The Oakville Real Estate Market Outlook for 2020 is excellent!
2020 Market Outlook for Oakville
The Average Sale Price of residential homes in Oakville will increase by an estimated 5% in 2020 according to the Re/max 2020 Market Outlook Report. The estimated average sale price will be $1,176,185 in 2020 up from $1,120,176 in 2019. The increase in average price is expected to go up because of low inventory and strong Buyer demand. Currently, there are 3 months of homes for sale in Oakville.
The Oakville real estate market will be balanced and it will not favour Buyers or Sellers per se. Move-Up Buyers are expected to drive the market. First time Buyers of Townhouses, Luxury Homes in the $3 Million price range and Condominium Apartments and Townhouses are in high demand. Furthermore, detached homes under $1 Million are the most popular property.
Oakville remains a highly sought after place to live with Buyers because of its liveability, high income paying jobs, access to highways and Public Transit, trails, harbours and proximity to urban centers like Toronto and Hamilton.
The Average Sale price of homes in Toronto is estimated to be 6%, and in Mississauga it is estimated to be 5% and 3.8% in Hamilton and Burlington. The source is historical sales data from CREA and local real estate board statistics.
Posted by Bill Keay, Sales Representative, Re/max Aboutowne Realty Inc., Brokerage.