|Elfie Hayes Mortgage Intelligence Oshawa
You started a life in Toronto; your condo selection was based on Price and Proximity to your office.
Now we telecommute, Now you have a family. New Land Transfer Taxes are punitive to second time buyers and your bang for the buck is higher in the 905's.
The OTHER 905's Eh,
Torontonians looking to escape the city for the suburbs often look west of the city to areas like Brampton, Mississauga,Oakville and Milton, but as some are finding out there is a land beyond Scarborough with much to offer buyers looking for a little more space and a smaller mortgage.
Comprised of 8 municipalities, DurhamRegion, with its population over 600,000, has long lagged behind the boom that started west of the city in the 1970’s, but with a commute from Pickering taking no longer than a compute from Mississauga many people, particularly first time buyers, are looking east.
For many cost is a deciding factor in the decision. With the average price in Halton Region hitting $561,559 in 2012 according to the Toronto Real Estate Board, Durham Region is much more affordable with an average cost of $338,991 in the same time period. Peel sat in the middle with an average sale price of $408,187. The difference between pricing of a typical first time buyer home is even greater with a townhome averaging $322,800, $310,400, and $202,300 for Halton, Peel and Durham respectively. That over $100,000 difference between East and West!
Growth potential is another reason buyers are considering the area. With new home projects throughout the region, the 407 extension planned to cross the region in two phases and burgeoning University in Oshawa the region is improving rapidly. Whitby for example saw a 34.37 increase in sales in 2012 year over year according to TREB Market Watch while sales in Clarington (comprised of Bowmanville, Newcastle, and Courtice) were up nearly 24%. And this at a time where the Toronto Real Estate Board total sales only inched by barely 1%!
Quality of life is another factor many buyers consider. While still a commutable distance to Toronto, Durham Region in general offers a slightly quieter life with more green space, less traffic, and less developed land. While far from being the middle of nowhere (The Oshawa Census Metropolitan Area is one of the larger in Canada) it does offer some space to breathe. This is partly to do with its population density which is less than half that of Halton’s and a quarter that of Peel’s.
At the end of the day Durham has a ways to go playing catch up with its rivals to the West, but for the first time in many years it has started to become a real competitor and buyers have started to notice that the value, quality of life and potential of Durham Region make it a great place to call home.
Mike Bouma is a second generation broker with with RE/MAX Ability in Oshawa, Canada. Visit Mike at http://www.bouma.ca/ for more information on <a href="http://bouma.ca">Oshawa real estate</a>
Mike can be contacted directly at 905 434 5452
Are you ready to escape to the 905?