It’s being predicted that Oakville’s real estate prices will rise in 2017.
According to the newly releases Re/Max 2017 housing market outlook, that company sees the average national house price rising by two per cent in 2017, led by big projected gains in real estate prices in the Hamilton, the Greater Toronto Area and Kitchener-Waterloo.
Move-up buyers searching for detached houses, which cost about $1.3 million in Toronto and $1 million in the surrounding communities, are expected to continue driving the market in 2017, says Re/Max.
The Re/Max report averages home prices this year to date rather than the year-over-year monthly statistics published by the Toronto Real Estate Board. That avoids monthly fluctuations that can occur due to an above-average number of luxury home sales or other short-term variations.
The extension of Highway 407 is helping drive buyers willing to commute to jobs in the city and other parts of the Toronto region.
Oakville, which saw the highest spike in prices this year at about 25% to an average cost of $1.1 million, is expected to climb another 5% in 2017.
Click here for the full report.