Oakville Keeps on Growing!

Posted by on February 28, 2015

sold homeOakville is definitely one of the most desirable cities to live in Canada.  In a recent survey, it ranked 7th overall in the Money Sense Magazine ratings (3rd in Ontario after Ottawa and Burlington), but other surveys put it as high as number 1.  Oakville boasts 2 marinas, proximity to Toronto and Hamilton and access to public transit.  The downtown area is so picturesque it has been used in various movies and TV shows.  Oakville consists of several neighborhoods, each with its own identity and flair.  It is no wonder that the town keeps growing.

Oakville’s current population is 196,722  – up from 165,000 residents in 2006. The population growth from 2008 to 2013 was 9.8%.  Our property taxes rank on the higher side at 2.7%, but we do have excellent schools as well as parks and recreation facilities.  Oakville is part of the Halton region – one of the safest in Canada.

The demand for homes in Oakville has also resulted in a steady increase in home prices.  The median sale price in 2013 was $557,000 but this jumped to $655,000 in 2014.  The average sale price for a home in Oakville was $805,802 in December 2014 – according to the OMDREB.

Oakville is limited in land for expansion south of Dundas, since Lake Ontario borders us in the south, Burlington on the west and Mississauga in the east.  Many homebuyers are choosing to buy older properties in areas like Central Oakville and Bronte and rebuilding or ‘flipping’ the smaller homes with large lots.

Oakville has also grown in terms of job opportunities and with the new hospital opening, those opportunities should increase.  The unemployment rate for Oakville stood at 7% in 2014.

For those of us that are lucky enough to call Oakville home, there is no place we would rather be.  Those who bought homes a decade or more ago have also seen a substantial increase in personal wealth due to rising home prices.  The downside of that is for first time home buyers, as the cost to buy a home here is quite pricey.  Luckily, there are many newer low rise and condo developments that are less expensive for those wanting to be homeowners in Canada’s most livable city.

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