Real estate in the GTA is as hot as ever. Homes are selling at higher prices with fewer days on market.
According to the Toronto Regional Real Estate Board's 3rd Quarter Report for 2020, the average selling price for a home increased by 13.3% compared to the same time last year. At the same time, listing days on market fell by more than 20%.
What is the impact on the Oakville market specifically?
Let’s count down to the top 10 fastest-selling areas of Oakville.
#10 – Bronte WestNumber 10 would easily top any list ranking sheer volume of activity. Bronte West saw a whopping 219 new houses listed, the second highest total in Oakville.
Coming in at number 10, the Bronte West district averaged a very reasonable 25 days on market with a sale-to-list ratio of 98.6%. Interestingly, this region also scored highest for actual number of sales at 142 transactions.
The Bronte West district is found in southwest Oakville, with the shore of Lake Ontario as its southern boundary.
Some housing is older, in cottage styles, but there are also new developments of condo high rises as well as newer single and semi-detached homes. In Bronte West you’ll find it all.
#9 – Iroquois Ridge North
This neighbourhood is found in the northeast area of Oakville. Housing price averages here are similar to Bronte West at just under $1.4M, but Iroquois Ridge North saw fewer DOM: 19 days on market as compared with Bronte’s 25 days. As a result, the average sale to listing price ratio came in slightly higher at 99.2%.
Iroquois Ridge North is a large subdivision that was developed from the 1980’s through to the early 2000’s. The style and size of the homes gets progressively larger and more luxurious as you reach the northern part of the neighbourhood.
Overall, this district is best suited to families. It features large detached homes, excellent schools, a shopping centre, community centre and numerous parks, greenspace, woodlots and walking trails.
#8 – College Park
College Park is a beautiful neighbourhood situated right in the middle of Oakville. The softly winding streets, mature trees and woodlots complement the houses that are well set back from the street.
With an average of 18 days on market and a sale to listing ratio of 99.3%, this district of Oakville exhibits its own demand momentum. The area is perfect for families looking for larger lots and slightly older homes.
Inventory appears less frequently here. The 3rd quarter of 2020 saw just 90 new listings and 57 completed deals, both lower figures compared to many other neighbourhoods in Oakville.
However, when inventory does come available, it goes quickly. With an average sale price of just over $1M, the area appeals to a broad spectrum of consumers.
#7 – River Oaks
This Oakville neighbourhood has similar market characteristics as College Park, but River Oaks saw significantly higher activity levels. The district had twice the transactions as College Park and 160 homes up for sale in the 3rd quarter of 2020.
Unlike College Park, River Oaks has a more of an urban feel. Many of the houses have a front porch or balcony and the streets are made for pedestrians and cyclists with both sidewalks and bicycle lanes.
This is very much a family-oriented neighbourhood with its own community centre, neighbourhood schools and shopping plazas. The area also boasts a number of parks with interconnecting trails and footpaths.
#6 – West Oak Trails
Another Oakville neighbourhood with an average home price of $1M, West Oak Trails is one of the newer areas of the city. The 3rd quarter of 2020 saw 210 new houses listed with a full 159 completed deals happening during that period. With an average of 17 days on market and 99.8% sale-to-list ratio, West Oak Trails is clearly in high demand.
The present-day West Oak Trails neighbourhood emerged in the mid-1990’s through the early 2000’s when farm fields gave way to new home development. West Oak Trails quickly proved popular with families.
The streets are traffic-calmed with bicycle lanes and sidewalks. The houses are mostly detached homes on average size lots mixed in with a sprinkling of semis and townhomes.
#5 – Glen Abbey
It’s no surprise that this district is in very high demand. In addition to the name itself bringing a certain prestige, Glen Abbey is home to Canada’s most famous golf course, Golf Canada, and the Canadian Golf Hall of Fame.
Overall stats provide mid-range numbers of sales and new listings with an average sale price of $1.1M. However, Glen Abbey stands out for a 103.3% sale to listing ratio and a mere 16 days on market. If you want to buy in Glen Abbey, be sure to have your paperwork ready.
The signature enclave within this neighbourhood is called Fairway Hills. Many of the homes in this neighbourhood either face or back onto the Glen Abbey golf course. The largest houses in Glen Abbey are found here.
Most of these homes are Georgian or Tudor revival in style with nicely landscaped front yards and double car garages.
Farther away from the golf course, the Glen Abbey houses are more modest in size. The majority of these are detached two-storey homes but there are also a fair number of townhomes. These are typical late 1980’s and 1990’s subdivision homes. Glen Abbey provides a surprising amount of variety in home styles.
#4 – Clearview
As we approach the top of the list, meet Clearview. Abutting Mississauga to the right and the QEW to the north, this small subdivision is in its own enclave within the Oakville suburb.
With average housing prices around $1.2M and moderate sales and new listings of just 35 homes in the 3rd quarter of 2020, Clearview stands out because of its mere 14 days on market average selling time and 99.4% sale to list ratio. It’s a very in-demand area designed for families, and boasts a stronger than average resident’s association.
The streets are clearly intended for families with traffic calming and bike lanes forming part of the streetscape. Clearview has nice size detached homes on winding traffic calmed streets. The topography is quite hilly in spots and there are a fair number of neighbourhood parkettes and trails.
The housing stock here ranges from entry-level link style homes approximately 1500-2000 square feet in size to mid-size detached 3- and 4-bedroom homes between 3,000-3,500 square feet. Clearview homes have a fairly uniform look reminiscent of a 1980’s subdivision, with all brick exteriors and garages out front.
#3 – Bronte Creek (Palermo West)
With the same average days on market as Clearview, Bronte Creek is a newer neighbourhood within North Oakville that is seeing increasing demand.
With a lower than average sale price of $887K, this region offers a generous mix of newer executive townhouses and detached homes positioned to meet most budgets. Be ready to make an offer, though; houses sell quickly and on average at 100.1% of asking price.
With 7 public schools and 4 Catholic schools in this neighbourhood, kids can get a great education. Palermo West is also known for its outdoor lifestyle surrounded by Bronte Creek Provincial Park. The area has 7 parks and community recreation facilities within its boundaries.
#2 – Uptown Core
As the second fastest selling neighbourhood in Oakville, Uptown Core is an excellent choice for young professionals, couples and families looking for a starter home. This is reflected in the $680K average selling price, which is the lowest in Oakville.
Inventory appears sporadically here, with just 66 new listings in the 3rd quarter of 2020. However, get your financing ready because the average days on market is a mere 13 and the sale to list ratio is 100.2%.
Uptown Core is located in the middle of Oakville at the intersection of Dundas Street and Trafalgar Road. This neighbourhood embraces many new urbanism principles in its design and functionality as a place to live, work and play. Uptown Core will appeal to those who enjoy city life but on a smaller scale. It’s a pedestrian friendly community where you can go out for a walk and meet your neighbour.
#1 – Falgarwood (Iroquois Ridge South)
The winner of our Top 10 fastest selling neighbourhoods list is Falgarwood, also referred to as Iroquois Ridge South.
Located in the eastern part of the suburb, Falgarwood boasted the fewest days on market in all of Oakville, in the 3rd quarter of 2020. With an average of 13 days on market and a sale-to-listing ratio of 100.4%, this region saw a plethora of demand during that period.
The biggest difference for Falgarwood was the average sale price of $943K, 260K higher than Uptown Core.
Falgarwood is a lovely mix of newer and traditional. The ranch-style, split-level and two-storey homes around Falgarwood Drive in the south of the area were built between the late 1950’s and 1970’s. The northern section of the neighbourhood sees more modern subdivision style homes and townhomes that were built in the 1980’s.***
Reference: Toronto Regional Real Estate Board Community Housing Market Report, Halton Region, Oakville, 3rd Quarter 2020.
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