Where are we currently with pricing locally? Here is a snapshot of prices for all homes along with detached homes singled out as of Feb 22/22… 2-22-22 has a ring to it:

Oshawa:     All homes – $1,176,000 Detached – $1,223,000
Whitby:       All homes – $1,239,000 Detached – $1,567,000
Clarington: All homes – $1,223,000 Detached – $1,263,000

To bring some context to these numbers since Dec 31/21
Detached prices are up in
Oshawa +$188,000
Whitby +$308,000
Clarington +$153,000.

Wowza! When we break down the numbers there are certain types of homes that are hotter than others, and specific price ranges that are more active.

Firstly, let’s look at Brampton and Mississauga. Many of our Buyers are coming from these areas looking for homes that are less expensive and settle in Durham Region. The average Detached in Brampton at the end of January was $1,652,000 and Mississauga $1,964,000. It is easy to identify why the Buyers are looking east, especially in Oshawa. Oshawa to Mississauga average detached homes have a difference of $836,000. (based on end Jan/22 statistics) What we are noticing is that the price ranges that are most active in Oshawa is the $1,000,000 + range. If you look month-to-date in Mississauga, there have been 163 detached homes sold. Of that total, only 18 were under $1M. Most of the properties being sold are selling well above the million-dollar mark. Not let’s look at the same snapshot for Oshawa; of 147 Detached homes sold month to date, 109 homes sold under the million-dollar threshold. Semi-detached is averaging $920,000 in Oshawa with Mississauga averaging $1,319,000.

The hot properties and price ranges in our area are homes selling between $1.5 – $2M. and semi-detached homes selling in the $800,000 – $950,000 range.

When will this drive up in prices settle down? I believe, and my “crystal ball” confirms, that when Oshawa, Whitby and Clarington reach similar prices that can be found in the communities on the west side of Toronto, the Buyers we see migrating from the west will stay west. Once pricing parity happens, there will be little reason to move an hour east.

Let’s cherry pic a few of the home sales that caught my interest over the past week:
• Orlando Crt. A renovated 2 storey, older semi-detached home with 3 bedrooms, 2 baths and no garage. Sold for $999,999.

• Clearsky Ave. A renovated 2 storey home selling for $1,605,000 – $220,000 more than a similar home on the street sold for 3 weeks prior.

• George Holly St. A smaller detached home on a 30 ft lot with a single car garage and unfinished basement. Sold for $1,481,000.

• Stagemaster Cr. A link home in Courtice with a single garage, no family room and 1 ½ baths. Sold for $970,000.

When you look a bit deeper into what is being sold, it is easy to see that homes will inside a price envelope. What is fascinating is that some homes will sell at the bottom price of the range and other sell so high they are “head shakers.” In the end local agents seem to have the neighborhood knowledge to capture the high prices for homes in our area. It still takes expert negotiating skills, staging, targeted marketing to attract a “west-end” Buyer who sees our prices as a deal when they are over $800,000 less than what they can buy in Mississauga or Brampton.

If you are interested in exploring how local can help you capitalize on this market I can be reached at lindsay@buyselllove.ca

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