As a fast growing residential area, Oakville is rapidly adapting to the demands of its swelling population. The area is very popular due to the many local job opportunities and the town’s proximity to Toronto, the US border, and national landmarks such as the Niagara Falls.
Most developments are centered around six areas of interest. Downtown Oakville, Palermo Village, Bronte Village, Uptown Core, Midtown, and Kerr Village are set to be the sites for modern condominium and townhome developments.
42 new local residential developments are planned, under construction or recently finished, with 20 of them being condo developments.
Part of the Greater Toronto Area, Oakville is a town located in the Halton region between Toronto and Hamilton. Traditionally an industrial area, Oakville was known for its mills, goods production, shipbuilding industry, and foundry. In the present day, it is home to one of Canada’s automobile plants.
This suburban town has a lot to offer to tourists and residents alike. One of its most popular destinations is Bronte Creek Provincial Park, located on the western side of the town. The park offers many great outdoor experiences like hiking, biking, cross-country skiing, swimming, and even camping.
Other sources of entertainment may be found in famous clubs like Glen Abbey Golf Club, visiting museums and art galleries in the area, visiting Old Oakville or enjoying the many festivals it hosts.
Oakville is also famous for its education programs. As an example, Sheridan College is considered to have one of the best animation programs in the world.
The real estate market in Oakville tends to follow the trend visible in the rest of the GTA. It has seen a steady rise over time, with a yearly growth rate of 8,6%. In 2019, the average selling price for condos was set at about $843,390, with a price per square foot of about $1,300.
The vacancy rate for condos is low, set at about 0,6%. The high demand is reflected in the average rental rate which is about $2,100. The average price for homes in the area is around 1,021,000.
The suburban townhouses attract an impressive number of businesses, such as pharmaceuticals, technology, aerospace, tourism, and real estate in the area. The largest local employer is the Ford Motor Company. Popular jobs in the area are represented by professional services, finance and insurance, retail, and health care.
The local economy is thriving with the support of large companies and over 8,000 local businesses. This growth is reflected in the desirability of the area, either for employment opportunities or for the town’s great community.
Oakville has an unemployment rate of 4.1%, slightly lower than the other municipalities in the GTA.
The town’s proximity to Toronto allows a comfortable commute to work, with GO trains and busses or by car on the 403 or 407 Highways, and the Queen Elizabeth Way. Public transportation inside the town is provided by Oakville Transit, with bus routes connecting with local transit stations to GO stations.
Oakville is located at a mere 30 minute drive from downtown Toronto, which makes it a relatively easy commute.
Oakville is an attractive place to live in. People move here because of the many job opportunities, or in some cases, because of the town’s proximity to the US border and to Toronto. The town’s growing population and thriving economy are clear markers for the steady and constant rise of prices in the real estate sector.
That being said, this is a good time to invest in Oakville real estate. The local population is on the rise, but unlike other districts in the GTA, the residential and commercial sectors seem to develop hand in hand.
The new condominium developments in the area are perfect for investors who want high returns on their investment. And the earlier you invest in a condominium project, the higher the potential return because pre-construction condos are sold in different steps.
