The Oakville real estate market has historically been a good long term investment. In today’s uncertain times and with U.S. home prices still in decline, our Oakville home values have remained strong. The Oakville, Milton and District Real Estate Board has just released their sales figures for July 2011, showing strength and growth.
In July, 2011, sales of homes in Oakville and Milton totalled 802, which is up from last July’s figure of 694. The market going into the fall looks like it will remain strong as this is the third month in a row that 2011 figures have been higher than the corresponding 2010 figures.
The total value of all all July 2011 sales was $348,732,307. This total is an increase of approximately 40% over last July.
Average home prices in Oakville were up 19% over the July 2010 figures to $602,342. This also reflects a higher number of luxury home sales this year.
Listings have been pretty flat over the past few months, but increased by 13% in July – indicating a fairly balanced market going further. Interest rates are also expected to remain low over the remainder of the year, making payments more affordable for home buyers. Marcelle Tiqui, head mortgage expert of First Class Mortgages says that more and more people are taking variable mortgages since it does not look like rates will rise anytime soon.
People that are looking for more certainty for their borrowing costs can also consider a hybrid mortgage for their renewal or new home purchase. “Splitting your mortgage into a combined variable and fixed rate is like diversifying your investments. It gives you some certainty in an economy where there is uncertainty with rates and future outlook.”
You can call Marcelle at First Class to learn more about hybrid mortgages or the best way to choose your home mortgage in Oakville, Milton, Burlington and beyond. (905) 208-7070