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Oakville luxury home sales heat up thanks to the hot real estate market

March 9, 2010

(Source: Toronto Star)

A heated Greater Toronto Area real estate market is lifting sales of luxury homes as the economy starts to improve and move-up buyers regain confidence, said a report by Coldwell Banker Terrequity Realty released last Wednesday.

The top-performing area with sale prices in excess of $1 million in 2009 was Forest Hill, where 280 homes changed hands at an average price of $1.42 million.

Oakville came in third with 174 properties sold with an average value of $1.67 million.

Analysts say the spring market looks like it will remain heated, as both first-time buyers and move-up buyers like Rideout enter the market before interest rates rise in the second half of the year.

Homes are still being snapped up because of a lack of supply. The average home is on the market for 22 days before being sold, compared with 45 days last year.

Here’s a look at what’s available in luxury homes in Oakville:

Luxury homes for sale in Oakville by list price:

$1 – $2 million  –  86 homes listed on MLS

$2 – $3 million –  34 homes listed on MLS

$3 – $4 million –  22 homes listed on MLS

$4 – $5 million –    6 homes listed on MLS

$5 million+ –   6 homes listed on MLS

Luxury real estate is not the driving force in the Oakville real estate market, but this is a good positive indicator that certainly supports a strong spring market.

If you’re thinking of selling your home this spring, contact me now to discuss your real estate needs. Either by email or call me direct at 416-254-8468.

Ryan Chelak is a real estate broker serving Oakville, Mississauga & the GTA, as well as a longtime Oakville resident. Subscribe to my blog to keep up to date on local news, information, events and of course everything you want to know about Oakville & Mississauga real estate.

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