For the past year Wedgewood Creek real estate prices have climbed significantly. This Oakville community is experiencing low inventory causing a seller's market, when it is combined with low interest rates and a growing economy. The neighborhood's amenities continue to expand with new parks, restaurants, retailers, and coffee houses. As the north west corner of Trafalgar and Dundas starts to develop the new housing prices will continue to make Wedgewood Creek's real estate prices rise.
Currently, the average price of a townhome (condo or freehold) in Wedgewood Creek is $409,000 and is taking on average 22 days to sell. The highest price paid for a Wedgewood Creek town home was $590,000 and the lowest price paid was $302,000, taking as long as 122 days on market and as little as 2.
For a detached home in Wedgewood Creek the average price paid was $674,000 and took 20 days to sell. The lowest price paid for a home in the area was $525,000 and the highest was $1,125,0000 taking as long as 69 days and as short as 1.
Wedgewood Creek remains a great place to raise a family, retire or buy your first place. Prices remain bullish with over 20% of the properties selling at list or above (which is an indication of bidding wars). With no new development available in this community, the area will remain stable.
For more information on Wedgewood Creek Real Estate please click here.
West Harbour Real Estate Update
May 2012
West Harbour continues redefine itself as one of Oakville’s toniest communities, with prices to match. Older homes are being torn down to make way for state of the art construction. This past year West Harbor has seen the final sales of 111 Forsythe (Daniel’s ubber luxurious condo) and the addition of several excellent restaurants. Soon the community will see it’s first Starbucks (the first west of the 16 Mile Creek and south of the QEW). Several new properties are being built on its fringes, so it is hard to determine if the boundaries will change again to include those between Brock and Dorval.
The average price for a detached home in West Harbor is $1,150,000 and took about 103 days to sell. However, with several of the older properties being purchased for land value this average will likely grow significantly over the next few years. The highest price paid for a detached home was $1,800,000 and the lowest was $600,000. It took as long as 318 days and as little as 3 days to sell.
For a West Harbor townhouse the average price was $858,000 and was on the market for 71 days. The highest price paid for a townhouse was $1,790,000 and the least was $375,000 and took anywhere from 12 to 144 days to sell.
Finally, the only apartments for sale in West Harbor are located at 111 Forsythe. Since there are only 3 properties that sold last year – it would be inappropriate to report the sales, since it would be too easy to determine which units sold for what prices. Reporting these sales is against the Real Estate Council of Ontario’s code of ethics. The price per square foot depends on the location and view from the unit, but on average it is $700 per square foot.
West Harbor real estate was under a cloud for a period of time due to the proposal of a mixed use 16 story complex to be built on the south side of Lakeshore, between Brant & Brock. This development was not approved by the OMB, and now is renovated as is (single story retail). With that issue resolved, the days on market has really reduced and will be a contributing factor to an increase in property values.
For more information on West Harbor Real Estate Information, please click here.
A Seller's Market in Oakville
After the last few years - these are the words that Oakville home owners were looking forward to - "Seller's Market". This is being driven by a lack of inventory, low interest rates, the rebound of the TSX and NYSE, and a stronger US economy.
During the past week 35% of Oakville homes have sold at list or above, and 50% of properties leased. For the first time we are seeing south Oakville properties selling as strongly as properties listed north of the QEW. Of the 70 homes sold two-thirds were located above the QEW. There are only a total of 705 active listings which translates to 10 weeks of inventory.
So what do you need to do to make the most of this new reality - depends on whether you are a Buyer or Seller . As a buyer - you'll need to be working with a realtor. Quite often by the time properties are making it to MLS, the strong homes are sold. There is about a 24 hour time lag. The best advise for Sellers is to make sure your home presents well - so give your realtor at least a week prior to listing to help you prepare. They will give you the advantage. Remember there are over 60% of homes that aren't selling above list. A $40 can of paint is worth a $1000 on the walls.
Oakville's real estate market has really heated up, and will likely continue to do so for the rest of Spring. So if you're looking to buy or sell - stay focused - and enjoy the ride.
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Moving in or Relocating to Oakville, Ontario
So you're thinking of moving in or relocating to Oakville, Ontario, one of Canada's most prestigious communities. Oakville is definitively worth considering if you're moving into or around the Greater Toronto Area, most often referred to as the GTA. I've lived in Oakville for over 25 years, and have been involved in the community since 1972. I know my way around the town, its various neighborhoods, and communities. I'm passionate about Oakville.
Oakville was founded in the 1800s, around what is now considered Old Oakville. This neighborhood has a historic shopping district, which is filled with excellent boutiques, restaurants and cafes. The second major community, which was also founded in the 1800s, was Bronte. The area around Kerr Village was the last to be developed in the 1850s.
Transportation in Oakville
Oakville has easy access to public transit (Oakville Transit) whether you are needing to catch a bus, or catch commuter train (GO Transit) into Toronto. By car the town has excellent road systems and quick access to three major highways: QEW, 403 & 407. It is about a 30-minute car ride to Toronto Internation Airport (Pearson). VIA Rail, the nation's rail service, has a stop in Oakville. The vast majority of Oakville residents own a car.
Types of Oakville Homes
The majority of homes in Oakville are single detached dwellings. There are also condominiums, and townhomes as well. Homes range in style from the historic 1800s to ultra modern. Currently prices range from $175,000 for a one-bedroom apartment to $45 million for an estate on the shores of Lake Ontario. There is something for everyone in town.
Education in Oakville
Oakville residents are well educated with a significant number of people holding university degrees, college certificates, and post-graduate degrees. The neighborhood schools are considered the best in Ontario, whether you are seeking public, catholic, or private. The public system is rated as the highest in Ontario. Most people who live in Oakville use the public system to educate their children. Oakville is also home to Sheridan College, with its world renowned animation program.
For the youngest Oakville residents there are a large number of excellent daycares.
Recreation in Oakville
Oakville has a wide variety of recreational opportunities, both in sport and the arts. There is basically nothing you cannot find happening in Oakville from running clubs and competitive canoeing, to the symphony or theatre. You'll be able to find a group, organization, or facility to meet your needs.
Parks in Oakville
There are a wide range of parks, from the formal Garilock Gardens to the vast trails of Glen Abbey. You can sit on a beach in the summer, and cross-country ski in the winter.
Weather in Oakville
For a northern climate, Oakville weather is moderate. The winters are cold with snow, and summers are usually warm and humid, and. However, you can always cool off by the lake. The lake also provides Oakville with very moderate winters (though you'll have the occassional fridged day). The most pleasant time of the year - at least for me - is Fall, when it is usually warm but not humid, and the trees change color to vivid oranges, reds and yellows.
During this past summer I needed to sell a family property. The home had been in the family for over 40 years. It had very few upgrades, but had been well maintained. The neighbourhood is in transition, from small post war homes to large $1,000,000 plus homes.
Here are the steps I took when deciding on what to do with our property:
1. I brought on another realtor to work with me. Like all home owners, I wanted to make sure I wasn't making emotional decisions. The other reason for bringing in another realtor is for personal protection. If a realtor sells there own home, then the realtor's errors and omission insurance is voided.
2. Working with the other realtor we analyzed the market and found that the property as it sat, would only appeal to a builder as a tear down. That the neighbourhood real estate did support the sale of small homes that had been fully renovated. As land value the property would sell for $550,000. Renovated homes of similar size had sold recently from $610,000 to $675,000.
3. I hired an experienced local stager, who understood what the neighbourhood buyer's expectations. It was a fairly inexpensive to determine what might need to be done from design, demolition, renovation, and finally staging. She provided me with a report for $200.00. I took this to my realtor, to determine if she felt the recommendations were valid. Almost all the recommendations were thought to be necessary.
Recommendations:
Interior
Gut and renovate main 4 pc bathroom
Gut and renovate 2 pc bathroom
Gut and renovate kitchen
Paint interior
Replace all pulls for built-in closets
Replace all light fixtures
Strip all ceiling of popcorn stucco
Refinish hardwood floors
Stage living/dining room, master bedroom, bathrooms and kitchen
Exterior
Paint exterior
Repair garage door and paint garage
Replace tiles on front porch with brick and create white picket railing
Remove all over grown shrubs and replace with new flowers
Build a small picket fence at front yard to define property
Replace all light fixtures
4. A well recommended builder quoted the demolition and renovations, and the stager provided a quote for design and staging. The quote came in at $45,000, with completion in 2 months.
5. Went back to the realtor to discuss quote, and likely return. I decided that the return on the investment which I budgeted at $55,000 and 3 months was worth the potential return. I hired both the stager and builder, who had to work together.
6. During the process, I was constantly needing to keep track of expenditures. Did we go with marble floors, or straight forward tiles, solid surface counter tops or laminate. With each of these decisions, I worked with the realtor, stager, and builder.
The Result
The home was finished in 2.5 months at a cost of $50,000. It was staged in 1 day, the property was photographed and then listed on MLS for $639,000. A public open house was held on the next day, which was Sunday. An agents open house was held on Tuesday, and another public open house was held on the following Sunday. A total of 200 people went through the house, along with 50 realtors. Offers were held until the Monday following the second open house. I received 4 offers: one below list, one at list and two above list. The house sold at $656,000 and closed in three weeks. This positive result speaks for itself, which is why I always recommend taking these steps prior to listing any property.
rates and a growing economy. The neighborhood's amenities continue to expand with new parks, 
The average price for a detached home in West Harbor is $1,150,000 and took about 103 days to sell. However, with several of the older properties being purchased for land value this average will likely grow significantly over the next few years. The highest price paid for a detached home was $1,800,000 and the lowest was $600,000. It took as long as 318 days and as little as 3 days to sell.
During the past week 35% of Oakville homes have sold at list or above, and 50% of properties leased. For the first time we are seeing south Oakville properties selling as strongly as properties listed north of the QEW. Of the 70 homes sold two-thirds were located above the QEW. There are only a total of 705 active listings which translates to 10 weeks of inventory.
A Brief Overview of Oakville
Types of Oakville Homes
Parks in Oakville
