of such chemicals with natural gas produces a super fine bi product which is released into the air. If one should breath this bi-product (and we will, everyone will in Oakville) your body cannot filter this out and your body will absorb it… like causing cancer or other problems. Also, should the train derail or explode, say good bye to everyone living in that area.
It is my understanding that such chemicals as ammonia are commonly shipped throughout North America on a daily basis and routinely pass through centres such as Toronto year over year without incident.
The only deaths from a derailment involving ammonia I could find appear to have occurred within 100 feet of the incident. Procor, located right here in Oakville is a leading supplier of rail cars for the transportation of hazardous materials and may have some statistics on the potential for a derailment, potential consequences as well as containment.
As for the potential for an explosion, according to Wikipedia, ammonia is a precursor to the production of ammonium nitrate, which is indeed explosive, however, it states “The processes involved in the production of ammonium nitrate in industry, although chemically simple, are technologically challenging.”
From this I would presume having only ammonia in the rail car would be sufficient to prevent such a catastrophe.
I was unable to find any link to the particulate matter causing cancer, although I suppose there may be studies somewhere. The question then becomes, what is the quantum of such a byproduct at the point of emission and what is the dispersal rate in the atmosphere? What is the safe level and how far from the emission source is this level achieved?
These are just questions, and you may be quite right – but natural gas power plants seem to be quite common and have been for years. If there was a health hazard, would not some action have already been taken to ban them?