Our three communities share a shoreline on Lake Ontario, and when it comes to Real Estate that is about all they share in common. When the spring market begins, and yes, we are in the spring market currently, the 3 towns are like cars at the start line of an F1 race. Within the first month, one of the communities is ahead and the best place for Buyers while another may be the best place to jump in the market for Sellers. Let’s dig a bit deeper and see how the communities are doing and where the opportunities are.
| Average Detached Home | Number of Sales (year over year) | |
| Oshawa | $877,500 | +51% |
| Year over year change in price +4.7% | December/January change in price +11% | ||
| Clarington | $905,000 | +12.5% |
| Year over year change in price +3% | December/January change in price +5.4% | ||
| Whitby | $1,125,000 | +53% |
| Year over year change in price +2.5% | December/January change in price +3% | ||
It appears that the average prices in Oshawa have increased the most year over year. The average detached home in Oshawa has increased by $39,000 over the past 12 months. Not only that but the number of homes sold has skyrocketed, increasing by over 50%. Clarington prices started 2023 off at an average of $879,500 and hit a high point of $1,012,000 in June only to slide again and end the year at $858,000. Currently, the average home is selling for $905,000. Whitby has had similar sales numbers to Oshawa. Jumping by over 50% with marginal price increases over the past year.
If I were advising a Buyer, my thoughts would be that the best place to buy a home would be in Clarington. You can see that the number of sales is up, but not like they are in the neighbouring communities. For some reason, Clarington has been slow to ramp up sales, however, once they do, the values increase, and the buying activity goes up quickly. Currently, Clarington is the best pocket for Buyers.
For Sellers, both Oshawa and Whitby are the best places to obtain high values. The trend of holding offers to a specific date hoping for bidding wars is returning with 37% of all new listings in Oshawa over the past week holding offers and a quarter of all new listings in Whitby. This marketing strategy is helping to push prices up in these two towns with 60% of all homes sold, selling for full price or over asking.
When looking at properties to be used as investment properties, Oshawa over the past few years has always been the best location. You can purchase a 3-bedroom bungalow in Oshawa with a legal accessory apartment for around $850,000 and the property will generate in the range of $4,600 per month in rent. There was a home in Whitby recently sold with a legal apartment for $862,000. This home was dramatically smaller than the one in Oshawa and had a 1-bedroom apartment, compared to the Oshawa home with 3 full lower bedrooms. The rent on this home would be in the $3,500 range.
Another pocket that offers high value for money is Brooklin. Brooklin prices have always been the highest in Whitby, however, they have stayed stable while the north of Oshawa has increased. Currently “Taunton” detached home prices are almost identical to those in Brooklin, Making the top end of Whitby a good deal.
When it comes to understanding where the best area is to invest your housing dollars, being a local agent helps you understand where your investment will be secure, where the neighbourhood is safe and where the best pizza joint is to order for Friday date nights.
If you are on the hunt for a bargain or are considering selling a property, I am happy to offer you a local approach based on 37 years of experience.
I can be reached at lindsay@buyselllove.ca or 905-743-5555
Connect with us on Facebook, Instagram, LinkedIn and YouTube.