Real Estate

20% drop in new build price in one year

  • Last Updated:
  • Feb 10th, 2020 6:21 pm
Member
Jul 4, 2018
294 posts
191 upvotes
GTA detached prices fell by 20% since 2017 spring market.

This is a problem with Builder not with Oakville market, they tried to sell at 2017 spring market prices even in 2018 mid.... later they decreased the prices inline with current market.

NE Oakville is a beautiful place with the combination of urban plus country style.

No freehold townhomes for less than 850,000


45 mins to downtown (door to door by GO express trains)
[OP]
Sr. Member
Dec 19, 2010
600 posts
150 upvotes
Lavaris1 wrote: GTA detached prices fell by 20% since 2017 spring market.

This is a problem with Builder not with Oakville market, they tried to sell at 2017 spring market prices even in 2018 mid.... later they decreased the prices inline with current market.
I think you’re exactly right. I can’t imagine how those that bought - if any did - in Jan 2019 and paid top dollar almost $350K more than list price today a year later.

Do you think the builder is more fairly priced now, we $1.5M for a 3500 sqft new build in North Oakville? I feel they are especially when you consider limited resale inventory and those that are listed are $1.65M+.
Deal Guru
Feb 29, 2008
10842 posts
6045 upvotes
Lavaris1 wrote: GTA detached prices fell by 20% since 2017 spring market.

This is a problem with Builder not with Oakville market, they tried to sell at 2017 spring market prices even in 2018 mid.... later they decreased the prices inline with current market.

NE Oakville is a beautiful place with the combination of urban plus country style.

No freehold townhomes for less than 850,000


45 mins to downtown (door to door by GO express trains)
Sheer greed. You can see this everywhere outside the core. Builders severely overpricing no frills homes. Those that bought a year ago are going to have a problem when it comes time to get a mortgage and those houses get appraised far lower than what they paid.
Member
Aug 22, 2016
248 posts
135 upvotes
a depressing thread. hope no one bought those houses for 1.8M. Loosing half a million is no fun.
Jr. Member
Oct 26, 2009
136 posts
21 upvotes
EDMONTON
fiddlewin wrote: Oakville detached market 1M+ seems to be pretty stable to me. I do see some towns and semis in the 70s and 80s raising their price tag but we'll see if they will sell.

The rental market in Oakville is pretty bad. With strict AirBnB rules, a 800k semi can only rent for 2500~3000. I'd be much better off investing in a downtown condo.
This Town house just sold for $929k and just a month ago their neighbor house sold for $50k less
Images
  • oakville town.PNG
  • oakville town1.PNG
Jr. Member
Oct 26, 2009
136 posts
21 upvotes
EDMONTON
Oakville commute to Toronto Downtown is closer then Markham, Vaughn or Richmond. Lesser traffic as well.
Jr. Member
Oct 26, 2009
136 posts
21 upvotes
EDMONTON
callmebob wrote: I think you’re exactly right. I can’t imagine how those that bought - if any did - in Jan 2019 and paid top dollar almost $350K more than list price today a year later.

Do you think the builder is more fairly priced now, we $1.5M for a 3500 sqft new build in North Oakville? I feel they are especially when you consider limited resale inventory and those that are listed are $1.65M+.
wait for the new community comming up soon in Oakville by Mattamy, it will have nicer lots and more competitive prices.
Jr. Member
Aug 21, 2017
136 posts
72 upvotes
Anecdotally 1 or 2 homes selling for more doesn't mean anything. Also I'm talking about 1M+ only.
nova_786 wrote: This Town house just sold for $929k and just a month ago their neighbor house sold for $50k less
Sr. Member
Jun 7, 2017
847 posts
594 upvotes
BC
nova_786 wrote: wait for the new community comming up soon in Oakville by Mattamy, it will have nicer lots and more competitive prices.
Offset by Mattamy, lol. It will even out.
Member
Jul 2, 2018
202 posts
194 upvotes
GTA
nova_786 wrote: wait for the new community comming up soon in Oakville by Mattamy, it will have nicer lots and more competitive prices.
Helped 2 clients purchase homes through Mattamy and according to the sales rep there are a LOT of medical professionals purchasing in the area. Both of my clients were medical professionals as well.
The pricing is pretty decent especially when you look at resales, there are no better options at the moment.
Realtor
Deal Addict
User avatar
Jan 5, 2003
3100 posts
462 upvotes
nova_786 wrote: Oakville commute to Toronto Downtown is closer then Markham, Vaughn or Richmond. Lesser traffic as well.
The 5pm express train to Oakville gets there at 5:31. The 5:05pm train to Rutherford gets there at 5:36. I'm not a math wizard but that looks pretty similar.

And if you're not on an express train then hope you brought a book.
When the truth offends, we lie and lie until we can no longer remember it is even there. But it is still there... every lie we tell incurs a debt to the truth. Sooner or later, that debt is paid.
[OP]
Sr. Member
Dec 19, 2010
600 posts
150 upvotes
RealtorInvestor wrote: Helped 2 clients purchase homes through Mattamy and according to the sales rep there are a LOT of medical professionals purchasing in the area. Both of my clients were medical professionals as well.
The pricing is pretty decent especially when you look at resales, there are no better options at the moment.
What are the prices like for 3500 sqft homes? I visited the Mattamy sales Centre but they were only discussing the preserve area, not the new area at 9th line/Dundas assuming that’s what you were referring to in your post.
Member
Jan 15, 2013
244 posts
168 upvotes
Remington is building by Dundas and ninth line by the cemetery? Didn’t realize they started selling there. It’s a good location just off the highway. If you bought to stay I wouldn’t worry too much. Seems like what you paid is reasonable and in the long run you will be fine. It’s a good location IMO
callmebob wrote: What are the prices like for 3500 sqft homes? I visited the Mattamy sales Centre but they were only discussing the preserve area, not the new area at 9th line/Dundas assuming that’s what you were referring to in your post.
[OP]
Sr. Member
Dec 19, 2010
600 posts
150 upvotes
zsj495 wrote: Remington is building by Dundas and ninth line by the cemetery? Didn’t realize they started selling there. It’s a good location just off the highway. If you bought to stay I wouldn’t worry too much. Seems like what you paid is reasonable and in the long run you will be fine. It’s a good location IMO
I believe the 9th line Dundas area is future Mattamy development not Remington. Curious to know what 3500 sqft Mattamy homes will cost in that area? Preserve and East Preserve resale homes in that size are in the $1.6M+ range.
Deal Expert
User avatar
Oct 26, 2003
32993 posts
3453 upvotes
Winnipeg
nova_786 wrote: Oakville commute to Toronto Downtown is closer then Markham, Vaughn or Richmond. Lesser traffic as well.
How did that happen? Train rail by the lake?

Top