On the shores of Lake Ontario, and just southwest of Toronto, lies the city of Oakville. This vibrant community, recently recognized as one of the best places to live in Canada, provides ample opportunities to engage in outdoor recreation and cultural events and enjoy an outstanding quality of life. Let Rola Merhi give you an overview of what you need to know to find your place in Oakville.
Why should you buy a home in Oakville?
Even with the much larger city of Toronto nearby and a host of other suburbs to choose from, Oakville is a community that feels like home.
Oakville offers something for everyone
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Buying a home in Oakville encompasses much more than just a piece of property and its structure. Here you will live, work, and play, so choosing a community to suit your lifestyle will improve the quality of life for your family.
Outdoor enthusiasts will find numerous parks and gardens, such as Gairloch Gardens and Bronte Creek Provincial Park, which offer hiking, picnicking, and other recreation opportunities.
Lovers of the arts may visit Joshua Creek Heritage Art Centre, where you can appreciate diverse mediums of artistic expression (or learn how to create your own through one of the courses available). Be sure to visit the expansive grounds and take in their lush beauty.
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For sports enthusiasts, numerous outstanding golf courses invite you to book a tee time. Horseback lessons and rides at The Ranch (such as the Twilight Ride, complete with a campfire and dinner) make a memorable family day. In the summer, take to the water by oar, wind power, or motorboat.
For foodies, Oakville’s diverse cuisine, from upscale dining to casual fare, will satisfy any palette. At Pasquale’s Trattoria, feast upon classic Italian. Enjoy a leisurely weekend brunch at Hexagon, or stop by Maro’s for a casual atmosphere and Middle Eastern cuisine. Whatever your taste buds are craving, there’s a place to satisfy that craving in Oakville.
Oakville cares about its residents
Every two years, Oakville conducts an online and phone interview survey. Its purpose? To solicit feedback from the residents and use the data to measure how well city leaders and policies are meeting the needs of the people in their jurisdiction.
As shown in the 2022 edition of the Oakville survey, residents were pleased with the local government and its use of tax dollars, the quality of service they received from city leaders, as well as contentment with the city, its resources, and its amenities.
Oakville’s economy is strong
Oakville is poised for business and professional opportunities. The highly educated workforce is employed across several significant sectors, including professional services and finance, digital media and filmmaking, and life sciences research and development. Professional parks are poised and ready to welcome businesses, and transportation and global transit are close at hand. No matter your professional niche, there are excellent work options available.
Top 5 neighborhoods in Oakville
These desirable neighbourhoods have charm and personality — great places to buy a home in Oakville.
Old Oakville
Oakville is a charming and historic town with world-class amenities located just 30 minutes from Downtown Toronto. Nestled on the picturesque Lake Ontario shoreline, Oakville offers an abundance of outdoor recreation, from scenic nature trails to several lakeshore marinas. In 2018, MoneySense ranked Oakville as the best place to live in Canada, and the community has placed highly on a number of similar lists. Homes in Oakville are a captivating mix of old and new—the diverse real estate includes designated heritage homes, spectacular waterfront mansions, and attractive contemporary townhouses.
Eastlake ( Morrison and Ford neibourhood )
Eastlake contains some of the largest estate homes in the GTA. The homes along the waterfront are highly coveted and among the priciest real estate in the GTA. The Eastlake community boasts highly rated public and private schools, such as Oakville Trafalgar High School, James W. Hill Public School, and Linbrook School.
Bronte Village
The peaceful lakefront community is the home of beautiful Heritage Waterfront Park and many locally owned businesses. A bike path network connects the community and encourages a healthy lifestyle. Residents choose this neighborhood for its aesthetics, quaintness, and love of watersports.
Glen Abbey
Adjacent to the famous Glen Abbey Golf Club, this highly coveted, affluent neighbourhood offers luxury and estate homes. The nearby Mount Nemo Conservation Area provides beautiful vistas, and residents love the master-planned community and its many amenities.
River Oaks
Replete with numerous parks and sports facilities, this neighbourhood encourages gathering with other residents for fitness and fun. A wide variety of housing styles provides plenty of options for those buying a home in Oakville.
What to know about buying a home in Oakville
Before purchasing an Oakville property, be sure you are financially ready. Evaluate your finances and investment goals and know upfront what you can be expected to pay.
Closing costs
Typical closing costs throughout Ontario are between 3–5% of the price of the home and are levied for many expenses, such as property taxes and title insurance.
Property taxes
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Oakville properties are taxed at 0.73%. This represents a combination of municipal and education fees. Property values are reassessed every four years, and property tax rates are adjusted accordingly.
Requirements for buying a home in Oakville
Making a sound investment decision includes choosing the right loan type based on your qualification and needs. These are the most popular options.
Conventional loans
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The “standard” conventional loan is based on a 20% down payment and does not necessitate mortgage insurance for the borrower. This type of loan has varying terms, such as the loan’s duration.
CMHC loans
If you, as the borrower, cannot obtain a conventional loan, you may qualify for a CMHC loan. The minimum down payment is based on the cost of the home. You must meet specific eligibility criteria, including your current debt-to-income ratio and a minimum credit score of 600.
Money-saving tips for buying a home in Oakville
For most people, a home is the single largest purchase they will make. This can be intimidating for first-time buyers, but whether this is your first house or your tenth, practical strategies can help you save money in the long run and maintain a healthy budget.
Find the best mortgage rate
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Begin by saving enough money to make a 20% (or greater) down payment on your home. This will reduce the size of the loan — and potentially the length of time required to pay it off — and circumvent unpleasant fees that come along with mortgage insurance. Then, talk to several mortgage lenders and compare their rates. Banks often tack on 1% origination fees, whereas private mortgage companies may not. Select the lender who offers you the best terms.
Make a substantial down payment
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The rationale for this tip is simple. Your mortgage payment will be divided among the months your loan requires, along with interest payments. Borrowing less money means it will be easier to pay off the loan, so if you can go beyond the 20% threshold and pay 25%, 30%, or even more at the outset, you will save.
Increase your credit scores
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The mortgage rate for which you qualify depends heavily upon your credit score. If yours could be better, begin by paying off as many credit cards as possible and make frequent payments to keep that balance down. Ask your credit card companies if they will raise your limit. Then refrain from increasing your spending.
Your goal is to lower your utilization rate, enhancing your score. If a family member has an excellent credit rating, ask if you can be added as an authorized user on their account. Always pay your bills on time and in full. Follow up with credit reporters and resolve any discrepancies.
Ready to find your perfect Oakville home?
Congratulations on setting out on this incredible adventure! You’ve chosen a fantastic city for your relocation, and now you need to find your perfect place to call “home.” Let Rola Merhi, an expert real estate broker and Oakville resident, answer your questions and provide for your real estate needs. Give her a call today.
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