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Why Should You Invest In Oakville Real Estate?
Oakville is a suburban town in the GTA’s Halton Region. Located immediately west of Mississauga, the area is loosely bound by Winston Churchill Boulevard to the east, Highway 407 to the north, Burloak Drive and the Bronte Creek Provincial Park to the west, and the shores of Lake Ontario to the south.
Like the majority of the GTA, it’s a place where growth is anticipated and the town’s “Livable Oakville Plan,” is in place to guide this growth and adaptation. The majority of this growth is planned for six areas within the town; Downtown Oakville, Palermo Village, Uptown Core, Bronte Village, Kerr Village and Midtown Oakville. These neighbourhoods are starting to see more modern condominium and townhome developments, as well as increased retail and office space, pedestrian networks and public transit access.
According to the 2016 census, Oakville’s population clocks in at 193,832 residents, a 6.2% increase since 2011. This growth has outpaced that of Toronto, which only grew by 4.5% over the same time period. It’s estimated that by 2031, that number will grow to approximately 255,000 people.
Oakville is part of the Halton Region, which is expected to undergo a massive boom over the next 25 years. In the 2016 census, the entire region accounted for 548,345 people and that’s expected to go as high as 1 million people by the year 2041. Its job growth over the same time period is projected to mirror the population growth by offering 410,000 jobs in the same year, and Oakville is expected to have the most jobs at 127,000.
Average Condo Price for Oakville
The average rental rate for the Town of Oakville is presently $2,800. This is in addition to a rental appreciation rate of 3.2% for the past 10 years. The demand for condos is still strong here as the vacancy rate currently sits at 5.7%.
The average price per square foot for all pre-construction home types in Oakville is $840. And the average pre-construction appreciation rate for the past 10 years has been 5.5%.
The average resale price for all home types in the Town of Oakville is presently around $1,246,101. The average resale appreciation rate for the past 10 years has been 7.8%.
City of Oakville
As a waterfront town, this picturesque pocket boasts not one but two harbours; the Bronte Harbour near the western boundary and the Oakville Harbour, which is near the downtown core. The waterfront often hosts festivals and artisan’s markets.
The area also has a vibrant arts and cultural sector. The Oakville Centre for the Performing Arts houses several performances by local and international artists and also serves as a venue for the local symphony orchestra, a children’s choir and the Oakville Ballet Company. The Community Arts Space provides space for a roster of non-profit, artistic, music and cultural groups, while the Oakville Galleries is a well-known museum that holds more than 1,100 works of art.
The town is home to the corporate head office for Tim Hortons, as well as the Canadian head offices for Siemens and the Ford Motor Company. It’s a popular area for life science companies, although the largest employer in the region is the Halton Catholic District School Board.
A popular location for families, it boasts several well-known sports leagues and facilities, including the Glen Abbey Golf Course, which has hosted several Canadian Open professional golf championships and the Oakville Soccer Club, which is the largest soccer club in the country.
You’ll find many reputable elementary and secondary schools in this pocket, which has one of the highest ratios of private schools to student populations in the country. It’s also the home of the main campus for Sheridan College, which is a widely renowned school that offers a rich variety of courses. It’s particularly known for its animation, music theatre, film, business, applied computing, and engineering technology courses. Sheridan has a yearly enrollment of 53,000 students, and they could very want to live in your investment property.
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Accessibility / Getting Around
Oakville Transit provides regional bus service is provided throughout the city, and the area’s main transit facility was recently upgraded. It's also home to two GO stations - Bronte Station, which connects to the Lake Shore line and Oakville Station, which connects to the Lake Shore line, as well as the regional bus network and the VIA Rail system.
The town is served well by major arteries, with east/west access provided on the QEW and highway 407, while highway 403 provides north and south access.
These highways are great news for investors because of Oakville’s location within the GTHA. Drivers can conveniently access Southern Ontario’s largest urban centres, with Oakville being in between Hamilton and Mississauga. Even the Financial District the Toronto's downtown core can be reached in a 30 minute drive thanks to the QEW.
The waterfront trail, which runs along some parts of the lakeshore, is popular with joggers, dog walkers and cyclists, and why not? Nothing is more serene than running along the waterfront. That’s why this vibrant, waterfront town makes a great place to call home, and we’re excited to see how it evolves as it continue to grow and urbanize throughout the Halton Region.
List of New Condos in Oakville
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Questions & Answers
New To The Home-buying Game?
You’ll need a trustworthy real estate agent, a good loan officer or broker, and perhaps an attorney. Delving into this process alone, without professional assistance, isn’t always a terrific concept. While every rule has its exception, generally, first-time buyers should try and avoid dealing directly with the listing agent, go seek professional and sound representation.
Will My Deposit Be Protected By Tarion And How Much?
If you sign an (APS) Agreement of Purchase and Sale for a new condominium or home and provide your builder a deposit, Tarion will protect these funds up to certain limits in the event that:
- the builder goes bankrupt;
- the builder essentially breaches the purchase agreement; or
- you have a lawful right to treat the purchase agreement as aborted
Before treating your purchase agreement as aborted, and to make certain that your deposit request will be covered by Tarion, you should consult an attorney. Deposits paid for condo units are guarded by Tarion up to a maximum amount of $20,000 and any deposit amounts are protected by the trust provisions of the Condominium Act. Deposits paid for all other new homes are covered by Tarion up to a maximum of $40,000.
You ought to be aware that payments made for upgrades and extras might not be blanketed by Tarion. for instance, many purchase agreements state that payments for enhancements and extras will no longer be refunded under any situation.
Further, Tarion does not guard any payments you make to reserve or hold a condo unit or home before you sign an APS. If you do make such a deposit, ask the builder to keep the money in trust and ensure you get a receipt.
What Are The Advantages Of Investing In Oakville?
Oakville has what you need, from a thriving, strong economy to an unparalleled lifestyle. No matter what, Oakville is all about economic opportunity, growth and success, from nearly full employment to higher-than-average household incomes.
Its residents have the distinct advantage of being able to live life to the fullest, especially with expansive views of Lake Ontario. Their downtown area features both historic and contemporary architecture, with buildings that house over 400 shops, services and eateries. Life is not just an expression, it is a reality and ranks right near the top as one of the main communities to work play and to live. Their enviable recreation and lifestyle options has helped Oakville consistently rate as one of the top places to live and raise kids in.