Over the past 4 decades, I have learned quite a bit about what people care about when they look for a town to set their roots in. What I find is that people tend to determine what they can afford and then begin to shop in the communities that fit their budget.
It typically begins with creating a budget, followed by research on which towns they can afford, and then which neighbourhoods offer the things that make an area attractive to live in. However, when a family begins the search for a town typically it is price that first draws them in for a look.
When you determine, few can afford to live in a home in the city of Toronto (other than a small condo) the suburbs become the only real option. Here are the average prices for all homes in the different parts of the outlying areas of the Greater Toronto Area:
Halton Region $1,188,00
Peel Region $990,000
York Region $1,268,000
Durham Region $874,000
Dufferin County $716,000
Simcoe County $858,284
If you were wondering, central Toronto has an average price of $1,126,000. It becomes clear that Durham Region and Dufferin County are the most affordable areas. One thing to take into consideration is that Dufferin County is comprised of Orangville and there were only 17 sales last month compared to Durham where there were 380 homes sold.
If we focus on detached homes, we notice that Innisfil and Orangeville are the only 2 towns with a lower price point than Oshawa. The average home in Oshawa is $$775,000 and both Orangeville and Innisfil are around $720,000.
Proximity to downtown Toronto is also a factor that Buyers take into consideration, with Oshawa a 60-minute train ride compared to a transit commute to Innisfil and Orangeville taking just under 2 hours.
Proximity to downtown Toronto has always been a reason many people want to be in a 1 hour commuting distance and this is one of the reasons Buyers find Oshawa attractive. If you look at detached homes the same commuting distance west of downtown Toronto, the average home has a price point $1,821,000 compared to $841,000 in Oshawa. That is a staggering $979,000 difference!
At the end of 2022 the average detached home in Oshawa was $841,000, with Whitby homes valued at $1,182,000 and Clarington $813,000. Homes are reasonably priced, the commute is a short one and the amenities Durham Region offers are comparable to anywhere in the GTA. With 2 universities, the largest cancer hospital and great restaurants and bars, Durham is the choice for many home Buyers.
When I questioned an agent from Brampton last year who had an offer on a home I was selling, I asked him why he was showing homes almost 2 hours from his office this was his response; “every home in Oshawa is on a fire sale.”
I would add, the prices are hot as are the reasons to live here.
If you have any questions about a move to Durham Region, I can be reached at lindsay@buyselllove.ca