You asked about the market, believe it or not, the market has cooled. When we first spoke (March 2010), the market was the hottest that any Realtor had ever seen, so this was bound to happen. 3 factors are to blame for the cooling or slow down in the market: HST, higher interest rates and a very hot summer.
HST has scarred a lot of potential buyers, basically because they are uninformed of how it works. We as Realtors have had to work very hard to explain the implication of the HST.
Higher Interest Rates - this was bound to happen as when we first met, they were at an all time low. Rates are still good and we have also had to explain this to potential buyers.
Hot Summer - this is a legitimate reason. Real Estate normally shows a drop in the summer months as families are busy with summer vacations. This summer has dropped off from the record numbers of the 2009 summer, but is certainly in line with previous summers of 2007 and 2008.
As far as forecasting what the 2011 spring market will bring, I really wish I had that crystal ball. Overall, the Oakville area has been steady for man years. Speaking with other Brokers and Realtors in the area, we don't anticipate drastic gains in asking price, but it should remain stable.
If you have any Real Estate questions:
Please contact me @
905.845.9180 - Office
905.407.7381 - Direct
CENTURY 21 Miller Real Estate Ltd., Brokerage, Independently Owned and Operated
Cell: 905.407.7381 | Office: 905.845.9180 | Fax: 905.845.7674
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