Guide for Oakville Mortgage
Oakville is a bustling city just outside of Toronto with a population of just over 180,000 people. However, those who live in Oakville often feel that they live in a city much larger than that, as tourists are always flocking in from all over the country – usually for any one of the annual festivals the city holds, such as the Downtown Oakville Jazz Festival, the Waterfront Festival, and For the Love of the Arts Festival. But because Oakville doesn’t have the massive population that the city of Toronto does, homebuyers often find Oakville mortgages much more affordable. And, because the city still lies within the boundaries of the GTA (Greater Toronto Area,) if what you’re looking for isn’t in Oakville, it’s just a stone’s throw away.
When it’s time to relocate, or just move around inside the city, here’s your guide for Oakville mortgages.
• Although Oakville is very close to Toronto and its downtown core, Oakville mortgages are often much more affordable than those you’d find right inside of Toronto. The average loan amount for Oakville mortgages is $228,662.
• The average amount for an applicant’s income on an Oakville mortgage is slightly higher than the average income needed in other, smaller areas of the province. However, those wanting to live in Oakville still don’t’ need to have luxury salaries; the average income on an Oakville mortgage application is $76,746.
• The average age on Oakville mortgage application is 40 years old.
• The Oakville mortgage market has a fairly high provincial ranking, coming in at 13 on the list.
• The Oakville mortgage market is one in Canada that’s expected to grow quite rapidly within the coming year. As of March 2012 the national contribution from the Oakville mortgage market was 0.67%. Within 12 months that’s expected to grow to 0.72%.
• The mortgage market in Oakville reacts fairly typically to consumer demands and spurts and stutters at certain times that are also seen throughout the rest of Canada. March, when the spring market is just starting to pick up, was the busiest month for Oakville mortgages in 2011 with 12.4% of all mortgage activity taking place at this time. December on the other hand, a time when people are busy spending on holiday shopping instead of house hunting, was not surprisingly the month that saw the lowest percentage of mortgage inquiries, with only 4.1%.
Oakville is a great place in Ontario to live but unfortunately, many homebuyers also incorrectly assume that it’s going to be one of the most expensive – simply because it’s located within the GTA. But that very fact is the one thing that works for Oakville mortgages, not against them. Being so close to Toronto is definitely one of the biggest benefits that comes with living in Oakville; and it doesn’t necessarily mean that you need to pay any more on your mortgage to enjoy those benefits. When you’re looking to move to Oakville, and enjoy everything tourists do, but all year round, speak to an Oakville mortgage broker about the many options you have available to you.
Bryan J is the author of this article. For more information about Oakville Mortgage Broker or Mortgage Broker Canada please visit canadianmortgagesinc.ca.
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