Are you planning to move from Burlington to Oakville soon? If so, you need to have a good understanding of the real estate market in Oakville to make an informed decision when it comes to buying or renting a home. As movers in Ontario can confirm, Oakville is a highly desirable location to live in. In fact, it’s becoming more and more popular in recent years, with a 10% increase in population since 2021. However, its real estate can be quite different from Burlington’s real estate market, even though the two cities are only 24km away from each other. Therefore, here’s everything you need to know about the Oakville’s housing market and how it compares to Burlington.
Housing market trends in Oakville
Before you hire movers in Oakville Ontario to relocate here, you should inform yourself on the recent housing trends in this city. The real estate market in Oakville is highly competitive, with a low inventory of homes for sale. Most homes are selling within a few days or weeks of being listed. This is because many buyers are looking for homes in Oakville, and there simply aren’t enough properties to meet the growing demand. As a result, the median home price in Oakville is high, at around $1.5 million.
However, this is not surprising given Oakville’s prime location on the Lake Ontario, abundance of amenities, and excellent-quality schools. Namely, homes that are located near the lake or in highly desirable neighborhoods tend to be more expensive. In addition, homes that have been renovated or upgraded are more likely to sell quickly and at a higher price point. Meanwhile, Oakville’s top-rated schools also attract many families, making homes in these school districts highly sought after. In comparison, Burlington’s real estate market is less competitive than Oakville’s, with a slightly higher inventory of homes for sale. However, the median home price in Burlington is still high, amounting to around $1 million. Keeping this in mind, you’ll need a solid financial plan to buy a home in either of these cities!
Popular Oakville’s neighborhoods to settle in
Oakville is a beautiful town with many desirable neighborhoods, each with its unique charm and appeal. Whether you’re looking for a family-friendly area, an upscale neighborhood, or a historic small town vibe, Oakville has something for everyone. For those moving from Burlington, neighborhoods such as Glen Abbey and Bronte Creek may be particularly appealing. They have similar suburban feel and quality of schools like neighborhoods in Burlington, so the change in scenery won’t be too big. Meanwhile, these are some of the most sought-after neighborhoods in Oakville for homebuyers:
Glen Abbey is great for families and golf lovers
This neighborhood is home to some of the best schools in Oakville. One of them is Abbey Park High School, which has consistently been ranked as one of the top high schools in the province. Glen Abbey is also family-friendly area with many parks and green spaces. Probably most notable one is the 14 Mile Creek Trail, which is a popular spot for hiking, biking, and nature walks. Since that makes Glen Abbey a great place to raise kids, it’s no surprise that people hire local movers in Toronto to buy a home here.
However, Glen Abbey is probably most famous for Glen Abbey Golf Course, a prestigious golf course that has hosted The Canadian Open more than 30 times. It’s safe to say that this golf course is a highlight of the neighborhood, attracting many golf enthusiasts from all over the world. However, even those who don’t play golf will have a chance to stay active after moving here. For example, the Glen Abbey Recreation Centre is a state-of-the-art facility that offers a range of programs and activities for all ages, including swimming lessons, fitness classes, and recreational sports.
Give yourself a taste of luxury by moving to Joshua Creek
Joshua Creek is a lovely upscale neighborhood with some of the most luxurious homes in Oakville, including even some custom-built ones. This neighborhood is also known for its trendy spas and exclusive fitness centers. Some of the most popular ones include Fitness Firm and Pure + Simple Spa, which offer a range of services and amenities for those looking to live a healthy and active lifestyle. Moreover, Joshua’s Creek local shopping center, the Oakville Place Mall, is one of the most popular destinations for shopping and dining in the city.
Joshua Creek is also home to several top-rated schools, making it an excellent choice for families. It’s close to the highway as well, so it’s ideal for homebuyers who plan to commute to Toronto. Finally, the neighborhood is home to several parks and green spaces, including Joshua Valley Park, which has a large playground, soccer field, and picnic area.
Old and Southeast Oakville are ideal for those who want to buy a waterfront property
Old Oakville is a historic neighborhood with beautiful architecture and a charming small-town feel. It’s home to many independent shops, restaurants, and galleries, making it a popular destination for tourists and locals alike. Old Oakville is also located near the lake, providing easy access to waterfront activities and views. Meanwhile, Southeast Oakville is another highly waterfront area, famous for it’s luxurious residences. It’s a quiet, suburban area with many parks and green spaces, making it a great place to raise a family. As such, these neighborhoods are perfect for homebuyers who want to live in a family-friendly area with a beautiful view and access to various amenities.
Bronte Creek is for lovers of modern architecture
Bronte Creek is quiet, suburban area with many newly built homes. According to experienced GTA movers, this neighborhood is popular among families and those looking for a more modern living environment. It’s also famous for its abundance of parks, trails, and green spaces. That being said, one of the most scenic parks here is the Bronte Creek Provincial Park, which features hiking trails, picnic areas, and a swimming pool.
Types of homes available on the real estate market in Oakville
If you’re moving from Burlington to Oakville and looking for a home to buy, you’ll soon see that there are many different properties available on the market. From detached houses to townhouses and condos, there’s something to suit every lifestyle and budget. Let’s take a closer look at the different types of homes available in Oakville and how they compare to Burlington:
Detached houses are the most common type of home in Oakville, with many homes located on large, well-maintained lots. They’re also the most expensive ones, ranging in price from $1.2 million to $4 million, depending on location, size, and amenities. In comparison, detached houses in Burlington are slightly less expensive, with prices ranging from $800,000 to $2 million.
Townhouses are a popular option for those who want a more affordable and low-maintenance home in Oakville. Typically, they cost from $500,000 to $1.5 million, again depending on location and size. Meanwhile, townhouses in Burlington can range from $400,000 to $1 million. And from what moving companies in Burlington can tell, townhomes seem to be the most common type of property in this city.
Condos are another great choice for those homebuyers who want a low-maintenance home in Oakville for a more affordable price. That being said, condos in Oakville can range in price from $400,000 to $1.5 million. In comparison, condos in Burlington can range from $300,000 to $800,000.
Making a choice of buying vs. renting a property in Oakville
Since you’re considering moving to Oakville, you’re probably wondering whether it’s better to buy or rent a home here. As you already know, buying a home will give you the ability to customize and renovate it according to your taste. This will also give you a greater sense of stability and community, as you’ll have something in your name. Moreover, you’ll be building equity over time, and have the potential for long-term financial gain.
Oakville is one of the best places to invest in real estate in Ontario, so many people might decide that buying a property here is the way to go. , there will be many financing options available, such as mortgages and home equity loans. However, keep in mind that the process of obtaining financing may be different than in Burlington. So, it’s important to work with a local lender who understands the market and can provide proper guidance.
Rental prices in Burlington and Oakville
Meanwhile, if you rent a home in Oakville, you won’t have long-term commitment or financial responsibility for maintenance and repairs. You’ll also have lower upfront costs and no need for a down payment. Finally, you’ll be more flexible, with the ability to move more easily and quickly to a different area of the city. In Oakville, the average rental rate for a one-bedroom apartment is around $1,800 per month. At the same time, the average rental rate for a three-bedroom apartment is around $3,200 per month. In comparison, the average rental rate for a one-bedroom apartment in Burlington is around $1,600 per month, while the average rental rate for a three-bedroom apartment is around $2,800 per month.
Tips for first-time homebuyers
If you don’t have experience with buying residential or commercial real estate, office movers in Burlington recommend following these tips:
- Work with a local real estate agent, as they can provide valuable insights into the market and help you find the right home for your needs.
- When choosing a realtor, look for someone with local expertise who understands the unique features of each neighborhood in Oakville.
- Before choosing a realtor, check references and read reviews from past clients to ensure they have a good reputation and track record.
- Consider factors such as proximity to schools, amenities, and transportation options when choosing a home.
- Getting pre-approved for a mortgage can help you determine your budget and make your offer more competitive.
- Attend open houses to see homes in person and ask questions about the property and the neighborhood.
- Finally, keep an open mind, and don’t limit yourself to a specific type of home or neighborhood. Be open to exploring different options to find the right fit for your needs and budget!
Besides considering the trends in the real estate market in Oakville, there are some specific considerations to keep in mind when moving from Burlington. For example, you may want to look for neighborhoods that are similar to those you’re familiar with in Burlington, or that offer a similar quality of life. It’s also important to consider factors such as commuting time. If you’re planning on commuting to Toronto, Oakville will be a better choice. However, if you need to go to Hamilton to work, it will take you longer as Oakville is located further east than Burlington.
A final word on the real estate market in Oakville before you relocate from Burlington
As you can see, the real estate market in Oakville is very competitive, with a short inventory of available houses for sale and high median home prices. The city’s perfect location, great amenities, and top-rated schools, on the other hand, make it a desirable option for many homebuyers. So, if you’re thinking of relocating from Burlington to Oakville, you should do your homework first! Then, engage with an expert real estate agent, and carefully analyze the various types of properties available in the area. With the right attitude, you may find the ideal home in Oakville and enjoy everything that this lovely community has to offer!