Housing prices all over the GTA have been skyrocketing throughout the past year, but it’s Oshawa that has come out as the frontrunner in the GTA’s condo market.
A new report from Strata.ca has found that property values in Oshawa have increased 48% over the past year. This is staggeringly higher than the increases seen in other GTA cities like Mississauga, Brampton, and Vaughan, which have gone up 6%, 11%, and 5%, respectively.
The average Oshawa condo is now priced at $483,000, or about $540 per sq ft.
According to the report, Oshawa real estate is attractive because it typically has more spacious layouts compared to Toronto, and low-rise condo townhomes — an alternative to the typical Toronto high-rise — are abundant.
“Given today’s migrational trends, it’s not surprising to see Oshawa, and Durham Region as a whole, outpace the rest of the GTA. Whitby, for example, may not be as hot as Oshawa. But it, too, is seeing an increase of 20% in property values over the past year,” says Robert Van Rhijn, Broker of Record at Strata.ca.
For years, Oshawa, known as Ontario’s “motor city” thanks to the General Motors headquarters located there, has been in “an auto industry slump,” the report says. But the city is now becoming more attractive to families and young professionals.
“Oshawa is no longer that sleepy bedroom community you once knew. I used to hear a lot of Toronto homebuyers swear they’d never go past Pickering,” said Van Rhijn. “But with today’s remote working options, I’m seeing more clients push their geographic boundaries and wonder what’s further east.”
And with Toronto’s condo market continuing to be much to expensive for many buyers, it’s pushing more people to further out GTA cities.
“The average selling price for a condo in Toronto is well over $700,000,” saidagent Jessie Pereira. “That’s why Oshawa has become an attractive option. Not only can you buy property here for much cheaper, but you’re also getting in on a market with long-term possibilities for profit.”
So any buyers looking to get in on a growing market would be smart to turn their attention to Oshawa.