Greater Toronto Area
Vacancies: 1.1% ↑
Rents: $1,378 ↑
Repressed Demand Preps Ontario’s Best Market For Explosive Apartment Growth
Oakville is one of the most exciting areas in Ontario in terms of development potential. After two decades of rapid growth, the city is consolidating its gains with a diversifying economy and a new regional development plan. Incomes in the city are already among the highest in Canada, unemployment is below the provincial average, and these trends are expected to continue for the foreseeable future.
In spite of earlier challenges that threatened the automotive sector, Oakville has seen growth in many other areas of the economy, especially wholesale and retail trade, and technical services. The city saw increases in commercial and industrial building permit activity in 2010, with industrial development exceeding the city’s five-year average.
In addition to this local economic activity, Oakville continues to benefit from growth in the Greater Toronto Area. The population has grown by 8.5% since 2006, with more workers commuting to Mississauga and Burlington rather than Toronto. Oakville also has some of the highest household incomes in the GTA.
Between 2006 and 2010, Oakville added just 67 units of apartment housing to its stock (4,422 units or 2.44 units per 100 people), and no new apartment buildings have been built in the past twenty-five years. Rents remained stable after weathering the 2008 recession without retrenchment, and they remain above the provincial average.
Projections indicate that the population of Oakville is expected to grow to 231,800 in 2021, and high-density housing expected to increase from 7.3% to 30.6% of new dwelling units.
The combination of high household incomes, a high rate of growth both now and in the future, and a repressed apartment market make Oakville one of the best places in the province to invest. It’s time for both buyers and developers to get in on this hot market.
In our ranking, we have placed all of Halton Region third, due to the area’s high incomes, excellent transportation connections, high growth, and a hot market in high demand. Of the three centres within Halton Region – Oakville, Burlington and Milton/Halton Hills, we give the edge to Oakville, due to its higher incomes than its neighbours and its plan to significantly increase its percentage of high-density housing. This is as nice as it gets in southern Ontario: a strong market on the cusp of even greater things, and now is the time to invest in it.
- The tight, thinly-traded, undersupplied market will continue to absorb any new supply while keeping vacancies low and rents high.
- Opportunities exist for buying properties around the downtown for repositioning as boutique apartments.
- In general, repositioning makes sense here.
INTERESTED IN NEW APARTMENT CONSTRUCTION IN THIS REGION? FILL OUT THE FORM BELOW TO REQUEST THE RECENT TRANSACTIONS.
Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.