Real Estate

North Oakville Prices on the way down?

  • Last Updated:
  • Oct 18th, 2019 1:07 am
[OP]
Member
Jun 23, 2009
336 posts
625 upvotes
Toronto

North Oakville Prices on the way down?

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Was looking at prices at Glen Abby and North Oakville, I noticed many builders still charging crazy for new build pre con, but the resale in the area for the same homes are significantly less.
25 replies
Deal Addict
May 22, 2019
1383 posts
1650 upvotes
O

Because there are a lot of foreign owners in oakville, they are rushing out to sell to prevent any potential loss if liberals win the majority

Next spring, the price will go back up
World cup is coming
Deal Expert
Feb 29, 2008
19377 posts
17845 upvotes
Tarrana & The Ri…
Where are you seeing the same homes selling for cheaper? Compare apples to apples as well. A 20 year old house is not the same as a brand new house. That said, the precon prices are high. I just don't see where people are selling similar product for cheaper. This is a nice area. They have townhouses selling for 1.5M+ resale

Also, you don't buy here to flip. Anyone doing so is an idiot. You buy here to live with your family for some time. 10+ years down the road you will see a good return on your investment. Gotta play the long game with this kind of real estate and if you're not prepared to do so then don't buy.
[OP]
Member
Jun 23, 2009
336 posts
625 upvotes
Toronto
JayLove06 wrote: Where are you seeing the same homes selling for cheaper? Compare apples to apples as well. A 20 year old house is not the same as a brand new house. That said, the precon prices are high. I just don't see where people are selling similar product for cheaper. This is a nice area. They have townhouses selling for 1.5M+ resale

Also, you don't buy here to flip. Anyone doing so is an idiot. You buy here to live with your family for some time. 10+ years down the road you will see a good return on your investment. Gotta play the long game with this kind of real estate and if you're not prepared to do so then don't buy.
Please check the picture linked in my OP
Deal Expert
Feb 29, 2008
19377 posts
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Tarrana & The Ri…
Sonduren wrote: Please check the picture linked in my OP
I was talking about Glen Abbey. As far as the other location, yes there are resale homes from the same builder going for less. Yes, you're right, resale would be a better deal. But you leave out the part that some people simply don't have the 20% down right away. New consruction gives them a couple years or longer to save/come up with the money and also increase income. Also, some willing to pay a bit more to pick their own finishes.

People lookign for a home now and not caring much about picking finishes and lots will go for the resale which is fine. Builders are out to lunch, but they're also going to try to squeeze as much money as they can. It's like people who sell something on ebay for 20% markup when you can just buy the thing at the store. The seller is banking on the chance they're going to find a taker.

Glen Abbey is different to me. The resale prices there are just higher no matter what. Also closer to water and more sought after area. I think both areas will do well but it is going to be down the road. Not in 5 years. More like 10.

Edit.....I should have scrolled down further. Don't look at the asking. Look at the sold prices. That house is not getting sold for anything close to that price. Seems sales are between 1.35-1.7M
Last edited by JayLove06 on Oct 5th, 2019 11:48 am, edited 4 times in total.
Newbie
Sep 19, 2019
82 posts
56 upvotes
Sonduren wrote: Please check the picture linked in my OP
I'm pretty certain the resale listing from your pic is purposely underlisted for $999,999 to attract buyers. It will def sell for closer to if not over 1.4
Sr. Member
Dec 28, 2010
898 posts
394 upvotes
Toronto
sandbox01 wrote: I'm pretty certain the resale listing from your pic is purposely underlisted for $999,999 to attract buyers. It will def sell for closer to if not over 1.4
Exactly...it's underlisted. It was listed for 1.45 a month back..They will probably sell for 1.3 ...
There should be some rules to discourage underlisting. How about a no clause, cash offer of listed price = guaranteed sale !
Deal Expert
Feb 29, 2008
19377 posts
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Tarrana & The Ri…
Karma2000 wrote: Exactly...it's underlisted. It was listed for 1.45 a month back..They will probably sell for 1.3 ...
There should be some rules to discourage underlisting. How about a no clause, cash offer of listed price = guaranteed sale !
Yes, I do hate the strategy of under listing.
Sr. Member
Dec 28, 2010
898 posts
394 upvotes
Toronto
The quality of homes does seem superior and looks like the price includes a premium for the locality.
Not much familiar with north Oakville. But looking for something like this in near future.
Is it possible to get anything similar in GTA - high ceiling, 2500+sqft for lower than $1.1m ?
Penalty Box
Aug 11, 2005
4175 posts
1430 upvotes
Not just Oakville, but all over the gta. York region tanked 30%+ from the peak and continues to trend down
Political avatars and signature are not permitted.
Deal Expert
Feb 29, 2008
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Tarrana & The Ri…
Luckyinfil wrote: Not just Oakville, but all over the gta. York region tanked 30%+ from the peak and continues to trend down
Wrong!
Sr. Member
May 13, 2012
730 posts
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Toronto
Luckyinfil wrote: Not just Oakville, but all over the gta. York region tanked 30%+ from the peak and continues to trend down
Wrong, yes there are properties that did tank 30% or so.
But only a handful. I thought everyone did but more houses I look at that's not actually the case.
People did go over their budgets though
I would say prices are maybe ~10% below peak on average and if we consider inflation, ~15%
Last edited by Sanforized on Oct 6th, 2019 1:31 am, edited 1 time in total.
Reason: Swearing
Sr. Member
Jul 10, 2018
557 posts
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JayLove06 wrote: Yes, I do hate the strategy of under listing.
Nobody is forced to bid or buy. Why discourage a method that can get a seller more $$$ in their pocket?
Member
Jan 2, 2011
493 posts
345 upvotes
What was the new build price for this resale home at preconstruction?
Newbie
Oct 5, 2019
16 posts
15 upvotes
I was effected by the down prices
Purchases at higher price from Valery homes
And was shocked to see that they dropped the prices and offered better upgrades.
Deal Fanatic
User avatar
Sep 8, 2007
9461 posts
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Way Out of GTA
TheSinner wrote: Nobody is forced to bid or buy. Why discourage a method that can get a seller more $$$ in their pocket?
The bears like it in that they can grab a screenshot of the listing which is priced for a bidding war and then say “look how prices are down”. When in reality the price it actually sells for is much much higher.

The bears don’t like it because it teases them that the crash scenario is happening and they will be able to buy RE off of destitute RFD homeowners at 50c on the dollar, and then get a rude awakening when it does sell.
Deal Addict
User avatar
Dec 21, 2013
1979 posts
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GTA
Luckyinfil wrote: Not just Oakville, but all over the gta. York region tanked 30%+ from the peak and continues to trend down
Leaside just had a place go for $1M+ over asking for $4M +
Just to counter balance your constant foolish bear posts.

We need to bring back the downvote button so people can see through the trolls.
Deal Addict
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Jul 8, 2010
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Ontario
itoothache wrote: Wrong, yes there are properties that did tank 30% or so.
But only a handful. I thought everyone did but more houses I look at that's not actually the case.
People did go over their budgets though
I would say prices are maybe ~10% below peak on average and if we consider inflation, ~15%

But, but, but... we are told here that prices goes only up... And market is going to the moon.... *
Last edited by MrDisco on Oct 8th, 2019 11:15 pm, edited 1 time in total.
Reason: be civil. no need for the snide remarks
Jr. Member
Sep 21, 2018
104 posts
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Isostar wrote: But, but, but... we are told here that prices goes only up... And market is going to the moon....*
wow-oakville-new-townhomes-now-1m-singl ... e-2316217/

Let’s conveniently ignore the fact that new SINGLE CAR GARAGE middle unit townhouses are now selling for over a million. Oh yeah, prices are dropping real fast!

Lol, get real. I bought a townhouse in 2018 and have closely monitored my area. The same unit just sold for 40k more than I bought for. Other than luxury homes prices have increased.
Last edited by MrDisco on Oct 8th, 2019 11:15 pm, edited 1 time in total.
Reason: quote was edited
Penalty Box
Aug 11, 2005
4175 posts
1430 upvotes
Isostar wrote: But, but, but... we are told here that prices goes only up... And market is going to the moon.... *
You forgot that it’s bioanatomically impossible for prices to drop (thanks buttcoin). Any drop will immediately be bought up by the rich immigrants with BOATLOADS of cash.
Last edited by MrDisco on Oct 8th, 2019 11:16 pm, edited 1 time in total.
Reason: quote was edited
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