The temperatures were hot in August and so were Oakville home sales. According to the Oakville, Milton and District Real Estate Board, home sales in the area increased by 10.3% over sales in August 2010. There was a 21.4% gain in the total value of home sales in August 2011, which also reflects the fact that many higher end luxury homes were sold.
The average sale price of a home in Oakville increased by 16.5% over last August. The average home price went from $526,451 last year to $613,408 this year. The year to dates sales for 2011 show an increase of 9% over the first 8 months of 2010.
The hot sales trend is expected to continue into the fall as mortgage rates continue to remain low. No large mortgage rate increases are expected before 2012, making houses more affordable for home buyers. New home buyers and those looking to move up will find monthly payments more affordable with the extremely low mortgage rates currently available in variable, fixed or hybrid rates.
Markets in Burlington and Hamilton also had increases in home sales and prices for the third straight month. Home sales were up 12.5% in August and prices increased 4%. The number of listings also increased by 24.1% in August.
Lee Anne Taylor, a mortgage specialist, Dominion Lending agent and head of Home Loans Ontario.ca, provides personalized mortgage advice for home buyers in Oakville, Burlington and the Toronto-Hamilton area. She strongly advises first time home buyers to get pre-approved for a mortgage before they start shopping for a home. “I help first time home buyers understand all the additional costs, closing costs, taxes, fees and more that are associated with buying a home. We determine the amount they can comfortably afford each month and that leads us to determine the cost of the home they can afford. Even if you are moving up to a bigger home, it is better to shop for a home knowing your price range and being able to act fast when a great house come on the market. A pre-approved mortgage makes sense in the hot Oakville and Burlington markets.”
Lee Anne offers free mortgage consultations and helps you find the best lending products for your home borrowing needs. You can reach her at (905) 336-8948.