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.
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