When it comes to GTA real estate and Canada as a whole, is Oshawa primed to become one of the hottest housing markets amid a pandemic?
The city recently made national headlines after Statistics Canada reported in January that Oshawa is one of the country’s fastest-growing areas. Over the past year, its population has increased more than two per cent, receiving an influx of more than 10,000 new residents. The primary factor driving this growth is that many Toronto households are searching for larger homes at a lower price than what they would find in the major urban centre.
For years this “bedroom community” on the eastern edge of the GTA avoided the spotlight, but is now rather quickly pushing its way to the top as a popular destination for families, young couples and real estate investors. It was only a matter of time, says Mayor Dan Carter.
“I think our day has come and I think we’ve been building towards this for some time. We’re affordable, we’re a safe city. We have great amenities here. We’ve got unbelievable post-education,” Mayor Carter said in a statement. “They’re seeing that they want to have a different experience in their life. They want to have more space, they want to be outside and enjoy the green space.”
Has this translated into a more lucrative housing market? Despite having one of Ontario’s most affordable real estate sectors, Oshawa has seen incredible growth over the last year. But did Oshawa start 2021 with the same level of momentum? And, if it did, can the city sustain it in 2021?
GTA Real Estate: A Peek Inside the Booming Oshawa Housing Market
The Oshawa real estate market has been off to an impressive start in 2021, looking to build upon the momentum from the sudden population boom.
According to this January market data, residential sales rose 17 per cent from the same time a year ago, to 213 units. The average price for a home in Oshawa was $649,000 in January, rising 16.7 per cent year-over-year. Here is the average price by home type:
Detached: $832,217
Townhouse: $672,528
Condo Apartment: $373,506
Despite the COVID-19 public health crisis and the province’s decision to lockdown Ontario close to a year ago, the local Oshawa real estate industry has remained robust, with the average listing remaining on the market for only 10 days.
“The strong demand during the spring market pushed a fast recovery for Durham’s housing market. Record residential sales were reported on a monthly basis,” said Michael Watson, the president of the Durham Region Association of REALTORS® (DRAR), in a news release. “Digital marketing tools and virtual open houses allowed for safe interactions as the demand for homeownership remained strong. Low borrowing costs will continue to fuel the housing market recovery.”
Industry observers are now focusing on active listings and housing starts to better measure Oshawa’s inventory levels. In January, there were 72 active listings. Housing starts also swelled considerably last year, soaring 56 per cent to 2,666 in 2020.
It was also recently reported that new subdivisions are currently under construction, and additional land had been approved for subdivision development. Oshawa is in a position to meet the needs of the market; something that many smaller towns or rural communities were unable to do over the last several months as out-of-town buyers flooded the markets, scooping up the limited inventory of properties.
Oshawa and Durham Region in 2021
The broader Durham Region housing market is poised to record strong numbers over the next 12 months as the relocation from urban areas continues.
According to the RE/MAX outlook for Durham residential real estate in 2021, experts anticipated a three-per-cent increase in the average price to $717,241 across all property types, with housing demand on track to outpace supply levels. Move-over buyers are expected to drive demand in the area, concentrating their home-buying efforts on two-storey detached houses and townhomes. Oshawa is expected to be the most in-demand municipality in Durham, followed by Clarington and Whitby.
In addition to ultra-low borrowing costs from near-zero interest rates laid out by the Bank of Canada (BoC), the Oshawa housing market will be supported by other notable factors. These include the return of immigration, work-from-home policies and mandates, and expanding infrastructure in the region.
Aside from the economic factors increasing the appeal of this GTA city, Oshawa possesses an abundance of sights, sounds and flavours that are luring homebuyers from outside the city. The Canadian Automotive Museum, the Oshawa Valley Botanical Gardens, the Ontario Regiment RCAC Museum, the Darlington Provincial Park, and the Oshawa Zoo serve as some of the larger attractions, but the downtown strip is also garnering some attention. Gastro-pubs and foodie hot-spots are slowly transforming Oshawa’s downtown core, as well as surrounding the recently expanded Oshawa Centre, which has for years served as the Durham Region’s premiere shopping destination.
Oshawa has everything most consumers would want: nearby amenities, excellent sights and sounds, growing infrastructure, and a rebounding economy. Only about an hour outside of Toronto, by GO train or car, it is understandable why Oshawa is becoming an attractive place to plant roots. But if it is impressive now, then one can only imagine what Oshawa will be like 10 years from now as the city shows promising signs of evolving and expanding to keep up with demand.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
