Residential real estate in Canada outperformed expectations this past year, posting another solid year of housing activity across the board while surprising everyone! This trend, expected to continue next year as Canadians continue to demonstrate faith in home ownership, continues despite wide spread concerns over the European debt crisis and its impact on the global economy. According to a report released by Re/Max, “The housing market has demonstrated tremendous resilience in recent years, but 2011 stands out” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters of this year. While clearly not impervious to the impact, Canadian consumers are intent on making their moves now, in advance of higher housing values and rising interest rates down the road.”
Population growth and immigration are major factors expected to increase the housing demand. Re/Max reports that since 2000, “Canada’s population has experienced double-digit growth of 11 per cent. By 2031, over 42 million people are expected to call Canada home,” and many of them are settling in safe communities such as Oakville. Furthermore, “Investment will continue with income-producing properties at the top of the most wanted list while the condominium market also gains an increasing share of the marketplace due to the focus on a higher density population and more affordable options for home ownership as prices continue to move upward.” This being said, housing values should continue to increase as Oakville focuses on re-development and revitalization, as seen throughout our town.
Infill has continued to change the landscape of our neighbourhoods, particularly in areas where the value of existing homes has not kept pace with rising land values. Bungalows on large lots are prime targets, making way for custom builds that transform outdated neighbourhoods into modern day upper-end pockets. These unfulfilled spaces are also maximizing land potential often replacing one, two or several tired structures with a block of townhouses or mixed-use residential, even high-rise apartments as seen in Old Oakville. “Renovation has also had a tremendous impact on housing throughout the decade, so much so that it’s emerged as Canada’s next national past time. Residential renovation spending has been gaining momentum year-over-year since the early part of the decade and now exceeds $60 billion annually” as published by RE/MAX statistics.
It’s clear that population growth will continue to support real estate investments both locally and across Canada. Renovation and new construction have been leading the way into the future, resulting in high quality living standards and higher prices for investment properties and personal home ownerships. All things considered, Oakville still offers a great return on your real estate investment! Now that’s something to celebrate.
WISHING YOU A JOYOUS HOLIDAY SEASON, MARIJA.
About the author: Marija Kolesar
Marija Kolesar is an experienced Realtor specializing in the Oakville real estate market and has obtained numerous achievement awards throughout her career, including the designation of "Certified Luxury Home Marketing Specialist." Marija's expertise in the upper-tier market has helped many clients in Oakville and the surrounding areas fulfill their needs and dreams. With 17 years of successful real estate experience, Marija has obtained numerous referrals and repeat clients in residential, commercial and new home sales. This achievement has been nurtured through past years of experience in the fields of interior design and home renovation. She has a solid reputation of integrity, energy, and strong negotiation skills, and has mastered buying and selling in the upscale market. Marija and The Invidiata Team are happy to provide exceptional service and personal attention in order to get the results you want. For more information: marija@theinvteam.com / www.invidiata.com
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