The results for April 2017 are in: average sale prices up even though number of sales was down. For the full report from the Oakville/Milton District Real Estate Board click here
Even though less homes were sold in Oakville this past January compared to January last year, the average sale prices rose to $1,071,933 from $937,33 in 2016.
For more information click here
Sales of existing homes in Canada fell 5.3% in November from the prior month, the Canadian Real Estate Association said Thursday, marking the biggest monthly decline in activity in over four years.
“The government’s newly tightened mortgage regulations have dampened a wide swath of housing markets, including places not targeted directly by the government’s latest regulatory measures,” CREA President Cliff Iverson said in a release. “The extent to which they pushed first-time home buyers to the sidelines varies among housing markets.”
The Canadian government has now tightened mortgage regulations six times in eight years. The province of British Columbia also imposed a 15% surtax on foreign-led housing purchases in August.
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.
I’m hard pressed to find someone who doesn’t like this time of year. Yes, there is stress; purchasing the perfect gift, preparing the equally-perfect meal, but nonetheless, at least for me, the excitement, joy and anticipation that comes from spending time with family and friends surpasses it all.
The decorating has started. The tree is up, the outside of the house shines brightly, the smell of cookies and mulled wine is in the air. Shopping has started and wrapping will soon follow.
I wish all my loved ones near and far and also my many friends, clients and colleagues a joyous and fulfilling Holiday Season. Our home is feeling the joy and I hope yours will, too.
Canada’s most-expensive property market, Vancouver, British Columbia, suffering from a near-zero supply of rental homes, announced the details of a new tax aimed at prodding absentee landlords into making their properties available for lease. The empty-home tax will take effect by January 1, 2017 and will be calculated at 1% of the property’s assessed value, Vancouver Mayor Gregor Robertson told reporters at City Hall.
The tax will apply to homes or residential land that sit empty for six or more full months in a year. The onus is on property owners to declare, on their property taxes, their primary residence, whether they are renting out the property or meet one of the other exemptions, otherwise, the tax will apply by default.
Property owners who fail to declare their property’s status will be charged the tax while failure to pay will tack on an extra 5% late penalty. Making a false declaration will result in a $10,000 fine – per day!
Public scrutiny has focused on absentee landlords, particularly from overseas, who are accused of sitting on investment properties where windows remain dark throughout the year.
Citing data from BC Hydro, Robertson estimates that there are around 20,000 empty or under-utilized properties in the Vancouver area.
The CBC is airing a CBC Marketplace segment tonight which will shed light on the practice of some real estate agents representing both buyer and seller to secure a deal, thus pocketing what amounts to two commissions. This is referred to in the industry as “double-ending”.
Although, when done by a reputable and honest real estate agent, representing both buyer and seller can have a positive outcome (quick, smooth transaction), the piece focuses some of the top real estate agents in Toronto who breached ethical and legal rules aimed at protecting consumers.
You can watch the episode online here >>