DMajor

House prices are going crazy in Oakville.
Our friend's neighbour just sold for $1,200,000 off the 3rd Line/Upper Middle
It was up for $850,000

bats

You could look at Peterborough and Cobourg, both have plenty of new subdivisions, transit etc . My preference would be Cobourg

Hurlabrick

....or Kingston, or Guelph, or London, or Hamilton, or St Catharines, or Stratford etc.etc.

Kentonmag

I can well believe it, I've heard of similar instances from Brantford. The market has gone silly again, god help people if the mortgage rates ever go up to even 7% let alone the double figure mortgage rates that many on the is site will have lived through in the past.

Mordko

Curious to see what will happen to house prices when the interest rates go up by just 1%. Mortgage interest rates are already going up quite fast south of the border; we can’t be too far behind them.

Hurlabrick

The market is also hot in London, ON. Annual house price inflation has been at least 15 to 20% pa for the ladt 3 or 4 years and shows no signs of slowing. Said to be the 'ripple out' from GTA (ie people in GTA cash in and move out to Hamikton, Brantford, Kitchener, then those people move out to Woodstock, London, St Thomas etc. - eventualyy the waves finally get to Windsor then stop!)

Oakvillian

I've seen that recently as well. Two houses on my street sold within days of listing in the last couple of weeks; the first I know sold for over $1.6m, about $250k over asking, and I would be surprised if the other didn't close substantially over list as well. I think this may be a bit of a post-covid bubble, though - there's very little inventory on the market right now, but anectdotally a whole load likely to come on in the next few months.

Thankfully there are all sorts of complicated reasons why we can't even think about moving house for at least the next ten or fifteen years - even if we'd make a killing on selling our current place, I'd hate to have to be looking to buy at the moment! I know I have taken issue in the past with the usual advice on these boards to rent for a good few months before committing to buying anywhere, but I would certainly endorse that opinion today. Rent, see where the market goes, wait to see if there's a genuine shift towards more work-from-home jobs, and watch with interest the resulting shifts in the balance of power between urban, suburban and rural property markets...

abner

Why stop there?

"Inner City Detroit -- the New Oakville!"
;-)

Partially discharged

I can't see the wave from London going much past Dutton Once you reach there you realize you are now in Nirvana and no need to head to the urban delights of East Detroit

Seriously, these real estate prices are depressing and I fear for the ability for my kids to get on the property ladder.

There are other parts of Ontario I could see myself as being happy in but to be leaving your chosen place and having to settle for second best in another place due to crazy house prices is not my idea of progress. Hopefully prices will settle down soon.

Here in Ottawa, some areas are undergoing lots of 'raise and rebuild' 'infill' and intensification and properties are going for crazy prices based solely on land value. Many times it is an estate sale and the children of the elderly parents cash in and often times can retire early.

Partially discharged

Having been to 'inner city detroit' I have yet to see few similarities to Oakville. Detroit is what happens when you put all your eggs in one basket and can't compete on a wages level with automobile production costs outside the USA and when you hollow out your core through white flight and interstate highways cutting through existing neighbourhoods.

dbd33

Isn't that why we're in Canada?

Partially discharged

Good one. I thought you came here to be able to afford to sail and raise horses Probably not feasible in the home counties.

Glad I never got into the work in 416 and travel in by car from 905/705 or 519 to work in order to 'be able to afford a yard for the kids to play in' world. Can't imagine anyway would want to travel that far in all seasons When we moved to Ottawa from Toronto, housing was quite affordable for us. Now,, not so much.

Glad to see you back. Will your sarcasm and general snarky comments be returning. ?

dbd33

Originally it was because Camden Town had become too expensive for us to buy a property. We looked at the UK beyond the end of tube and thought, if you have to go out to Watford you might as well try abroad, so we moved to Canada. Sailing and horses and the cars and all those ex-wives were just by-products of living in a place with cheap housing.

In order to have a yard for the kids I moved out to Leslieville. In order to have room for a trampoline I moved to the Beach. In both cases I could have commuted by tram but, since I had a parking spot in central Toronto, I drove. Commuting from Mississauga or Oakville would, I agree, be misery; if those are the options one may as well try Watford. Commuting to Toronto from Barrie or wherever is in the 519 area code is just a silly idea; to move to that set up you'd have to sure that covid will be around for the rest of your working life.

Thank you. Intermittently, I expect.

HGerchikov

Commuting from Oakville was fine (as long as you don't attempt to drive). Short trip to GO train, free parking and then quite a sociable scene on the train as same people, same train, same carriage every day. When I stopped going downtown, there were a number of fellow GO train commuters that I had to say goodbye too.

dbd33

Rather like commuting from Watford. Perhaps worth doing, if you're the commuting type, and if the price of houses in Oakville is sufficient cheaper than the price of houses in Watford to allow the purchase of lots of stuff. That's likely still true if you have a house in Watford to sell. If you can't afford a house in Watford then not being able to afford one in Oakville isn't a great deal better; there's no reason to emigrate.