Oakville’s housing market was very active to start the year, with sales increasing by 11% in the first quarter year-over-year. Single-family detached homes in the upscale town west of Toronto were in high demand, as move-up buyers look for bigger homes to accommodate growing families. The average sale price rose from $832,780 in the first quarter of 2015, to $1,001,334 in 2016.
Rising prices across the GTA have resulted in more homes being sold for over $1.5 million in Oakville, the entry level price of the suburb’s luxury market. This has resulted in a 94% increase in sales in the luxury segment between January and March year-over-year. Foreign buyers are increasingly attracted to good elementary and high schools in Oakville and have played a larger role in the luxury market in the first quarter of 2016.
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