Oshawa is slightly east of Pickering. Travelling along the 401 it takes about 10 minutes to get to Oshawa once you pass Pickering. Both have GO-Train stations, access to GO-Busses and similar amenities. Looking at them as competing football teams, which one is the winner? Let’s dig in and see what differences we can identify.
One similarity with both communities is that much of the new home development is in north with homes south of Highway 2 being older and in much more mature neighborhoods. Both have large shopping centres, recreational facilities and access to grocery stores. One difference is that Pickering has a casino with a live entertainment venue whereas Oshawa has not only a sports facility that also offers entertainment but it also has a historic theatre that offers live music and theatrical plays.
When it comes to choosing where to invest your money into a home or a rental property, the differences are vast.
Let’s begin by choosing two baseline homes to use as comparisons:
Bungalow. These tend to be older homes that reflect entry level purchases. Here are the differences between Oshawa and Pickering.
| Average selling price | Average taxes | Homes sold YTD | Inventory | List/Sale price ratio | |
| Oshawa | $839,000 | $5,000 | 423 | 495 | 100% |
| Pickering | $980,000 | $6,575 | 52 | 308 | 97% |
2 Storey home 2,000 – 2,500 sq ft. Detached.
| Average selling price | Average taxes | Homes sold YTD | Inventory | List/Sale price ratio | |
| Oshawa | $977,000 | $6,385 | 84 | 19 | 96% |
| Pickering | $1,186,000 | $7,444 | 83 | 14 | 107% |
The first thing we notice is that similar homes sold in Pickering are dramatically more expensive. The average bungalow is 14% less expensive in Oshawa compared to Pickering. Then next difference are property taxes. Oshawa taxes are just under $1,600 per year less expensive than Pickering. Comparing carrying costs, the difference in price and taxes would work out to a bungalow in Pickering costing $930/month more than a similar one in Oshawa.
When we compare a 2 storey detached home under 2,500 sq ft, Oshawa prices are about $100,000 less than Pickering and the taxes are around $1,000 less. Again, these two items would cause the home in Pickering to have carrying costs of $650/month more than one in Oshawa.
When we look a bit closer there are some subtle differences that separate the two communities. In Pickering a 2 storey home is selling (in the past 30 days) for 7% over asking whereas in Oshawa the same homes are selling for asking price. This is important and gives the indication that homes in Pickering are having more bidding contests. 7% on a home selling for $1.18 million means a Buyer is bidding around $75,000 more than asking price to secure the property.
If you look at the costs of carrying a 2 storey home over a 5 year mortgage term, the home in Pickering would cost the Buyers around $40,000 more to carry than one would in Oshawa.
Knowing the cost of carrying a home in Pickering is more costly, a question might be what area has increased the most over the past 5 years? For bungalows, Oshawa has seen a 71% increase in value in the past 5 years where Pickering has gone up only 47%. 2 storey homes have done better in Oshawa as well – up 52% compared to 40% in Pickering.
The numbers indicate that if a Buyer is looking at a return on investment, Oshawa has been the best area to invest your downpayment in. Both communities offer similar amenities, however if you are looking at “bang for your buck” Oshawa is the place to be.
If you are considering a move to Durham Region, or if you are looking at selling a local home, I can be reached at lindsay@buyselllove.ca or 905-743-5555.
Connect with us on Facebook, Instagram, LinkedIn and YouTube.