Posted 4.5.12 @ 8:5
According to several recent reports, home prices across Canada are beginning to top out, but what does this mean for people who are looking for Oakville real estate? If you’re trying to sell your home, does this mean you’ll be getting less for your money? Topping out sounds like a bad term, but that’s actually a good sign that the Canadian housing market won’t suffer through a bubble like the American housing market where homes became so over valued that the bubble popped and real estate prices came crashing down.
Prices are Slowing, the Market is Growing
The Oakville real estate market has had a higher rate of selling above the listing price January 2012 and February 2012. While the profit isn’t run away crazy, the local market is being fueled by first time home buyers who are spending on average $350k - $700k on apartments and detached homes. In the area alone there were over $160m in Oakville homes for sale in the last year. But does this mean it’s the right time to sell or buy your next home?
Topping Out is a Good Thing
Topping out is a good thing, even though everyone would love to make a large profit on their investment. Canadians are realizing for the first time in decades that investing in a home is something they can bank on in hard times. Prices have been growing at a steady 5% over the last 12 months.
Topping out just means that we won’t face housing bubbles; Oakville real estate is going strong, and two storey homes plus single family homes went up in price. All other types of homes like apartments, condos and town homes have remained steady. If you’re looking to buy a home, an Oakville realtor at the Goodale Miller Team will be able to help you identify the right neighbourhood and home for you.
Now is the Time to Buy
If you want to buy, your best bet will be in Southern Oakville. Homes are selling extremely well here and the neighbourhood is great. Interest rates are low on mortgages, and prices are stable. With the exception of Vancouver, there are plenty of great places to buy around the country.
If you’re looking into investing in Oakville, first time home buyers are in for a good experience! You’ll want a local realtor who knows what they’re doing so you can be sure to get a great deal. No matter how much the housing prices are topping out, you want to avoid dealing with an owner-agent who is selling their own home. Go to the bank before you begin shopping to see if you qualify for a mortgage or loan; this will help you make sure that you have a set budget, approval to get your dream home and will make the process go that much more smoothly.