Over the past couple of decades, many cities, suburbs, and towns spanning across the GTA. Oshawa in the Durham Region has continued to sprout housing and condo developments. The demand for affordable places to live that offer substance and value continues to increase. Prospective homeowners have expanded their search beyond to Oshawa.
Thus, populations have skyrocketed drastically in Durham, resulting in thriving communities and vibrant atmospheres. This notion is most glaringly evident in Oshawa, one of the signature cities in the Durham Region. As home to both the Generals and Ontario Tech University – one of the province's most heralded institutions – Oshawa offers plenty that residents can take pride in.
Most recent reports on Oshawa real estate show the average home price of $725,000, trending upward from previous cycles. While Toronto real estate sits at an average of $875,000 doesn’t seem that far off, there are two factors to consider. For one, Toronto is in a bit of a COVID-19 lull that is sure to reverse over time, and prices will trend upward. Furthermore, Toronto homes aren't known for their abundant space—you're generally receiving more value per square foot in Oshawa.
In 2020, it was possible to buy a home in Oshawa for $500,000—equal to a standard condo in Toronto. Spearheading Oshawa's real estate are its detached homes, ringing up at $830,000. Whereas townhouses are averaged at $626,000, and condos are $367,000.
A primary reason real estate prices in Oshawa have jumped so dramatically in January is a lack of inventory on the market. In fact, the number of available homes in Oshawa has sunk to its lowest point in decades.
But it’s more pressing to investigate why Oshawa is thriving while other markets face the COVID-19 brunt.
Consider this: Oshawa’s Go-Train service is only 55 minutes from Toronto, and its price points are famously low. Thus, interest in Oshawa real estate has long been on the rise. And unlike other Canadian markets that are freefalling, the former ‘Motor City’ will go against national trends and retain demand.
Low mortgage rates, attractive pricing, and an influx of Toronto residents seeking suburban refuge have turned Oshawa’s real estate into a magnet for home buyers. Despite the real estate market stalling in Spring 2020 after the pandemic, the summertime more than made up for it with record sales.
Real estate momentum in Oshawa continued toward year-end in 2020; there were 75 homes for sale with 232 sales. Compare that to the year before where there were 252 detached homes for sale and 166 sales, and you can see the momentum.
Competitive pricing points in Oshawa and rising market demand seem to be the two key ingredients in fostering a bidding-war environment. Provided you're interested in an Oshawa property, expect to go toe-to-toe with other potential homebuyers.
Frequent homebuyers of Oshawa homes are young people leaving Toronto and trying to find more for less. There's still straightforward access to Toronto – and all it offers – because of the Go service, combined with larger homes at far more affordable prices.
There are also Durham lifers, done with renting or living with their parents. They're growing up and starting families. So, buying a home is a top priority. Given the low prices, these people can stay in the city they've always loved while enjoying its incredible quality of life. Plus, new Canadians seeking their start are attracted to the employment opportunities and low-priced dwellings in the city.