Oshawa one of the hottest real estate markets in GTA – Properly
Published April 1, 2022 at 2:46 pm
Canadian real estate company Properly believes Oshawa has one of the hottest real estate markets in the GTA, especially among lower-end properties.
Using a proprietary estimator called Instant Estimate, which approximates the value of a home by considering comparable sold homes nearby, local market conditions, economic growth, and more, Properly found that homes in Oshawa have appreciated by a staggering 67 per cent in the past two years.
Townhouses (80 per cent) and rowhouses (79 per cent) have driven the most value among all home types, the company said.
Rowhouses – with zero parking – south of downtown that were selling for 100,000 not too many years ago are now listing for $400,000 and fetching even more. And a linked home in east Oshawa listed by Properly recently sold for just under $1 million.
In addition to the Instant Estimate data, Properly analyzed TREB data to uncover buying and selling trends across GTA communities. The data found that Oshawa saw some of the most changes within Durham Region with approximately 13 per cent of all properties changing hands within the last year.
Oshawa also saw both the second highest percentage and second largest total of properties sold in the last year of the pandemic among all GTA municipalities.
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“A big factor here is price,” noted Properly real estate agent Aaron Bastiampillai. “Compared to the rest of the GTA, Oshawa home prices were low. With more hybrid work from home policies, Oshawa is relatively more affordable for buyers looking for larger homes and more space than other parts of the GTA such as Pickering or Mississauga that are closer to Toronto.”
Bastiampillai called Oshawa the “Burlington of the east.”
“It takes about the same time to travel to downtown Toronto on the GO train. People have been looking for more affordable homes in the GTA and finally found Oshawa.”
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