The Century 21 Goodale Miller Team Sees the Oakville Housing Market Holding Steady Through 2014
With employment and the economy steadily improving, as well as close to record low mortgage rates, conditions are good to keep a positive momentum going in the Oakville real estate market.
May 30, 2012, Oakville, Ontario
With a growing population in the Oakville area as well as a growing economy, the Oakville real estate market is looking to stay strong for the foreseeable future.† With Interest rates expected to remain low for at least the next couple years, this will assist home prices as well as home sales in Oakville and itís surrounding areas.† Although mortgage rates are expected to begin an upward trend over the next 24 months, these increases are expected to remain minimal on a steady upward path.†
Demand for housing in Oakville is also expected to rise over the coming years.† Having seen a 2% increase in housing sales throughout Ontario in 2011, a strong start to 2012 and a growing interest in luxury homes for sale throughout the GTA, we can expect much of the same growth trend throughout this year.
Although, there has been much speculation of a coming price correction in Toronto and the GTA area, there does not appear to be much evidence to support these claims at this point.† With incomes on the rise in Ontario, and mortgage rates remaining steady, we donít see any of the common triggers of a pricing correction, such as steep increases in mortgage rates or a forthcoming recession. ††In fact, with the economy improving and mortgage rates set to remain at low levels, we expect prices to gradually rise and for demand to steadily grow over the coming years.
Luxury condominium sales in the Oakville real estate market is also expected to remain solid through 2014. Although, there has been much speculation that the Condo sector boom in the southern Ontario region will dilute condo prices, there doesnít appear to be much evidence to back up this claim either. The condominium development is staggered enough at this point, that the market can easily absorb the market demand without affecting prices.
For more information on the Oakville real estate market, as well as advice on home buying in the Oakville area, you can visit The Goodale Miller Teams website blog, which is updated daily.† They also have a large selection of Oakville homes for sale, including luxury real estate in North and South Oakville and surrounding areas.
The Goodale Miller Team is based in Oakville, Ontario is Canadaís #1 Century 21 team for 8 years running.
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