Let’s talk about home prices. Crazy, expensive, unaffordable and beyond reach. If you are a Buyer looking for a detached home in Riverdale Toronto, (east of the Don Valley and south of Danforth) you would expect to pay an average of $1,714,000 to buy a home. Breaking this down, you would need a minimum of $343,000 as a downpayment, and your monthly mortgage payment would be around $ 8,000/month.
By reviewing these numbers it is easy to go “eek” and think it is impossible to afford a home. I thought about this and after showing a commercial property in Brighton on the weekend I thought I would share how prices change as you move east and northeast. Brighton is east of Oshawa, about an hour by car. If you look at the average price for detached homes as you drive east you will notice that the values drop the further you get from Toronto. The only outlier is Port Hope. Here is what the prices look like in our eastern towns along with how long a drive they are from Oshawa:
| Town | Average Home Cost | Distance to Oshawa |
| Oshawa | $908,000 | |
| Port Hope | $930,000 | 40 minutes |
| Cobourg | $707,000 | 45 minutes |
| Cobourg | $673,000 | 60 minutes |
| Belleville | $585,000 | 90 minutes |
| Trent Hills | $585,000 | 75 minutes |
| Peterborough | $639,000 | 50 minutes |
It is easy to see that by moving 30 minutes east of Oshawa, the prices drop by $200,000 and many people who move to the communities east of Durham Region, do so not only for the lower prices but for the lifestyle that comes with living in a smaller rural community. Port Hope for instance has one of the most beautiful theatres you will find in Ontario and not only that they also are home to the “Float you Fanny down the Ganny” a crazy kayak race on the Ganaraska River.
The eastern towns are home to craft breweries, art galleries, theatre venues and some fantastic restaurants. One thing about being in towns outside of Toronto is that they become magnets for some amazing chefs and restauranteurs. In what seems like the middle of nowhere, St. Annes spa is one of Ontario’s best spa destinations and had one of the only certified gluten free bakeries in our province.
Revisiting prices in our eastern communities, if a Buyer found a home in Brighton that they fell in love with, their home would come in at half of the downpayment that a Riverdale Buyer would have to put down on a home. Along with this, the mortgage payment would be in the range of $3,100/month.
There are several things that drive (no pun intended) people to communities outside of the Durham Region and the Toronto area, and one of them is transit and highway access. The commuting time from Peterborough or Trent Hills has been cut down dramatically with the 407 connecting with highway 115. If a Buyer works in Markham and decides to move to Peterborough, the commute currently is about an hour. This is the same commute time as it is to take the GO Train from Oshawa to Toronto. Moving east, for some families makes sense; financial sense, cultural sense and the peace of mind that comes with living in a relaxed rural environment.Hih Hi’Hills
If you are interested in exploring a move east or north I would be happy to help you gather information to help make your move a smooth one. As smooth as the beer tastes with chicken wings at Rhino’s in Bewdley or the Whiskey BBQ Back Ribs at the Whistling Duck in Brighton. I can be reached at lindsay@buyselllove.ca or 905-743-5555.
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