Oakville & Burlington Real Estate Blog - Dan Cooper » Real Estate

Be prepared for a hot spring in the local real estate market

Dan Cooper — Thu, 21 Apr 2011 16:48:30 +0000

Spring is traditionally a strong season for real estate. It’s a time of the year when nature begins anew, putting us in the mood for a new beginning as well. And from all accounts, this spring appears to put us back on track after a long recession.

A number of surveys and real estate board reports are indicating that we can expect everything from a balanced market to a robust season – depending on where you live. This area will be on the robust side. The Oakville and Burlington markets have consistently been among the strongest in Canada when we measure our performance against the country’s leading communities.

According to the most recent Royal LePage House Price Survey, the best performing major markets in the first three months of this year are Vancouver where the price of a standard two-storey home rose by 9.7 percent and Montreal where detached bungalows rose by 6.3 percent.

The average house price in Oakville rose 8 percent over the same period – again placing this market as one of the best places in which to invest in real estate. “As we move into spring, which traditionally is a good time for buying and selling homes, I think we’ll see a slight upward trend in sales,” says Jack McCrudden, President of the Oakville Milton and District Real Estate Board. “In fact, sales have been increasing month over month for the past three months. All things being equal, it should be a good spring for buyers and sellers.”

The average sale price for March in Oakville increased 6 percent over March last year to $572,909. In Milton, the average sale price in March was $409,207, an increase of 7 percent. Over the first three months of the year, Oakville increased by 8 percent to $609,744 and Milton by 3 percent to $396,989.

In Burlington and Hamilton, the Realtors Association is saying this year will be a return to a normal year. Sales activity was down for the first three months, but the average sale price increased by 3.5 percent, which followed the national average.

“The spring market is proving to be what we would call a normal, more balanced market,” says Ann Forbes, President of the Realtors Association of Hamilton-Burlington (RAHB). “In this kind of market, we will see a good number of properties coming on the market and a good number of sales going through. There is time for buyers to shop and compare before they buy.”

Mind you, their figures take in the entire area that RAHB covers, which includes 15 cities and towns from Burlington to Dunnville. I would have to think that some of those communities will be dragging these figures down and that Burlington’s performance is not being reflected.

When you consider that Burlington recently placed third in the 2011 Best Places to Live in Canada survey conducted by Money Sense magazine, the desire to live in such a community is going to be high – and that drives up prices.

Across the country, low interest rates and a recovering economy continued to fuel activity over the past year. “Canada’s real estate market has maintained momentum coming out of 2010, indicating the post-recession recovery is continuing,” says Phil Soper, President and Chief Executive of Royal LePage Real Estate Services. He cautions that while prices will continue to creep up, most of the excess demand created by the initial drop in interest rates has been satisfied and that single digit percentage increases are more likely for the balance of the year.

That might be true on a national scale, but hot markets such as Oakville and Burlington continue to buck the trend and we will likely experience strong performances through the year.

Dan Cooper is an award-winning broker with Royal LePage Real Estate Services Ltd., Brokerage – the Number 1 Royal LePage Team for Canada in 2009. He can be reached at 905.338.3737, direct line at 905.849.3303 or through his innovative and interactive website at DanCooper.com. Be sure to catch the Dan Cooper Real Estate Series on DailyWebTV.com. For his free booklet How To Sell Your House For Top Dollar – Fast! or his Guide to Oakville Real Estate, please call The Dan Cooper Team.

Why is the outlook for the housing market so positive for this year?

Dan Cooper — Mon, 14 Feb 2011 18:55:55 +0000

The mood in the housing market has certainly rebounded. For those of us in the real estate industry, we saw a better than anticipated finish in 2010 and see the continued optimism in early 2011. This was confirmed this month by the Canadian Real Estate Association (CREA) which has revised its 2011 forecast upwards for home sales activity.

“Homebuyers recognize that low mortgage interest rates represent a once in a lifetime opportunity,” says CREA President Georges Pahud. “At the same time, they expect that rates will rise, so they’re doing their homework in order to understand what it could mean in terms of higher mortgage payments down the road before they make an offer.”
CREA forecasts that the national sales activity will rebound by three percent, which is roughly on par with the 10-year average. The upward revision to CREA’s forecast for 2011 reflects recent improvements in the economic outlook and a further expected improvement in consumer confidence.

Recent changes to mortgage regulations (the maximum amortization period was recently shortened to 30 years from 35 and the maximum homeowners can borrow in refinancing mortgages was reduced to 85 percent from 90 percent) will further ensure buyers don’t get in over their heads; that they won’t buy more home than they can afford and find themselves in trouble when interest rates rise – which they will inevitably do.

“The new changes to mortgage regulations will likely bring forward some sales into the first quarter that would have otherwise occurred later in the year, particularly in some of Canada’s more expensive housing markets,” says Gregory Klump, CREA chief economist. “This is expected to produce a milder version of the volatility in sales activity that we saw last year which resulted from additional transitory factors.”

Three transitory factors contributed to volatility in sales activity last year: changes in mortgage regulations, the early withdrawal by the Bank of Canada of its conditional commitment to keep interest rates on hold until the second half of 2010, and the introduction of the HST.

CREA expects that home sales activity will gain traction after dipping in the second quarter as the economic recovery and job growth continue, incomes grow and consumer confidence further improves. “Even though mortgage interest rates are expected to rise later this year, they will still be within short reach of current levels and remain supportive for housing market activity. Strengthening economic fundamentals will keep the housing market in balance, which will keep home prices stable,” says Klump.

In the Oakville and Burlington market, sales were down last month compared with the same month last year, but prices were up – indicating we are still in a solid real estate market with home values remaining strong. In Hamilton/Burlington sales were down 7 percent but prices were up 9.4 percent. In Oakville sales were down 11 percent and the average price was up 9 percent. The average price rose from $590,657 last year to $644,849 in January in Oakville.

Pahud says the housing market and buyer psychology is different now than it was at the beginning of last year, and advises that buyers and sellers consult their realtor to understand local market trends.

I’ve consistently advised that the key to finding a good deal or selling quickly for top dollar is to work with a broker who knows the community. The professionals at The Dan Cooper Team of Royal LePage have such a track record, which has led to our achieving the Number 1 Team in Canada for Royal LePage for 7 of the past 10 years.

The proper lighting can add ambience and value to your home

Dan Cooper — Wed, 09 Feb 2011 19:42:42 +0000

I have made many great connections with businesses in the Oakville and Burlington areas; associations that have provided additional help for my clients who are selling or buying a home. My connections include mortgage brokers, real estate lawyers, home inspectors, stagers, florists, galleries and the list goes on and on.

Clients who are selling have been able to increase the value of their home by making modest and cost-effective upgrades that make their properties more attractive and more appealing to a wide audience of buyers. For the buyer, moving into a home is exciting and creating your own personal style is all part of the experience.

Lighting plays such an important role in the appearance of your home. Perhaps you need some additional ambience lighting to create a mood to sell, or maybe you want to replace the existing fixtures in your new home with something that is more your style.
An important connection and a very good friend is Don Parans, owner of Concept Lighting Galleries. This is not your average lighting store. I have known Don for many years and I can tell you firsthand that his staff (designers) are obsessed with service. Whether you have trouble making a design decision or if it’s a question of installation, they can help.

“To ensure that our store has broad appeal, we have selected pieces from more than 30 different suppliers,” Don says. “If your taste is contemporary, traditional or the latest trend to transitional, we have it all. We also have an outstanding assortment of larger pieces to suit the scale which is required in today’s new homes where 9 or 10 foot ceilings, great rooms and grand foyers are common.”

Updating your lighting fixtures can dramatically change the way your home looks without costly home decorating or remodelling. The experts at Concept Lighting suggest that when choosing several lighting fixtures for a room, check for available fixtures from the same collection, to match the overall look. You can make a room seem larger by washing its walls with even lighting. In a large room, lighting up a few areas with pools of light can make the room feel smaller and cozier.

Here are some tips when calculating the light needed for each room. The formula is:
• multiply the length times the width of the room (in feet). Then, multiply that number times 1.5. This number gives you the amount of wattage needed to light the room properly for general illumination. • For task lighting in areas where stronger light is needed (such as a kitchen island), multiply the area’s square footage by 2.5 rather than 1.5 to find the needed wattage.

This is just a sampling of the help you can find at Concept Lighting. For more information visit their website www.conceptlighting.ca or drop into their store and tell them Dan sent you.

Dan Cooper is an award-winning Broker with Royal LePage Real Estate Services Ltd., Brokerage – the Number 1 Royal LePage Team for Canada in 2009. He can be reached at 905.338.3737, direct line at 905.849.3303 or through his innovative and interactive website at DanCooper.com. Be sure to catch the Dan Cooper Real Estate Series on DailyWebTV.com. For his free booklet How To Sell Your House For Top Dollar – Fast! or his Guide to Oakville Real Estate, please call The Dan Cooper Team.

How the latest changes to the mortgage rules will impact you

Dan Cooper — Mon, 31 Jan 2011 19:59:13 +0000

Recently Finance Minister Jim Flaherty announced changes to Canada’s mortgage rules. He reduced the maximum amortization period, lowered the amount Canadians can borrow in refinancing their mortgages and withdrew government insurance backing on lines of credit secured by homes.

The maximum amortization period was shortened to 30 years from 35 and the maximum homeowners can borrow in refinancing mortgages was reduced to 85 percent from 90 percent. He said he had to take this action to save Canadians from financial risk. He said he was not concerned about Canada’s mortgage default rate, but rather about those who are borrowing as much as possible.

“We’re seeing people borrow to the max, and borrowing to the max at low interest rates. Most Canadians are doing that,” he says. Home equity lines of credit and loans have surged in Canada, rising at almost twice the pace of mortgages over the past decade to account for 12 percent of overall debt, according to a BNN report.

CIBC chief economist Avery Shenfeld referred to the move as putting “Canadians on a debt diet” as household debt levels sit at record levels. “Policy makers now have that credit buildup in their policy gun sights and will use higher rates and regulatory changes to bring spending into better line with income, and mortgage demand,” he wrote recently.

What does this mean for us in the Oakville and Burlington area? Who does it really affect? Most experts see the changes affecting only the extreme margins. Those with amortization between 30 and 35 years represent about 5 to 10 percent – a fairly low percentage in the larger picture.
TD Canada Trust has calculated that the changes might reduce national home sales by 20,000 units and cut 2 percent off the average price of a home. TD also calculated that homeowners who refinanced with less than 15 percent equity represented only a tenth of the total volume. Again, this will only affect the ability of homeowners at the extreme margins to access refinancing,

It is safe to assume these changes will not have a significant impact on the Oakville and Burlington markets where home prices have held their value and household income is among the highest in the country. Being affluent doesn’t mean people don’t become overextended, of course, but not at the proportions perhaps found in other parts of the country, which influences statistics and spurs the government to take action.

Investing wisely and maintaining a sound household budget will ensure Flaherty’s changes will have little impact on your future plans. If you have any questions about those changes and how they impact your decision to sell or your ability to buy, feel free to call The Dan Cooper Team.

The Top 6 Reasons To List Your Home For Sale Before The Spring Rush

Dan Cooper — Mon, 24 Jan 2011 18:27:34 +0000

There is a common misconception that the best time for anyone to sell their home is in the spring. We’ve put together the following information: to show you how you can maximize your return by acting sooner, rather than later.

Reason #1: Less competition. The winter months are traditionally slower times for new listings. April through June usually sees an increase of up to 70% in the number of new homes hitting the market! This means more choice for buyers and more competition for you. The more properties prospective purchasers have to choose from, the less likely they are to submit full price offers. Lower inventory also means a greater likelihood of competing offers, resulting in a higher sales price, and a higher net return on your sale.

Reason #2: Only serious buyers look at this time of year. Winter months have a tendency to weed out the lookers from the serious buyers. People who are ready and willing to move don’t care if there is snow on the ground or that it gets dark early. They have made a decision to move and they want to move now.

Reason #3: Interest rates are predicted to rise in 2011, quarter by quarter over the year. Buyers are anxious to get settled before any possible rate increases occur. Increases in rates decrease the amount of mortgage a family can afford, cutting them out of certain price ranges. Buyers will be looking to maximize their purchasing power early in the year.

Reason #4: Relocation is at its highest at this time of year. Companies are anxious to get new employees settled for the beginning of the year. Statistically, corporate relocations rise by up to 15% from November to March.

Reason #5: Current market stability. Right now, the market is perceived as stable, leading to greater consumer confidence. This is in contrast to many months through late 2009 and early 2010 when the media created a false sense of instability which had caused many buyers and sellers to withdraw from the market.

Reason #6: The perfect gift to yourself – a new home. Start your year off the best possible way – in a new home for yourself and your family. By the time everyone else decides to list their home for sale, you will be moved in to a new comfortable space.

To find out if the time might be right for you to sell, or to see how you can benefit from today’s market conditions, call The Dan Cooper Team.

Will 2011 be the year to buy a home?

Dan Cooper — Mon, 03 Jan 2011 21:49:17 +0000

From all accounts, this Christmas shopping season was one of the strongest in the past few years as consumers shook off those recession blues and expressed their confidence in the future through their pocketbooks. And while many of you are currently enjoying the deep discounts during the Boxing Week sales, some of you will perhaps be thinking about a new home.

If the retail scene over the past few weeks is an indication that our economy continues to get back on track and that consumers are feeling more secure about the employment picture and confident in their finances, then we can look forward to some good real estate investment opportunities in 2011.

Just to confirm that 2011 promises to be a better year, a recent poll conducted for the Globe and Mail’s Report on Business revealed that Canadian executives are increasingly optimistic about the economy and that they plan to boost capital spending, hire more staff and make acquisitions. In fact, 92 percent think our economy will grow next year, albeit moderately as opposed to strong growth. This optimism is the highest level recorded in the Globe’s annual survey in more than four years. That is good news after the struggles we’ve faced over the past couple of years.

On the housing front, improving economic conditions and stable mortgage rates will help fuel a projected 5-percent increase in house sales next year, according to a recent forecast by Central 1 Credit Union. According to the firm, housing resales have climbed since last July when the introduction of the HST stalled the housing market. The rebound is thanks to low mortgage rates, improved affordability and an improving economy. Central 1 expects sales to continue to grow early in 2011 and to tail off in the second half as mortgage rates rise.

“Mortgage rates will remain well anchored and conducive to housing demand over the forecast horizon. Posted rates in 2011 will range from an average of 5.4 percent in the first quarter to 6.2 percent in the fourth quarter. Rates are projected to rise to a modest 6.5 percent by the fourth quarter of 2012,” the credit union predicts. For those of you who are considering the lower but riskier variable rates, these reflect the Bank of Canada’s policy interest rate, which has been increased three times in 2010 in 25 basis point increments, pushing the rate to 1 percent. The credit union predicts that the next rate hike will most likely be a 25 basis point increase on the Bank’s next rate-setting meeting on April 12. While the credit union says the Bank will resume its rate normalization, it expects the policy rate to reach 2.25 percent by the end of 2011 and then to 2.75 percent or higher by the end of 2012.

Trying to predict future mortgage rates and choosing a mortgage that is right for your circumstances is an important consideration for anyone buying their first home or moving up into a larger home and carrying a mortgage. There are several strategies from fixed to variable mortgages to length of amortization.

For example, selecting the length of your mortgage amortization period will affect how much interest you will pay over the life of your mortgage. While the lending industry’s benchmark is 25 years, there are shorter or longer timeframes available. The popular opinion is that shorter is better – you pay off your home faster and pay less interest over the life of the mortgage. But there are advantages to a longer amortization and next week Lee Anne Taylor of Dominion Lending Centres will outline the pros and cons when choosing an amortization period.

Until then, all of us at The Dan Cooper Team wish you every happiness for this season and throughout the coming year.

Dan Cooper is an award winning Broker with Royal LePage Real Estate Services Ltd., Brokerage – the Number 1 Royal LePage Team for Canada in 2009. He can be reached at 905.338.3737, direct line at 905.849.3303 or through his innovative and interactive website at DanCooper.com. Be sure to catch the Dan Cooper Real Estate Series on DailyWebTV.com. For his free booklet How To Sell Your House For Top Dollar – Fast! or his Guide to Oakville Real Estate, please call the Dan Cooper Team.

The latest housing sales figures point to a stable market

Dan Cooper — Fri, 10 Dec 2010 17:58:02 +0000

The Canadian Real Estate Association (CREA) recently lowered its forecast for the volume of home sales, primarily because the third quarter of this year was weaker than expected. However, the association is saying that sales activity has gained traction and that the improving momentum suggests the resale housing market is stabilizing. It’s just not as strong as they thought it would be.

“Lackluster economic and job growth, muted consumer confidence and the resumption of interest rate increases are expected in 2011,” CREA states, adding that against this economic backdrop national home sales are forecast to be down by 9 percent. While the sales volume is expected to soften, average prices continue to rise.

We continue to see this in Oakville and Burlington. According to the latest figures from The Oakville, Milton and District Real Estate Board, the number of sales in Oakville last month was down slightly from November 2009, but the average house price was up by 1 percent. The average house price last year was $590,970 compared to $598,675 last month.

Prices for the year to date show a larger jump – 7 percent compared to the same 11-month period last year. The average selling price for the 11 months last year was $526,909 compared to $561,650 this year. In Burlington, the average price for homes sold last month was $388,088.

According to Gregory Klump, CREA’s chief economist, “Housing demand and supply is stabilizing. That’s good news for home buyers, who will feel less hurried to make an offer than they did when transitory factors ignited housing demand in early 2010. It’s also good news for home sellers, who will feel more confident about price stability now that the housing market has become balanced.”

Klump goes on to say that interest rates are widely expected to remain low for some time due to recent downward revisions by the Bank of Canada to its outlook for economic growth and inflation. Consumer sentiment, he says, will likely remain under pressure until economic prospects improve meaningfully.

“In the meantime, many households will focus on paying down their debts before the Bank of Canada resumes hiking interest rates next year. Economic uncertainty is likely to keep potential home buyers in a cautious mood, so the continuation of low and stable interest rates is unlikely to cause housing demand or prices to swell,” Klump concludes.
While Klump speaks to a national picture, you must remember that Oakville tends to be in a bit of bubble that often bucks the national trend. As one of the most desirable communities in Canada in which to live, real estate appreciation tends to be stronger here than in many centres across Canada.

The key to selling your home is to choose an experienced realtor who will market your home effectively. Innovative advertising, knowledge about the marketplace, commitment and exemplary service differentiate the Dan Cooper Real Estate Team. The result is that we are achieving accomplishments that illustrate the Dan Cooper difference. We are the Number 1 Team in Canada for Royal LePage, which is a testament to our ability to sell homes fast in the Oakville and Burlington areas. In fact, we have been the Number 1 team for seven of the past 10 years.

Experts are predicting cautious optimism in our economy

Dan Cooper — Wed, 08 Dec 2010 20:33:02 +0000

The Ontario Home Builders’ Association held its annual Economic Forum in Toronto last week where a panel of economists and experts outlined their predictions for the housing and real estate industry in 2011.

The important message was that these economists held cautious optimism for the coming year and felt that interest rates will remain stable, which bodes well for anyone planning to buy their first home or perhaps moving up into something larger and having to carry a mortgage.

According to Douglas Porter, deputy chief economist for BMO Capital Markets, consumer confidence is good; that while household debt is still on the high side, net worth is still in a favourable position. While the manufacturing job market has weakened in Ontario, employment across Canada has improved. Consumer confidence and a good national employment picture mean interest rates should remain stable for the next 18 months, he predicts. We’ve seen a few Bank of Canada rate increases over the summer, but as long as the U.S. Federal Reserve holds steady, there will be no reason to increase rates here, he maintains.

Pascal Gauthier, senior economist with TD Bank Financial Group, has similar opinions explaining that the economic recovery has entered a second phase with much more subdued but more sustainable economic growth. The result is low inflation and low interest rates.

“We think the Canadian dollar can hold and even rise above parity against the US dollar over the next 12 to 24 months … We forecast the Bank of Canada’s will resume raising its overnight rate (currently at one percent) by mid-2011, to reach two percent by year-end 2011, which is still low (zero in real, inflation-adjusted, terms) and stimulative for the economy,” Gauthier says.

He goes on to explain that longer term Government of Canada bond yields (e.g. five-year) will also rise modestly, which bodes well for typical mortgage borrowing rates (e.g. posted fixed five-year) which are anchored to these rates. This will mean that affordability should remain good on a financing basis.

As we move into the holiday shopping period, CIBC World Markets has an interesting take on the consumer situation. In one of its latest reports, the bank states that in the latest quarter shoppers hit the stores, as reflected in a 3.5 percent uptick in consumption activity. The drop in the savings rate to 3.3 percent is still lower than what we are seeing in the U.S., which indicates that Canadians are feeling less guarded about the economic picture. Domestic consumption has been supported in recent months by rising wages and ongoing hiring.

So whether you are shopping for gifts or thinking of making that larger investment in the near future – buying a home – there appears to be borrowing stability in the near future. When it comes to making that major investment – real estate – the key to selling your home quickly and for top dollar is to deal with a broker who has a proven track record and is a consistent top performer.

Innovative marketing initiatives and investment, knowledge about the marketplace, commitment and exemplary service differentiate the Dan Cooper Team. The result is that we are achieving accomplishments that illustrate the Dan Cooper difference. We are the Number 1 team in Canada for Royal LePage, which is a testament to our ability to sell homes fast in the Oakville and Burlington areas. In fact, we have been the Number 1 team for seven of the past 10 years. This is an accomplishment that does not happen by accident, but rather by design. Our dedication and commitment to selling your home, along with superior marketing strategies, have time and time again helped our clients sell their homes quickly and for top dollar.

A group of masterminds at work for you

Dan Cooper — Tue, 30 Nov 2010 19:50:53 +0000

Pictured, standing from left: Tom Mitchell, Mike Clarke, Dan Cooper, Paul Zammit. Seated, from left: Diane Mitchell, Sam McDadi.

I was recently highlighted in a GTA publication called Profiles of Distinction in which a group I belong to was written up. The Real Estate Mastermind Group was the focus of the story, which outlined how, as a group, we are able to serve our customers better.

This collective of heavy hitters within the real estate industry are hand-picked from separate communities within the GTA because of their incredible records. Simply put, they are the best of the best. They are not chosen by the real estate brokerage they represent, but rather for their stellar and steady performance over time. Our parent companies may compete on a national level, but locally we are building strong relationships to better serve you.

The story in Profiles of Distinction describes us this way: “A team of all-stars, the Group brings together top-producing agents from across the GTA to offer clients unsurpassed resources, unlimited range and exceptional service. Drawing on each other’s substantial expertise and varied backgrounds, the team promises a well-rounded approach and richness of ideas.”

Gathering monthly and sharing industry insights, we learn from each other and, ultimately, fashion those lessons into exemplary service for you. Every member has something to share – from marketing strategy and website utilization to the internal management and customer care. Guests speakers are regularly invited to keep us informed about important new trends and emerging strategies that help to maintain our position at the forefront of the real estate world.

We talk about trendsetting ideas, cutting-edge technology, and what we need to do to set ourselves apart from the competition in a very large way. With more than 100 years of combined experience and over $500 million annual volume in homes sold, our team is definitely a band apart. Our mission, as a group, is to create what we call ‘the ultimate real estate agent.’ Collectively our resources stretch across Canada and into other countries, so moving out of town does not have to be a daunting task.

When you hire one of us, you are getting the strength and wisdom of all of us. And so, in the end, it is you who reaps the rewards with your home selling more quickly, more efficiently and for more money because you have a mastermind at work.

As the Profiles story states: “Whether looking to buy or sell locally or to leave the province altogether, the Real Estate Mastermind Group furnishes clients with the best tools and most up-to-date strategies imaginable. Melding collective strength and unparalleled acumen, their clients can depend on fast, efficient and rewarding sales.”
The knowledge I gain from the Mastermind Group, I bring back to my own team to make us the most effective group of professionals in the Oakville and Burlington areas. And we have been rewarded for those efforts by being named the #1 Team in Canada for Royal LePage for 2009. This is our seventh top placing in just the past 10 years, and it is a testament to a lot of hard work and a high degree of success for our clients over the past 12 months.

What the October real estate stats are telling us

Dan Cooper — Thu, 04 Nov 2010 17:25:25 +0000

The volume of house sales in the GTA was down last month compared to October 2009, but year to date we are still showing modest growth. In fact, the annual change in sales and average selling prices has been quite uniform across the GTA as the market has balanced out from record sales in the second half of 2009 and first few months of 2010.

Despite the slowdown in activity, average prices are still on the rise – up five percent last month compared to October 2009. “The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable,” says Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”

Oakville followed a similar track with sales volumes, dropping by 34 percent in October compared to the same month last year. But perhaps for the first time Oakville did not outpace the rest of the GTA, recording a dip in the average price by eight percent. Last month the average house price was $550,636 compared to $596,694 in October 2009.

This is a bit of an anomaly for Oakville, which up to now has seen average home prices continue to climb. I believe a significant factor that depressed real estate prices here was the power plant fight. The fact that homes in South-East Oakville were plastered with Fight the Power Plant signs undoubtedly scared away many buyers. I know for a fact that real estate in the South-East area virtually dried up during that campaign. Taking those homes out of the equation would certainly distort the October price figures.

Having won that fight and with the power plant off the table, I fully expect South-East Oakville will bounce back in the market and that we will see average home prices begin to recover quite rapidly. In fact, interested buyers who had been holding off their decisions to see what the outcome would be in that power plant battle will likely create something of a boom in the South-East section.

Year to date, Oakville had a respectable year with sales volume down only five percent and the average sale price up seven percent compared to the first 10 months of last year. In Milton, the first 10 months of the year saw volume down only four percent and the average sales price up by 13 per cent. Comparing October with the same month last year, the sales volume in Milton was down 28 percent but the average price was up seven percent – $379,843 compared to $356,030 last October. The Burlington average price was $389,003 for last month.

“The outlook for mortgage rates and income growth over the next year is favourable. The average home selling price could increase moderately next year and remain affordable for the average GTA household,” according to the Toronto Real Estate Board. I would have to add that with the power plant no longer an issue, we will see Oakville house prices rise quickly and outpace the rest of the GTA.

Choosing an experienced realtor who will market your home effectively is the key to selling your home quickly and for top dollar. The Dan Cooper Team has a proven track record through market knowledge, innovative marketing and superior client service. This is what has made us the Number 1 Team in Canada for Royal LePage for seven of the past 10 years.