By Lindsay Smith/Columnist
On a waterfront walk this past week, I could see a smokestack on the USA side. I think Rochester is about 80 kms from where I was. It’s amazing how 80 kms can be night and day for areas to live in.
If you go 80 kms west of Oshawa, you would be in Brampton. One thing we share in common with Brampton is our proximity to downtown Toronto. It is almost the same commute by GO train. One of the things that is completely different may explain why Oshawa is becoming the town of choice for buyers looking to move out of Toronto, with the escalating cost of owning a home.
I recently placed a bungalow on the market in Oshawa that has a legal apartment and is renovated top to bottom. Features included a walkout basement, plenty of quartz and hardwood, a fireplace and a ravine lot. It hit the market at $659,900. Compare this to a recent sale in Brampton. I did some research and found a similar bungalow that sold last month. Like the home in Oshawa, it had a legal apartment, was renovated and offered a single garage. Missing was the walkout basement and a ravine lot. This home sold for $815,000.
That is a $145,000 difference between prices! Let’s dig a little deeper. At the current mortgage rates, $145,000 would cost $650 per month to carry. That leaves $7,800 per year to pay down your mortgage, allowing you to be mortgage-free sooner, or to spend on a new car, travel, or to save for your children’s education. Another good option would be to pay down your other debts, and at the same time, live in a beautiful home close to all amenities.
I have heard the question over and over, “Why are so many people moving to Oshawa?” I smile every time I hear that question. We have a first rate community, two universities along with Durham College, and one of the finest cancer hospitals in Ontario. We have access to hundreds of miles of trails within minutes of the city, soon to be home to a “state-of-the-art” GO station, and we are now home of the “Big Baby” – the legendary ice cream cone from Eniskillen General Store located on Ritson Road.
Here is the breakdown for curious minds – May 2020 home selling prices:
Oshawa has become a destination for people living in the GTA for its amenities, commuters and home Buyers looking for value for their investment. As we move our way through this pandemic, and we learn that many of us can work remotely, Oshawa will not only become a destination, it will become one of the jewels of the GTA. Giddy-up!
If you have questions on the market or if you can see a real estate emergency on the horizon, I can be reached at firstname.lastname@example.org.
Lindsay Smith Broker
Keller Williams Energy Brokerage