The Average residential sale price in Oakville in January 2017 was $1,071,933 compared to $937,333 in January 2016. The median price in January 2017 was $988,500.
The main driver of the housing market in Oakville was the sale of detached homes and these homes accounted for 62% of all home sales in January. Furthermore, 76 detached homes were sold and 73% of those sales were over $1,000,000.
In January 2017, the average days on market (DOM) in Oakville was 23 days.
This is a great time to sell in Oakville because the demand is high and the supply is low. This information should give sellers confidence in this market to sell and obtain a good price.
On the other hand, Buyers need to be prepared for the mortgage rule changes coming ahead on March 17, 2017. (More on that in my next blog). However, for now Buyers should make sure they have:
- a good credit score
- get their letters of employment to their mortgage broker or lender, pay stubs...etc.
-In addition to this they may be asked to provide a copy of their T4's or their income tax notice of assessments.
If Buyers are self employed then they will likely need to give their bank or mortgage broker 2-3 years of their Notice of Assessments. They will need to prove their income and that is Line 150 on the income tax return.
-Buyers should get a good mortgage broker and or lender to work for them. Lenders can explain the new rules for qualifying for a mortgage and help Buyers be prepared financially to make the offer process go more smoothly. Check out my on-line directory in the Extras Tab section to find super mortgage brokers and lenders.
-It is always important to have a bank draft or certified cheque ready when Buyers place an offer. It may be an advantage for Buyers to have their offers accepted before March 17th, 2017.
Be prepared to expect higher prices in 2017. Prices in Oakville and the GTA have been rising substantially. For example in 2016, the prices in Toronto rose by over 21% according to The Market Manuscript, by Ben Myers.
I hope you find this information helpful. For any questions about the real estate market or for a free market evaluation please contact me at 647-984-2455 by phone, or text or by email at firstname.lastname@example.org.
Posted by: Bill Keay
Sources: OMDREB, Ben Myers: Fortress Market Research.