This is a VERY common question that gets asked of realtors. People who are actively invested in the market (ie looking to buy) or even those who don’t foresee a move are usually interested in what is going on.
It is a tough question to answer, because there are local, national & world events that can impact the market. We don’t want to be wrong either when people are using our expertise to make decisions.
Here in Oxford County, we use a few indicators to look at the market overall. It is helpful to know where we are NOW to be able to predict what we may see moving forward.
In Oxford County, inventory (houses available for sale) is still at record lows. Furthermore, employment growth & immigration continue to fuel demand, pushing prices higher – another 10.2% over 2018.
The average detached home in Oxford County is hovering around the $400,000 mark, while in the GTA the same home is around $1.1 million – it is $700,000 CHEAPER here to buy a detached home. I predict we will continue to see an influx of GTA residents moving here, thus keeping our demand (and prices) high.
Of course, external factors including trade & international events can always change these, but at the moment, Oxford County remains a strong housing market in which to own & invest property.