About Oakville's Bronte

Localism Neighbourhood -- Bronte

Although the Village of Bronte officially became part of the Town of Oakville in 1954, it still retains its own unique charm, making it a thriving attraction for tourists and locals alike. Many homeowners in this neighbourhood have grown up here and refuse to live anywhere else. Located on the shores of Lake Ontario, this area contains a real mix of housing. High rise apartments and condos stand amongst small cottages, upscale townhomes, lakeside estates, and large lots being redeveloped. Low rise condos sit atop boutiques and small businesses, overlooking Bronte harbour. Power boats and sail boats sit alongside the Bronte Harbour Yacht Club.

The Bronte Harbour Outer Marina is a fairly recent addition to the area and is home to boats big and small. The Lighthouse Restaurant overlooks Lake Ontario. Another popular restaurant in Bronte is Stoneboats. There is also an abundance of cafes and ice cream shops. Bronte is located in the most western part of Oakville and is just a short distance to the City of Burlington. Local schools and Churches have long been in place. Bronte Village Mall and Hopedale Mall serve the area's shopping needs. Also close by is Bronte Creek Provincial Park, with it's trails, mini farm, picnic area, pool and skating rink.

Many historic buildings and homes have been saved from demolition by dedicated and devoted citizens of the Bronte area. The Village of Bronte is a definite mix of old and new but its rich history and beautiful harbour will always remain.

Back on October 16, 2008, I posted my article "Canadian Dollar vs US Dollar and The Price of Oil" (see below) that was well received on ActiveRain. I found a chart recently that set out the estimated Oil Reserves by Country, so I thought that I would re-post my article with a link to this chart. Click Here to see the Chart.

Canadian Dollar vs US Dollar and The Price of Oil

Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.

Well here is why....

Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity. It is also the largest supplier to the world's biggest oil consumer - the United States. Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad for Canada/good for the U.S.

As you can see from the chart above, price movements USD/CAD and Oil are inversely correlated from each other - meaning as oil trends higher, USD/CAD tends to trend lower and vice versa.

Since January 1988, USD/CAD and Oil have had about a 68% inverse correlation to each other. This is a pretty strong correlation.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

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Oakville Ontario (Bronte) for the month of October 2008 - Year To Date home prices in Bronte as a whole are up 10.59% over this time last year. The average sold price in Bronte was $452,393 for the month, up 3.26% from Sept. 2007 at $437,657. On an average, sellers in Bronte are getting 96% of their asking price. The average days on the market for homes in Bronte is 41, and 16 homes sold this month in Bronte, down 38.5% from Sept 2007 at 26 homes sold.

Note that prices are still edging up but the number of units selling is considerably lower.

Please feel free to email me to receive a monthly report of the Bronte Real Estate Market Report.

Barry Quine

Website: www.BarryQuine.com
Blog: www.OakvilleRealEstateToday.com

The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow. If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.

Their overnight rate influences the prime lending rates charged by the chartered banks in Canada. It can affect borrowing costs on variable-rate mortgages and lines of credit.

It will be interesting to see how the Banks react. The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered banks passed on the full effect to customers.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.