Hello and Happy New Year! It’s time to start fresh with new goals and a bright outlook for the year ahead. Let’s make it a good one!
We are one week into January 2021 and I wanted to share with you my personal observations of Oakville’s real estate market and the trends I see going forward.
It is quite clear that last year’s trend of low inventory and steady demand for housing continues to shape our local real estate market. Unlike during the first lockdown in March 2020 when showing appointments on listed properties came to a halt, we have not seen a decrease in buyer activity with this second lockdown. There is a large pool of active buyers. Oakville property sale prices are at an all-time high. This is indicative of strong buyer confidence going into the new year. With supply being so low right now, it’s an optimal time to get your place on the market as a potential seller (only if it’s the right time for you personally).
What about the rest of 2021? Royal LePage is forecasting Canadian home prices to rise 5.5% by the end of this new year. In the words of Phil Soper, our President and CEO of Royal LePage, “The leading indicators we analyze are pointing to a market that favours property sellers in the all-important spring of 2021. Across the country, a large number of hopeful buyers intent on improving their housing situation were not able to find the home they were looking for (in 2020), as the inventory of properties for sale came nowhere near to meeting surging demand. With policy makers all but promising record low, industry supportive interest rates to continue, we do not see this imbalance improving in the new year. The upward pressure on home prices will continue.”
Read the full forecast here.
As we navigate into the New Year with now well-practiced COVID-19 protocols, we are here to help you sell and buy properties safely and confidently. If you have any questions or you’re curious about the market, call me anytime. Always happy to share my expertise and guide you with unbiased advice.
Best wishes for a healthy and happy 2021!
– Rina
