An Overview of the Oakville Real Estate Market for 2024
Canada calls anything over 10,000 people a city, except for Oakville, Canada. Despite having a population of over 200,000 people, Oakville remains a town that gives off a friendly, close-knit vibe.
Oakville is great for families, retirees, and anyone who wants a relaxing lifestyle away from the hustle and bustle of a big city. If this sounds like the place for you, you should learn about Oakville real estate first and foremost.
This complete overview has you covered.
Oakville Real Estate Market
The Oakville real estate market is dynamic enough to attract various buyers. Most known for its stability, first-time buyers, families, and even investors are interested in the market.
The town offers many housing options as well. Townhouses, waterfront estates, and even historic properties are some of the options you can find in the area. There is truly something for everyone while house shopping.
Average Sale Prices
Canada real estate differs from town to town. In Oakville, the average sale price decreased by 4.1% between 2022 and 2023. The affordability is likely due to the decrease in sales transactions.
Experts expect to see a 7% increase in average residential home prices and an increase in the number of sales by the end of 2024.
Currently, the average sold price for a home in Oakville is $1.6 million which is a huge jump from January 2024. From January to February 2024, the average home sold price increased by 16.2%.
This huge fluctuation is due to a huge drop in sold homes in January.
Housing Inventory
Lack of inventory is one of the main problems with the Oakville housing market. Unlike other towns in Canada, Oakville the inventory problems aren’t due to immigration.
Rather, low inventory in Oakville is likely due to high-interest rates. Sellers want to stay locked in with their mortgage that has a lower interest rate than what the market is currently offering.
Inventory levels are expected to rise by the end of the year, which may lower home prices. The supply and demand of Oakville real estate determines how the market adjusts.
As of February 2024, there are over 700 new home listings within the last 28 days. 202 homes have been sold in the same period with an average of 22 days spent on the market.
Housing Demand
Oakville has many housing options, some more affordable than others. 2024 is expected to see a demand for single-detached homes, especially bungalows.
Despite rising interest rates and shortages, wealthy buyers are in a good place. Those looking in the $3 to $10 million range can move up in the market with little disruption.
Rising costs might deter young buyers from purchasing a home in Oakville. Instead, they will rent for longer or continue to live with their families.
Out of 23 towns in the Greater Toronto Area (GTA), Oakville is the second most expensive but has the 11th fastest-growing market.
Livability Score
Oakville has an 84 livability score which is considered exceptional. The town ranks better than most areas in Ontario and Canada overall.
The top features of living in Oakville are:
- Short commute times
- Low crime rates
- High median household income
- Top-of-the-line health and safety
The biggest downside of Oakville living is that it can get expensive, despite some neighborhoods having high affordability rates.
Top Neighborhoods in Oakville
The town of Oakville has so much charm and character. With a variety of neighborhoods, you can find a key area that fits your needs.
These are some of the top neighborhoods in Oakville in 2024:
Old Oakville
Old Oakville is a historic neighborhood with a vibrant downtown core. Whether you prefer a sophisticated or quaint living experience, this area is for you. You can find a mix of upscale condominiums or detached homes.
The neighborhood is great for families as the town features tree-lined streets and multiple private schools.
Corporate employees with families benefit most from this area as Old Oakville is conveniently located near bigger cities home to international offices.
Oakville itself is also home to some top employers, including:
- Ford Motor Company
- Sheridan College
- Halton Healthcare
With more people moving into the town, job opportunities and new homes are growing.
Bronte Village
Bronte Village is situated along the front of Lake Ontario. The beautiful views and relaxed atmosphere are perfect for those looking for a lifestyle on the water.
There are affordable and pricier options ranging from cottages to townhouses, and luxury homes. Often referred to as a hidden gem, this is a great place for retirement.
The village is known for its harbour with award-winning dining options and specialty shops. Old Oakville and Bronte Village are likely to be the most desirable neighborhoods with key livability features in 2024.
Glen Abbey
You might have heard of Glen Abbey for its prestigious golf course, but the neighborhood is more than that. There are multiple residential properties, most near great schools.
Families who prefer a suburban feel and access to recreational amenities will enjoy this area.
Glen Abbey has an important history of being the first planned community in Oakville.
River Oaks
River Oaks has many schools, shopping centers, and parks, making it a family-friendly neighborhood. Single-family homes and townhouses are diverse in the area.
For a tight-knit community feel, this is the place to be. The community continues to quickly grow and stay safe for young families.
Joshua Creek
Joshua Creek is sought out by families living in Ontario. As one of the best places to live for families, you can find many upscale homes and top schools.
Like River Oaks, there is a strong sense of community. The real estate market is thriving because of the excellent amenities and access to major highways.
It’s one of the most desired communities in Oakville with lower crime rates than the Oakville average.
Living in the Town of Oakville
Oakville, Ontario is filled with many surprises for locals and visitors. If you want to become a resident of this hidden gem, we hope this Oakville real estate guide has helped.
The diverse area is affordable but has many luxury options for those who want something more.
As home inventory continues to increase in 2024, prices will go down. It’s the ideal time to start shopping around for your dream house.
Oakville Rising has information on all the things that this unique town has to offer. Check out our website for more tips and things to do in the area.
