In the GTA region, nowhere tends to consistently attract a better crowd than Oakville. With its beautiful waterfront and big city amenities, people are drawn to its laid back atmosphere and beautiful properties. If you’re looking for a luxury condo to purchase or to downsize without losing space, consider a condo in the Oakville area for your next investment.
Oakville condo sales are attracting many to the region
Despite a slower start at the beginning of the year, Oakville real estate is now on the rise. With an increase of 2.83% from the same period last year, the local housing market is picking up steam, and it is attracting a few specific groups to the area.
With a generational shift taking place, more people are retiring and looking to start their post-corporate life by relocating to a quieter area all while maintaining the space and amenities they’ve grown accustomed to. This crowd is turning to the condominium market to meet these demands, of which include spacious, modern design and top-of-the-line amenities.
On the other side of the coin, are the millennials entering the market. Despite the stereotype that this group is having a harder time economically than past generations, many are investing in Oakville properties. Oakville has everything this generation needs including proximity to Toronto, high employment rates, and a certain coveted panache.
Finally, locals take up the last group, with many inhabitants of the area who’ve been privy to the changing real estate market looking to capitalize on their knowledge of the region. By looking to downsize or add an investment property to their portfolio, they are adding to the growing list of buyers looking to make an Oakville condo purchase.
A growing economy is bolstering sales
Despite global economic volatility, Oakville and the GTA’s economy are not only stable, but they are improving. Between the expansion of the area’s tech corridor from Toronto to Waterloo to the investment in the Pearson airport region in the hopes of creating one of the largest international travel hubs, Oakville is reaping all of the benefits.
In the past few years, the area has experienced strong gains in employment for locals, an increase in migration, and a global tilt from central banks that have decreased borrowing costs. Thanks to the economy, all signs point north for the Oakville condo market.
New condo developments hoping to meet local demand
In 2018, there was a boom in demand for condos, and there was little to no supply. Now, to answer these demands, the Oakville area has several new development projects in the works that offer all of the great aspects of condo living to match upscale lifestyles without sacrificing space. These new condo developments often boast floor-to-ceiling windows, high ceilings, luxury bathroom, and kitchen spaces, and, of course, proximity to shops, restaurants, entertainment, and transportation.
Oakville’s real estate market has much to offer those looking for luxury living in a fuss-free dwelling. From beautiful waterfront properties to luxury townhome-condos, investing in a condo in Oakville is quickly becoming one of the best real estate decisions for your portfolio or for your new home.
Contact the team at Alex Irish & Associates today and let us help you find the condo you have been longing for!