The Oakville mortgage industry is influenced in part by the local real estate market, and the same is true vice versa. As a mortgage broker in Oakville, Mark Cashin is continuously checking the local real estate market in order to assess how it is currently behaving and what market experts are forecasting for the future.
In March of 2017, the Halton Region, which includes Oakville and surrounding areas, saw a total of 587 construction starts across all residential properties – ownership and rental. This figure is up significantly from the 339 starts that were reported in the same month a year prior.
Other staggering areas of growth so far this year are the number of completions on newly constructed residences and the number of homes sold. Between both ownership and rental, there was a total of 512 completions and 481 closed sales in March of 2017, compared to only 288 completions and 286 closed sales in March of 2016.
Oakville represents the vast majority of this growth in the Halton Region with 506 of the 587 starts made in March of this year.
Homes sales were up in Oakville as well, rising from 26 sales in March 2016 to 46 sales in March 2017. But this year over year increase for the month of March is nothing compared to the year over year increase in the year to date sales. So far this year, there has been a total of 158 Oakville homes sold. At this same point in time last year, there had only been a mere 57 home sales in the area.
The market in the Halton Region, looking at Oakville in particular, is definitely warmed up and ready to go as we get closer to summer. The increased number of new homes that will be coming onto the market and the rise in existing home sales is great news for both buyers and sellers alike.
Buyers now have more options as they search for their dream home, and sellers can close on their homes much faster as more buyers enter the market.
If you are interested in purchasing a home, look no further than Cashin Mortgages! As a trusted Oakville mortgage broker, Mark is proud to offer his insight into the local market as well as his expertise at finding the perfect mortgage for every situation. Give Mark and his team a call today at (416) 898-7600 for more information or to set up your mortgage consultation!