Oshawa Condos Rise in Value by Nearly 50%; Officially Becomes GTA’s Hottest Market

Oshawa is the hottest market to emerge from the COVID-19 pandemic. The ongoing narrative of the ‘booming suburbs’ has often focused on other GTA cities, such as Mississauga, Brampton, and Vaughan. But their appreciation rates come nowhere close to what’s happening in Durham’s largest municipality.

Condo values rise by 48%, on track to hit 50% this week

Oshawa’s condominiums have surged in value since the pandemic began. In the past 12 months alone, property values have increased by nearly 50%. To put that in perspective, Mississauga values are up 6%, while Brampton and Vaughan are sitting at 11% and 5% respectively.

When it comes to condo transactions, Oshawa’s total sales in February were up 48% compared to the same time last year. The average condo sale price is also on track to break the half-a-million mark. Now sitting at $483,000, that works out to about $540 per-square-foot. Oshawa condos tend to have more spacious layouts, compared to those in Toronto. And although high-rises do exist, low-rises and condominium townhomes are abundant.

Here are the Oshawa condos that have increased most in value during the past 12 months:

1) 909 King St West: +27%

2) 1055 Central Park Blvd North: +21%

3) 120 Nonquon Rd: 19%

4) 43 & 53 Taunton Rd East: +17%

5) 700 Harmony Rd North: +16%

No longer a ‘bedroom community’

Oshawa has one of Canada’s fastest-growing populations. And according to Statistics Canada, much of that is attributed to urban sprawl, which continues in and around Toronto. The city is victim to record-high population losses as more people choose to live outside large urban centres.

“Given today’s migrational trends, it’s not surprising to see Oshawa, and Durham Region as a whole, outpace the rest of the GTA. Whitby, for example, may not be as hot as Oshawa. But it, too, is seeing an increase of 20% in property values over the past year,” says Robert Van Rhijn, Broker of Record at Strata.ca.

Van Rhijn notes that Ontario’s ‘motor city’ has spent years in an auto industry slump. But he believes the COVID-19 pandemic has allowed Oshawa to rebrand itself as a liveable city; one that’s perfect for families and young professionals who can now afford to work from home.

“Oshawa is no longer that sleepy bedroom community you once knew. I used to hear a lot of Toronto homebuyers swear they’d never go past Pickering. But with today’s remote working options, I’m seeing more clients push their geographic boundaries and wonder what’s further east,” adds Van Rhijn.

Strata.ca real estate agent Jessie Pereira agrees. She says Oshawa has become the big beneficiary of Toronto’s red-hot market.

“The average selling price for a condo in Toronto is well over $700,000. That’s why Oshawa has become an attractive option. Not only can you buy property here for much cheaper, but you’re also getting in on a market with long-term possibilities for profit,” says Pereira.

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