As we enter the last calendar month in 2017 we also enter the final month of the real estate year. As brokers when it comes to your mortgage in Oakville, our team is prepared to help ensure you get the best product for your personal needs.
If there is one thing we learned about the Oakville housing market this past year it’s that being able to afford a home might be a lot more difficult than you may think.
For starters, the government announced new mortgage regulations in October of 2016 that would make it more difficult for people to qualify for a loan. These regulations began to take shape early in 2017 and we have seen the effects of it.
Home sales in Oakville fell by nearly 5% year-over-year when looking at November 2017 and November 2016. Last month there were 598 sales compared to 629 last year. Additionally, the total dollar volume of properties sold in November dropped by more than 10% year-over-year, finishing November 2017 with a total of $423.7 million.
The median home price in Oakville dropped as well last month, going from more than $1 million in November of last year to $915,000 last month.
While Oakville is generally a location where affordable homes don’t come around too often, one particular neighbourhood in the city has been deemed one of the Greater Toronto Area’s last affordable ones. If you’re looking at buying a home sooner rather than later (especially if you’re trying to buy before the latest mortgage regulations take effect), one article suggests looking in the neighbourhood of West Oak Trails.
West Oak Trails has an average sale price of just north of $1 million, however you can find many nice single family homes for sale well below this number. In a time when the real estate market is still extremely hot, and with looming new mortgage lending rules, it may not be a bad time to begin a house hunt.
Oakville real estate experts aren’t overly concerned with November’s decreases, however. They understand that a big reason for it is the impending rule changes that may scare off those looking to purchase as they decide to take a wait-and-see approach once it kicks in.
Monitoring the market in December and the early months for 2018 will be key in determining how people will act as a result.
If you’re looking at buying or selling a home in the area, get in touch with one of our brokers today to handle your mortgage in Oakville!