Tide may be turning, Oakbrook sees a surge in sales

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As interest rate drops, registrations for this Oakville townhome development shot up

Two years of elevated interest rates squelched activity in the housing market, but if Oakbrook — a co-development between Crystal Homes and Fernbrook Homes in Oakville — is any indication, the tide has turned.

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And the reason, says Kathy Di Silvestro, president of Crystal Homes, is the Bank of Canada’s rate cutting regime — a total of 50 basis points have been slashed since the beginning of June, bringing its overnight lending rate to 4.5 per cent.

“We had 60 registrants before the June 5 rate cut, and then over the following week we reached nearly 500 who attended our June 15 launch,” says Di Silvestro. “When the rate dropped, registrations shot up.”

Oakbrook is a 225-unit townhouse development at the corner of Burnamthorpe Rd. and Sixth Line in north Oakville. Townhouses have emerged as alternatives to single-family homes in the Greater Toronto Area, and Di Silvestro noted Oakbrook was designed with spacious interiors. Prices begin at $1,019,900 for 1,473 sq. ft and top out at $1,459,900 for 2,375 sq ft.

But unlike in most of the GTA, the Oakbrook is being developed in what’s essentially a new neighbourhood. That’s one reason Manush Trivedi, a credit analyst, and his girlfriend, an accountant — both 24, purchased a home at Oakbrook, which is scheduled for completion in fall 2026.

“We want to get married soon and start a family, and we think a condo would be too small because over time we’d outgrow that,” Trivedi said.

The couple compared sticker prices at similar developments across the GTA and concluded Oakbrook was priced at market value. However, he says, had they not purchased preconstruction, remaining units would have become more expensive as the project neared completion, so they pulled the trigger quickly.

A stone’s throw from Oakbrook is about 100 acres of preserved forestry and a park with a baseball diamond and soccer field, helping foster a family-friendly feeling.

The Lakeshore GO Train line is a short jaunt south, Highway 407 is minutes north, and because the neighbourhood is nascent, it’s in the catchment of new elementary and high schools that are slated to open soon.

“We don’t have kids yet, but eventually we will take that step,” Trivedi said. “I lived in Mississauga and Brampton, and the traffic you see there is probably triple what I’ve seen in Oakville, and that was another reason we purchased here.

“We both work in downtown Toronto and the Lakeshore line is 10 minutes from the property.”

Crystal Homes is no stranger to Oakville, having recently developed NUVO Condos not far from Oakbrook. Trivedi’s father’s purchased a home from the builder and he says that informed the couple’s decision to buy their three-storey, 1,700 sq. ft townhouse.

Interest in Oakbrook has been so robust that more homes were released for sale a couple of weeks ago — with another to follow — and construction is expected to begin this fall.

The townhomes have different floor plans, but they’re also designed with larger, contained garages of about 220 sq. ft. Di Silvestro says there’s been a lot of interest in their rooftop terraces from the cross-section of buyers.

And an interesting theme at Oakbrook, Di Silvestro added, is family.

“We have cases of family members buying close together in the subdivision,” she said. “We’re finding that families want to not necessarily live in the same home, but definitely close to each other.”