Posted 10.30.13 @ 9:30
Even the most hardcore Torontonians are spreading out into the suburbs; from the Millennials that want their children to have plenty of fresh air to Baby Boomers that want a little peace and quiet, it’s easy to see why so many are spreading out beyond Downtown and to the rest of the GTA. While Oakville is more of a small city than a suburb, its rich history gives it a life of its own – and here we’re going to talk about what’s driving so many to buy here and how the luxury market in Oakville got started.
Why the Move?
Each group has its own reasons for moving outside the city proper. Some have exhausted their options, not wanting to live inside one of the infamous glass condos that may or may not fall apart in the next 20 years. Others don’t want to have to deal with the cut throat condo market period – or have dreams of a semi-detached home with trees right on the lake. Everyone’s idea of the perfect home is different, so you can’t exactly pigeonhole why everyone is looking outward.
Big Changes in Toronto
While some are calling it the “family brain drain”, according to Stats Canada, 100,000 people between the ages of 25 and 44 that made between $70,000 and $120,000 left Toronto in the last ten years for the suburbs. While a six-figure income can mean a lot if you’re childless, it can easily drop you down into the middle class income bracket if you have kids. With Toronto’s home prices spiraling ever upward for less and less in return, it only made sense that more and more turned to the suburbs and smaller satellite cities across the GTA like Oakville to make their home.
Over 20 years ago the first palatial estate was erected on Oakville’s “Gold Coast”. The 17 bathroom, 32,000 square foot $36,000,000 mansion was massive, a home of Downton Abbey proportions. It sparked the interest of both Canadians and international buyers alike, with many homes reaching above and beyond the square foot average of Toronto’s infamous Bridle Path.
If you’re considering moving outside the city to Oakville, there are a few things you’ll want to ask yourself.
“How much more home can I get for the same I’m paying right now?” – Probably more and then some, it just depends what and where you want to buy.
“Do I want to Buy Space or Buy Time?” – The closer you are to work, the closer you are to home. If you have to commute an hour a day in each direction the move for more space may not be worth it.
If you’re not sure what Oakville has to offer you, or you just want to know a little more about the buying process, contact us! Our experienced team of luxury realtors have worked in the Oakville area for years, so we know the ins and outs and everything else you need to know not only to find a house, but the home that’s right for you.