As long as new home construction lags (as it has for many years even in growing areas of the GTA like Oakville), upward price pressure will continue for resale homes.
Thirty years ago, according to the National Association of Realtors, people moved on average every 5 or so years. Today, that number is over 12. Why? One of the reasons is the lack of new home construction (confidence in their financial situation another). It may seem counter intuitive given all the construction we see north of Dundas street here in Oakville. Yet, 2013 marked a new low in GTA home sales and construction ( Record Lows for New Home Sales from Wednesday’s Toronto Star).
There are not enough new homes being built to satisfy demand. As sellers have been more conservative (i.e. where do we go if we do sell?) fewer people are moving. YET, there are homes out there-we recommend looking for diamonds in the rough (renovate) and looking both in Oakville, and surrounding communities as far as Hamilton. A challenge no doubt, but we can help with our strong knowledge of various markets and our connections to great local realtors in other locales.
We do business in a relational way with our clients over time. If you are looking to build your knowledge of the market, contractors and other service providers, and help to navigate an on-line world that gives you excess real estate information but is starved for insight and clarity, you’ll love working with us.