FEBRUAR MARKET UPDATE

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in February was $1,120,284 and the median sale price was $920,000. The average days on market was 26.  There were 155 sales versus 253 sales last year in February. The average sale price year to date is $1,095,925 compared to $1,299,629 in 2017.

In a recent press release talking about the real estate market, Phil Soper, CEO of Royal LePage Real Estate Services Ltd., stated that 2016 was a strong year and that momentum was carried into the first half of 2017. It was then the Ontario government introduced their own set of regulatory changes in curbing house price inflation, which caused Canada’s largest housing market to stall. While overall Canadian market volumes were virtually identical in 2016 and 2017, the second half of 2017 was much slower in Ontario than the first. These lower sales volumes have extended into early 2018.  Changes implemented by the chartered bank regulators, the Office of the Superintendent Financial Institution, went into effect on January 3 of this year. The full impact of OSFI stress test on mortgage financing will be not known until well into the spring market.

JUST SOLD! #707 - 2180 Marine Drive

It's a lakefront dream! Sought after 2 bedroom + den suite “The Ennisclare” model boasting approximately 1969 sq. ft. & 192 sq. ft. balcony in the prestigious Ennisclare II on the Lake complex with direct lake and harbour views. Voted Condo of the Year in 2016. Trendy Bronte location just steps to lake, harbour, parks, shopping & restaurants. Great floor plan with generous principal rooms for entertaining & massive windows & 2 walkouts, all with spectacular views of Lake Ontario & Bronte Harbour.

Recent updates include fresh tasteful décor and most new light fixtures. Grand foyer with elegant tray ceiling, walk-in closet & luxurious marble floor tiles. Huge living room with a wall-to-wall window, outstanding lake & harbour views & deluxe wall mouldings. Separate dining room with freshly painted wainscotting & oversize window overlooking Lake Ontario.

Large kitchen with ample oak cabinetry, newer granite look counters, peninsula with breakfast bar, chiseled stone like tile backsplash & extra-large breakfast room with walkout to the private balcony with outstanding lake, harbour views. Generous den with a huge window and tranquil lake views. Oversize master retreat with wall-to-wall windows, crown mouldings, dressing room area & extra-large 5-piece ensuite bathroom with soaker tub & separate shower. Spacious 2nd bedroom with walkout to the private balcony, a 4-piece bathroom, laundry room & in-suite storage room. This unit comes with 2 side-by-side owned underground parking spaces. Must see!

Just Listed! #2001-2180 Marine Drive

Immaculate, beautifully maintained & updated 1830 sq. ft. luxury suite, “The Cambridge” model, offering 2 large bedrooms, a den, a solarium and fabulous lake & harbour views in the sought after Ennisclare II on the Lake in trendy Bronte. Walk to everything – Bronte Harbour, parks, trails, shops, restaurants & cafés.

Large foyer & center vestibule with a tray ceiling & elegant crystal ceiling light. Entertain with ease in the generous dining room overlooking the formal living room with wall-to-wall windows offering tranquil lake & harbour views. Updated kitchen offers plenty of newer white shaker-style cabinetry with oversize soft closing pot drawers, neutral floor tiles & backsplash & a large breakfast room with a huge window. Sizable den features sliding glass doors to the sunken solarium with wrap-around windows & lake & harbour views. Spacious sunken master retreat with lake views, a sitting area, dressing room area & updated 4-piece ensuite bath with deep soaker tub/shower combination. Bright 2nd bedroom, adjacent updated 3-piece bathroom with an oversize shower & large in-suite laundry room with extra storage space. 2 parking spaces.

Very desirable complex on the banks of Lake Ontario with 24 hour security & gatehouse & extensive building amenities. Voted condo of the year in 2016.

January Market Updates

According to figures released by The Oakville, Milton and District Real Estate Board the average selling price for a resale home in Oakville in January was $1,070,117 down from a marginal .47% from the average price of $1,075,139 in January 2017. The average days on market was 39.  There were 106 sales versus 135 sales last year.

As you recall in early 2017 we saw the sky rocketing of prices and then the quick decline of the ‘bubble’.  In the next months we are going to see comparisons year-over-year that are going to look really bad.  And the perception for some will be that the market is going down.  But actually the market has balanced out over the past year.  We may see some cooling as the market adjusts to the new mortgage rules, but anticipate that with the economic activity being what it is in the GTA, demand for housing will never go away. Continued migration will put pressure on available market inventory and we still have the supply and demand imbalance. “Policy measures [like the new mortgage rules] will quell runaway housing inflation to an extent,” writes Royal LePage president and CEO Phil Soper. “However, we do forsee an upswing in demand in the latter portion of the year, as prospective buyers adjust to the new realities.”