2020 was a tough year. Dwindling inventories and a spike in the average residential prices was a common trend across many Canadian markets, including the Toronto Housing Market. The Oakville Real Estate was no different. Oakville Real Estate agents, however, feel that 2021 will bring a positive change. They are optimistic that the coming year is going to bring relief to Oakville Real Estate. The volatility that arose in the current seller’s market due to the pandemic is expected to transition into a more balanced terrain.
With more and more people now working from home, the need and desire to own bigger houses has reached new heights. Adding to this, the low mortgage rates offered by the leading lenders, are fuelling the predictions of the market experts who believe that Oakville Real Estate will soar during 2021.
2020 saw Oakville’s home prices rising to $1,169,468 (Jan. 1 – Oct. 31). In the year 2019, the average home price rounded about $1,026,539. The lower number of houses and huge demand has created a gap that’s going to continue impacting Oakville Real Estate in 2021. Then there are low-interest rates that Oakville Real Estate agents feel are going to stay steady in the upcoming year thus, keeping the buyer demand high. The RE/MAX outlook for Oakville Real Estate is expected to see an increase of 5% in the average prices in 2021. If this Canadian Housing Market Outlook report holds to the estimated numbers, the average house pricing will climb to $974,015 by the end of next year.
Christopher Alexander, RE/MAX executive vice-president for Ontario and Atlantic Canada, while detailing out the report mentioned, “People are really looking at their living situations. They are forced to buy and make decisions out of necessity. Wants are out the window. It’s all about what I need to live comfortably, to be able to work and be with the children.
Alexander further added that the Oakville Condo market that faced a drop in sales in 2020 will resurface as a good investment option with more and more people immigrating to Canada, boosting the flow again.
Oakville Real Estate: The Driving Factors
As 2020 draws to an end as a year that disturbed even the biggest of economies, Real Estate agents in Oakville are looking forward to a brighter 2021. Not only the regular houses on sale, they believe, Oakville will also see a surge in condos for sale. After an entire year of supply hardships, experts believe that move-up buyers will drive the market in 2021. While the neighboring Mississauga saw a dip in the condo activity in 2020, Oakville condos for sale are expected to continue with a surge in numbers.
The pandemic didn’t really impact the Oakville luxury homes for sale. The luxury Real Estate was driven up by move-up buyers, starting at $3 million. Based on 2020 sales, River Oaks, Glen Abbey, and South East Oakville were the hottest neighborhoods on the Oakville Real Estate market. Right from Condominiums to two-story homes, townhomes, and luxury properties, Oakville encompasses a wide range of housing types, opening gates to everyone.
Close to 35% of RE/MAX brokers believe that the Oakville Real Estate market is expected to have a sparked activity with move-over buyers. The same report also indicates that more than 50% of Canadians believe that the real estate market will hold its steady growth in the coming year.