1051 Melvin Avenue, Oakville, ON
Morrison, Oakville · MLS® W12986568
About this home
Build your dream home! Nestled on a premium 60 x 136 ft lot in South-east Oakville's prestigious Morrison neighbourhood, this charming 2 bedroom all brick bungalow (formerly 3 bedroom) is a property that rarely comes to market. Zoned RL2-0, the generous frontage and depth offer an outstanding build envelope - ideal for a custom home or a significant addition and renovation. Thoughtfully maintained throughout, the home offers a warm and functional layout with 2 bedrooms, 2 bathrooms, and a beautifully finished basement complete with a custom fireplace, bar, and games area, along with a dedicated office space. Step outside to the covered back deck where an outdoor fireplace sets the tone for relaxed evenings surrounded by nature - the kind of setting that makes it easy to forget you're minutes from everything. The landscaping and mature trees have been carefully tended over many years, with a lush treed rear boundary that adds real privacy and seclusion to the property. Situated on a quiet, tree-lined street surrounded by impressive custom builds, the location offers the very best of South-east Oakville living. Top-ranked schools including St. Mildred's Lightbourn and Linbrook are within walking distance, while the Oakville GO Station, the waterfront, downtown Oakville's shops and restaurants, and convenient highway access are all just minutes away. Whether your vision is a brand new custom home or a thoughtful renovation and addition, this is the property that makes it possible - on one of South-east Oakville's most sought-after streets.
Key facts
- Property type
- Detached, Bungalow
- MLS®
- W12986568
- Bedrooms
- 2
- Bathrooms
- 2
- Size
- 1500-2000
- Lot
- 60 × 136 ft
- Cross streets
- Chartwell and Melvin
- Parking
- 3 parking
- Driveway
- Private
- Basement
- Full, Finished
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick
- Foundation
- Block
- Roof
- Asphalt Shingle
- Sewer
- Sewer
- Property tax
- $6,869 / 2025
- Days on market
- 97
- Listing brokerage
- RE/MAX ESCARPMENT REALTY INC.
Rooms
Listed at $1,599,000, this home is tracking about 33% below a wider set of listings, though close matches were thin, so it is worth confirming with a precise CMA rather than reading it as a clear deal. The number above is my independent estimate of value, not the asking price.
There are only a few closely comparable homes right here, so this is a broad read from wider listings in the area. Ask me for a precise CMA before relying on it.
Based on 5 similar homes nearby, adjusted for size, beds, and baths.Median of 5 comparable active listings, adjusted for size, beds, and baths. The city (MPAC) assessment points to about $1.72M, lower than the comparables and worth a second look.
How I got there
Here is the exact math behind the estimate. I start from the closest comparable listing and adjust for the real differences (size, beds, baths) to land on a like-for-like value for this home.
- Closest comparable, listed at $2.50M
- Bedrooms −$30K
- Adjusts to $2.47M
That comparable adjusts to $2.47M; the $2.39M estimate above is the median of all 5 comparables, which is steadier than any single home.This uses comparable active listings, not sold prices. Lot, condition, and finishes are my in-person call, and I can run a full CMA with recent solds.
On location, this is a very walkable address with everyday errands close by. Cornwall Rd + Chartwell Rd is about a 2-minute walk away. Walkable, transit-friendly spots tend to hold value and widen your resale pool.
Total price vs nearby homes. Fair value about $2.39M, median of 5 comparables.
What the listing highlightsThese are claims from the listing. The only way to know for sure is to see it in person, and I am happy to book you a private showing.
- Finished basement: added living space, worth checking ceiling height and that the work was permitted.
- Renovated / rebuilt: recent work can mean fewer upfront costs, worth confirming the scope, quality, and that permits were pulled.
- Addition / added square footage: more space lifts value when it is permitted and well integrated, verify the permits.
- Value driver
The closest active listings by size, beds, and price, so you can see what this home is up against.
The 3 closest active listings nearby.
See all comparable homesThis home lists 32% below the area average of $1,346/sqft.
92 days longer than the Oakville average (5 days).
View comparable listingsPrice per square foot vs the area average.
Neighbourhood & location
Morrison, Oakville, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
Getting around
Very WalkableA walkability read built from the amenities around this home: how close the nearest transit stop is, and how many grocery, dining, park, and pharmacy destinations fall within a 15-minute walk. It is a guide, not a guarantee. Places data from Google.
Most daily errands can be done on foot.
🚉 Nearest transit: Cornwall Rd + Chartwell Rd, about 179 m away
Within a 15-minute (1.5 km) walk.
How asking prices compare in the closest areas to this home. Longer bars mean a pricier market.
Typical asking price of active listings of the same type, per area (outliers removed). Oakville.
Get the full neighbourhood report (schools, parks, transit & safety) →
Affordability & Mortgage
Income needed assumes a ~32% GDS ratio; weekly is mortgage principal & interest only. Price ÷ income is the home price over the income needed. Fixed reference assumptions so listings compare on equal footing, not a lending decision.
Calculate and customize your mortgage and other expenses
Adjust the down payment, rate, and amortization, and add property tax, condo fees, and heating to see your true monthly cost.
Your numbers
Homes over $1.5M can't be insured, so 20% down or more is required.
Conventional (20%+ down). Best insured 5-year fixed 3.99% via Ratehub.ca (as of July 17, 2026); conventional rates run a little higher.
Mortgage amount $1,279,200 · 4.14% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $6,826
- Property tax
- $572
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $7,399
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $28,455
- Estimated closing costs
- $28,455
Plus your down payment of $319,800. Legal fees, title insurance, and adjustments are extra and vary by deal.
Mortgage stress test
Lenders qualify you at the greater of your rate plus 2% or 5.25%. You do not pay this rate. It just shows you could still handle payments if rates rose, so aim to stay comfortable at this higher number.
Over the full 25 years
At the end of your 5-year term
- Total paid over the term
- $409,577
- Principal paid down
- $162,906
- Interest paid
- $246,671
- Balance remaining
- $1,116,294
Talk to Team Asgarian about your options
Rates and programs change often. We will connect you with a trusted mortgage professional and build a plan that fits your budget and goals.
Estimates only, not a mortgage quote or pre-approval. Figures use Canadian semi-annual compounding, current minimum down-payment rules, CMHC premium tiers, and Ontario (plus Toronto, when selected) land transfer tax. Actual rates, taxes, insurance, and closing costs vary by lender and property. Confirm every number with your mortgage professional.
Investor snapshot
Thinking of this home as an investment? We will pull real comparable rents and run the full numbers with you.
Talk about the numbersEstimates only. Rent is modelled on above-grade size and local norms, so a finished basement or second suite (a separate entrance often means one) can push real rent well above this. Taxes, fees, and vacancy vary by property, and cap rate is before financing. A starting point, not a final number, let us run the real ones with you.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of RE/MAX ESCARPMENT REALTY INC.. MLS®/PropTx.