Hilary Shantz

Hot off the press, Toronto Real Estate Board (TREB) just released figures for mid-December 08.

Note that these stats include all homes listed on TREB, both in 416 and 905 areas.

1) Number of Sales on TREB down by half over last year
Greater Toronto Area reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago. This includes all 416 and 905 homes listed on TREB.

The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.

(Note that these figures are simply the total $ value of sales divided by number of homes sold, as such it does not accurately reflect how much home prices are falling. For example, currently more lower priced homes are being sold and this affects the weighting.)

In the 416 area (GTA), 619 transactions were recorded during the first half of this month, from 1,402 sales during the same timeframe a year ago.

The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.

In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.

The 905 region's current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.

2) Number of Listings up 45% over last year
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago.

3) Average Days on Market 43 versus 33 last year

The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. (Note that this reflects how long the homes that sold were on the market, for the many that overprice and have not yet sold the days on market is likely much longer.)

4) Sellers are achieving 96% of their listing price, as compared to 98% a year ago.

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Respecting the Past, Celebrating the Present , Embracing the Future is the Town of Oakville's motto.

My husband Wayne (history major) is currently reading a book entitled John A., the Man who Made Us. It is a new book about Canada's first prime minister, by Richard Gwyn, author of The Northern Magus.

Wayne has been feeding me tidbits of Ontario history such as:

Did you know that in 1820 the population of the entire province of Ontario was 200,000 people? In a few years the Town of Oakville will surpass that in number!

All this talk of Ontario history this week inspired me to write something on how the Town of Oakville evolved.

Mississauga Indians

Oakville was originally the home territory of the Mississauga Indian tribe who were hunters and fishers. The Mississauga sold their land to the Crown in 1805 but retained lands at the mouth of the three major rivers emptying into the lake - the Credit River, Sixteen Mile Creek, and Twelve Mile Creek (now called Bronte Creek).

Early Settlers Had Hard Life

As in other parts of Ontario, the New Territory was surveyed into lots. Lines and Concessions created blocks of 1000 acres each, which divided into five settler lots each of 200 acres. To acquire title to a piece of land the settler was required to clear and fence at least five acres, build a house about 16 by 20 feet, and also clear the road adjacent to his land; it was hard and laborious work as the area was densely wooded!

Willliam Chisholm Purchased Land

Land with waterways was always in demand, for drinking, fish, and for water power to drive grist mills and sawmills. By 1820, the Mississauga Indians decided to sell their reserved land at the mouth of the Twelve and Sixteen Mile Creeks. The thousand acres at the mouth of the Sixteen were bought by William Chisholm, a successful businessman and politician, for the sum of $4,116! It was Chisholm's vision that a town and harbour at the Sixteen would be a center through which goods could flow and grain be exported from farm lands to the north.

Oakville Harbour

The mouth of the Sixteen was protected by piers and the harbour dredged; a shipbuilding yard was set up (at the north end of Navy Street); further up, the Sixteen was damned for water power and a grist mill/sawmill was built; and the village was surveyed into streets and building lots for tradesmen, mariners and workmen.

What we now know as Oakville Harbor was built with private funds, and for this William Chisholm was authorized to levy duties and tolls on goods arriving and leaving.

Timber, Wheat, and Barrels

The first "crop" produced from the forests was timber, particularly for making barrels. Staves were produced from the White Oaks of the forest. Heavier timbers were used for home building and ship building, and exported.

As settlement developed, wheat became the important export, and wheat rolled down the new ‘plank road",the Seventh Line, (now Trafalgar Road), for shipping from the harbour.

First Mayor and Strawberries

The village prospered, and in 1857 it was designated a Town (municipality). Its first Mayor was George King Chisholm, eldest son of Oakville's founder William Chisholm, who had died in 1842.

When a number of economic factors resulted in a glut of grain and a depletion of oak trees, farmers in the town also turned to fruit production, with strawberries a principal crop. Strawberries were introduced by John Cross at his farm located where Cross Avenue now stands. Oakville became known as the strawberry capital of the Canadas. (For more on how Oakville's founding fathers provided names for Oakville streets click here.) Besides strawberries, other fruit orchards produced apples, pears, and plums.

Summer Visitors from Toronto, Large Estates Built Along the Lakeshore

Because of its attractive location, style, and pleasant summer weather, Oakville became the destination of summer visitors, for the most part from Toronto, many arriving by steamship. One of these, the "White Star," would bring up to 3000 visitors on a single day, giving the Townsfolk opportunities to sell teas, and to provide overnight accommodation. It became fashionable to "summer in beautiful Oakville". Soon the lakefront bristled with a few large estates on the lake and more modest cottages, walking distance to the lake.

Early in the 20th century, wealthy city gentlemen, who could commute to their city employment by train, developed the Lakeshore through the construction of more permanent homes, often with large grounds or estates.

Cars, Paved Highways and Ford Motor Company

The automobile reached Oakville for the first time in 1909 but could not be used for commuting until 1916 when Lakeshore Road between Toronto and Hamilton was paved - with cement - for the first time. But it was not until the Queen Elizabeth Way was opened in 1939 that "easy" commuting became possible; both ways; into Oakville from the cities of Hamilton and Toronto, and to the cities from Oakville.

An early consequence of this was the settling in Oakville of car manufacturer, The Ford Motor Company, which contributed a great deal to the economic prosperity of the Town.

Incorporating Neighboring Villages

My husband and I both are fortunate to live and work in Oakville. Oakville provides the opportunity for many residents to live, work and play in the community.

Did you know that more than 400 companies have located either their national or international headquarters here in Oakville?

Why are employers attracted to Oakville? The average household income, was recently estimated at $97,550, about $18,000 higher than the average Greater Toronto Area figures.

Further, Oakville's workforce is highly educated, more than 40 per cent of residents have a university education.

The benefits of all this economic investment to our local community are seen in everything from employment to public works and services. Since businesses pay double the tax rate or residential property owners, and use fewer sevices, a healthy commercial landscape benefits the town's economic wealth.

You may have read in earlier posts that 250 acres of land in North Oakville (North of Dundas) are slated to welcome 55,000 new residents and provide some 35,000 jobs, primarily knowledge-based, as new pedestrian-friendly communities are built over the next ten years.

Here are a few of the corporations that provide employment in Oakville:

Ford Motor Company Ltd. - More than 50 years in Oakville, world's second largest automaker and largest producer of trucks.

General Electric Canada Inc. - One of Canada's largest technical, service and manufacturing companies.

Mattamy Homes - Mattamy Homes is headquartered in Oakvlle. Mattamy has created more than 80 communities across the Greater Toronto Area and is premiere homebuilder in Canada.

Tim Horton's (TDL Group Ltd.) -

MOEN - A quality provider of faucets and fixtures, a number one brand in the minds of consumers, Canadian head office in Oakville. in Oakville.

BOT Construction - large-scale industrial construction company, and a standard bearer for worker safety and professional standards of conduct in the industry.

Sheridan Institute of Technology and Advanced Learning - the third largest college in the province.

Extendicare - One of North America's largest long term care providers, operating in Canada and the United States. Corporate headquarters in Oakville.

Want to learn more about the local economy and opportunities to relocate to Oakville? Contact Hilary for valuable information ad assistance for all your real estate needs.