Oshawa condos: From first time buyers to luxury

By Lindsay Smith/Columnist

We have watched the prices of detached and semi-detached homes skyrocket in Oshawa in 2020. Are there any affordable homes left? Amazing question… let’s dig in and look at what is available in prices lower than the detached average of $665,000 or $515,000 for a semi-detached home.

Condos – there are several common types available in Oshawa. Apartment style condos and townhome styles. In Oshawa, the prices of both have dramatically increased this year, however, they are still considered affordable. Here are the averages that will shed some light on purchasing a condo in Oshawa.

Average Condo Apartment: $298,500

Average Townhome Condo: $436,000

When you look at what has been sold recently, the price ranges in town are dramatic. This past month, I was involved in selling one of the lowest priced townhomes in Oshawa and the highest priced condo apartment sold to date in Oshawa. The townhome sold for $319,000 and the luxury apartment sold for over $1,000,000.

When a buyer is considering an apartment-style condo they will find that there are 22 currently available. Many of these condos were purpose-built to accommodate student rentals, so once these are taken out of our search, there are seven available. One is in the luxury building on Wilson Road and the rest are centred in the downtown core. They range in price from a luxury high of $740,000, to a more average range of $250,000 to $395,000.

When it comes to condo townhomes, there are currently 35 available. Once you begin a search of the available properties, you will quickly notice the most expensive homes are in the north end of Oshawa centered around the university. They tend to be a mix of owner occupied and tenanted properties. The values in the north end are between $400,000 and over $660,000. Once you get south of Taunton, the prices tend to be more affordable and fall into the range of $300,000 to $400,000. One building I have sold many units in has been McLaughlin Square. Located between Richmond and William Streets, it offers reasonable fees and large square footage units. Recently, a two bedroom with two baths sold for $325,000. This building has a reputation for being a wonderful place to live, along with being a good investment.

I have heard people comment over the years that condominiums do not increase in value the same way detached/ semi-detached home appreciate. This cannot be further from the truth. The average condo apartment has increased in value $36,000 since the beginning of the year and condo townhomes have jumped a shocking $102,000 this year. They are rock solid investments.

The two units I was fortunate to sell over the past month show how diverse Oshawa is becoming. The townhome that sold for $319,000 was a two bedroom home that once sold has helped the sellers move on to a large detached home. The apartment selling for over $1,000,000 shows how there is an appetite for high value properties in Oshawa. In fact, there has only been one sale higher in price in Durham Region! Oshawa continues to offer homes to buyers from starters to “top-shelf” luxury homes that rival the Ritz Carlton.

If you have any questions about the condo market in Oshawa, or if your situation has changed and you see a real estate emergency on the horizon, I can be reached at lindsay@buyselllove.ca.