The holiday season is officially here. Cookies are baking in the oven, festive holiday lights are being hung on the house, and a Christmas tree in the living room for you to put your gifts for loved ones under are just a few of the holiday traditions that can convince any potential buyer to make their first home purchase.
Buying a home this time of year not only means you can host the celebrations and put up whatever decorations you would like, but it also means you could benefit from low rates on an Oakville mortgage. So, to help you get started, your local brokers with Loewen Group Mortgages have listed a December market update for the local area to help make your dreams of homeownership come true.
Oakville Market Update
In reference to Zolo.ca, the market trends for the Oakville area have fluctuated over the past year. For all property types, the current average sold price for December 2018 is $957,000. This is a 7.9% decrease in price since November 2018 and it is a 6.2% decrease in price since December of last year.
Housing prices are expected to rise in the near future, which means it would financially be in your best interest to lock in a rate now with your Oakville mortgage broker since the prices have recently dropped. Take advantage of these low rates now before they rise back up and get more expensive.
As for specific housing statistics in the local area, there are currently 413 new listings for sale on the market and over the past month, 150 units have sold. Homes placed on the market are there for an average of 35 days before they are sold and the selling to price ratio is approximately 96%.
Oakville is an excellent place to settle down and buying a home here would be a great investment for your future. So, if you would like to get started in the home buying process, please contact your local Oakville mortgage broker with Loewen Group Mortgages at 416-907-3173.