Oshawa
Formerly renowned as the “Automotive Capital of Canada,” Oshawa has recently undergone substantial transformation, evolving into a flourishing centre for education, culture, and health sciences. Cradled by the gentle waves of Lake Ontario, within the bustling eastern sector of the Greater Toronto Area, this remarkable city artfully merges lively urban life with breathtaking pastoral settings. Here, the search for your ideal home ends, whether it’s the avant-garde pre-construction condos in Oshawa or the latest offerings in modern habitats.
Oshawa Pre-Construction Condo Market Trends 2024
The price per square foot for pre-construction condos in Oshawa ranges from $450 to $500 as of November 2024. Data from the Toronto Regional Real Estate Board (TRREB) indicates that the average price for existing and new condos in Oshawa is $397,479. The average sale price for all home types is $756,854. The average rental rate for a one-bedroom unit in the city is $900. The vacancy rate stands at 1.5%. Condos typically take 33 days to sell. Detached homes in Oshawa sell in an average of 21 days, while townhouses take approximately 26 days to sell.
Pre-Construction Projects
Reason to Invest in New Condos in Oshawa
Waterfront charm and Gateway to the GTA
Located just 60 km east of Downtown Toronto, is a prime location for those looking to invest in new homes in Oshawa. The city offers excellent connectivity to the Greater Toronto Area (GTA) via major highways such as the 401, the busiest highway in North America, and 407, as well as convenient public transit options like GO Transit and Durham Region Transit. With several prominent employers located nearby, including General Motors, Lakeridge Health, Durham College, University of Ontario Institute of Technology (UOIT), and numerous tech companies, Oshawa draws professionals seeking affordable yet convenient residential accommodations close to their jobs. Additionally, Oshawa benefits from its unique position along Lake Ontario’s shoreline, providing residents with direct access to scenic waterfront vistas and associated attractions, making condos for sale in Oshawa a desirable choice.
Architectural Innovation and Sustainability
Contemporary architectural styles in Oshawa incorporate large windows maximizing daylight exposure, expansive balconies extending indoor space outdoors, eco-roofs enhancing biodiversity, green walls reducing carbon emissions, and open-concept layouts promoting air circulation and interaction. The architectural designs blend heritage aesthetics with contemporary elements, providing a unique living experience that caters to a variety of tastes and preferences. This trend is evident in the new pre-construction condos in Oshawa, which feature modern amenities and eco-friendly designs.
Recipe for Real Estate Success
hawa’s real estate market has shown strong growth, driven by its affordable housing compared to the GTA and a robust local economy. The average price of new condos in Oshawa is significantly lower than in Toronto, making it an attractive option for first-time buyers and investors. The city’s population growth and the influx of students and professionals due to institutions like Durham College and Ontario Tech University contribute to a steady demand for new homes in Oshawa. This, coupled with the ongoing new developments in Oshawa in key sectors like health sciences, advanced manufacturing, and information technology, indicates a promising investment potential with expected appreciation in property values.
Oshawa Rental and Seller Market 2024
Rental Market
According to the latest report from the Toronto Regional Real Estate Board, the average rental rate for a one-bedroom unit in Oshawa has reached $900 as of November 2024.
Seller Market
In the last 30 days, as of November 2024, the average sold price for detached homes in Oshawa was $812,540. This marks a $6,583 (0.8%) increase from the average price of $805,957 in the previous 30-day period from September to October. Furthermore, it is $15,337 (1.9%) higher than the average price of $797,203 during the same period last year. Currently, the average cost of a condominium unit in Oshawa is $397,479.
Average Renting and Selling Time in Oshawa
-New Condos
Renting Time for Condos: The duration required to rent out a condo can fluctuate based on various factors such as location, pricing, and the condition of the property. Nevertheless, considering the low vacancy rates in the Greater Toronto Area, which hover around 1%, condos that are well-priced and well-maintained generally tend to be rented out relatively fast
Selling Time for Condos: As of the latest data from November 2024, new condos in Oshawa typically stay on the market for about 33 days before being sold.
-New Homes
-Renting Time for Homes: When it comes to renting out a detached home in Oshawa, several factors such as location, pricing, and property condition can impact the rental timeline. However, if the home is well-priced, well-maintained, and situated in a desirable location, it has the potential to be rented out relatively quickly – possibly within a few weeks.
-Selling Time for Homes: The most recent statistics, as of November 2024, indicate that new homes in Oshawa are selling within 21 days on average.
Neighbourhoods
North Oshawa
North Oshawa is a dynamic and growing community where new developments blend seamlessly with rich history. Here, new builds in Oshawa are sprouting up amidst neighbourhoods celebrated for their liveability and unique character.
1. Samac
- Highlights: Home to Durham College and many excellent schools, Samac is a vibrant student community with an 86 score for liveability.
- Perfect For: Students, young professionals, and academic staff.
2. Taunton
- Highlights: A highly livable neighbourhood known for its excellent amenities and employment opportunities boasting a low crime rate.
- Perfect For: Families and those seeking a safe neighbourhood with conveniences.
3. Windfields
- Highlights: Famous for its connection to the famed Windfields Farm, where legendary racehorse Northern Dancer was born and raised. Today, the area reflects a mixture of history and modernity. Close to the university and college.
- Perfect for: Buyers interested in horse racing history, expansive lots, and quick access to higher learning institutions.
Central Oshawa
Discover the heart of the city in Central Oshawa, where history meets modern living. This bustling hub is ripe with pre-construction homes in Oshawa and new condos for sale, offering a slice of urban life with a cultural twist.
1. Downtown Oshawa
- Highlights: The city’s historic and cultural heart, featuring restaurants, entertainment, and nightlife options
- Perfect For: Individuals and families embracing artistic flair, student life, and urban lifestyle.
2. O’Neil
- Highlights: Known for its historic homes, including bungalows and estate homes. Home to the Oshawa Hospital and Parkwood Estate
- Perfect For: New pre-construction townhouses in Oshawa in this neighbourhood are ideal for residents seeking a central location with character homes and community feel.
3. McLaughlin
- Highlights: A desirable residential area in Oshawa, offering a mix of natural beauty, family-friendly amenities, and a variety of housing options.
- Perfect For: Homebuyers looking for a neighbourhood with history and growth potential.
South Oshawa
South Oshawa offers a serene escape where the gentle lapping of Lake Ontario’s waves sets a peaceful rhythm for daily life. With new townhome developments in Oshawa taking shape, the area offers a variety of housing options.
1. Lakeview
- Highlights: Located along the shores of Lake Ontario, offering beautiful views and beachfront parks such as Lakeview Park.
- Perfect For: Those who love waterfront living and outdoor activities.
2. Farewell
- Highlights: Primarily residential with access to waterfront trails and parks.
- Perfect For: Nature lovers and those seeking a quieter pace of life.
3. Beaton
- Highlights: Known for a rich array of wildlife. Adjacent to natural reserves like the Oshawa Second Marsh and McLaughlin Bay Wildlife Reserve.
- Perfect For: Individuals who appreciate proximity to nature and wildlife, as well as those working in the nearby companies.
Pros of Living in Oshawa
- Accessible Transportation Network: Oshawa enjoys an enviable location, lying approximately 60 kilometres east of Toronto and linked to the rest of the GTA via major highways such as the 401 and 407, as well as public transit options like Oshawa GO Transit.
- Scenic Waterfront Beauty: Oshawa boasts a spectacular waterfront vista along Lake Ontario, graced by Lakeview Park and its iconic pier, harbour, and boardwalk. Ideal for recreational activities, the park hosts summer concerts, winter skating, and fitness classes, drawing locals and tourists.
- Affordable Housing Choices: Oshawa stands out for its affordability in the real estate market. Housing prices in Oshawa are significantly lower than the Ontario average, making it an attractive place for homebuyers and renters. This affordability extends to pre-construction projects in Oshawa, offering a range of options for those looking into Oshawa condos for sale.
- Flourishing Job Opportunities: Oshawa is far from mere bedroom community status, thanks to its host of prominent employers in fields like healthcare, automotive, education, and technology. Among others, General Motors, Lakeridge Health, Durham College, and the University of Ontario Institute of Technology anchor Oshawa’s labour force, generating tens of thousands of jobs locally.
- Educational Excellence: The city’s commitment to education is evident with schools in the area showing improvement, according to the Fraser Institute’s rankings based on EQAO test results. This dedication to quality education makes Oshawa an ideal location for families.
Cons of Living in Oshawa
- Car Dependence and Traffic: Oshawa’s layout and urban planning can make it somewhat car-dependent, which may contribute to higher living costs due to vehicle expenses. Additionally, residents may face traffic congestion, particularly during peak hours on major routes like the 401.
- Limited Nightlife and Entertainment: Compared to larger cities, Oshawa offers fewer options for nightlife and entertainment, which might be a drawback for those seeking a vibrant social scene.
- Weather Considerations: Like much of Ontario, Oshawa experiences cold winters, which can be a con for those not accustomed to or fond of snowy and chilly weather conditions.
Neighborhoods in Oshawa
FAQs About New Condos and Homes in Oshawa
The average price of new condos in Oshawa for November 2024 is $397,479.
New condo developments in Oshawa typically feature modern amenities such as fitness centres, pools, party rooms, rooftop terraces, underground parking, and bike storage. Some buildings also include smart home technologies, green features, co-working spaces, pet grooming stations, yoga studios, and guest suites.
There are several reasons to consider buying a new home in Oshawa in 2024:
- Affordability: Compared to the Greater Toronto Area (GTA), Oshawa offers significantly more affordable condo prices. This can be a great opportunity for first-time buyers or those seeking more value for their money.
- Modern living: New Oshawa condos for sale offer a modern and low-maintenance lifestyle.
- Community and Amenities: New condo developments often foster a sense of community and may offer convenient amenities like on-site gyms or social spaces.
The average rental price for condos in Oshawa ranges from $900 to more than $2,000 per month, depending on factors such as location, size, and amenities.
Oshawa boasts a well-developed public transportation system that includes bus services operated by Durham Region Transit (DRT) and regional train services provided by GO Transit. These services connect various neighbourhoods within Oshawa and provide access to neighbouring municipalities and downtown Toronto.
The “best” neighbourhood depends on your priorities. Here are a few areas to consider, each with its own character:
- Downtown Oshawa (DTO): Ideal for those seeking a walkable urban environment with shops, restaurants, and cultural attractions nearby.
- Taunton: A family-friendly neighbourhood with established communities, good schools, and parks. You might find a mix of condo options here.
- Lakeview: An up-and-coming area with a waterfront setting. New developments might offer lake views and proximity to nature trails.
Absolutely, Oshawa possesses numerous schools such as Maxwell Heights Secondary School. Higher education needs are fulfilled by Durham College and the University of Ontario Institute of Technology, both positioned strategically in Oshawa.
Oshawa has seen significant growth, including $1 billion in development and 7,000+ new jobs. Northwood Business Park attracts major companies, and the city has a 10-year economic development strategy.
Oshawa’s future development plans include a comprehensive review of its Official Plan to guide long-term growth and development, as well as Plan 20Thirty, an action plan for Downtown Oshawa.
Oshawa’s condo market has shown impressive growth, with some areas boasting annual appreciation rates of over 10% in the past year.
Typically, the minimum down payment for a condo in Oshawa follows Canadian mortgage rules: 5% for properties up to $500,000, 10% for the portion between $500,000 and $1,000,000, and 20% for properties over $1,000,000.
Yes, condos in Oshawa are selling well. The demand remains strong, driven by affordability compared to other GTA regions and ongoing economic growth.
A Sales-to-New-Listings Ratio (SNLR) of 57.1%% indicates a balanced market, meaning there is an equilibrium between buyers and sellers. This ratio suggests that about half of the new listings are being sold, which is neither a strong buyer’s market nor a strong seller’s market. Therefore, while it may not be an exceptionally advantageous time to sell a condo in Oshawa, it is also not a disadvantageous time.
High condo prices in Oshawa can be attributed to several factors:
- Limited housing supply struggling to meet increasing demand.
- Steady economic development and infrastructural improvements.
- Nearby attraction points, such as proximity to downtown Toronto and Lake Ontario.
- Preferences change towards more spacious condos, thereby pushing up prices.
You can connect with Platinum Condo Deals to receive personalized assistance and updates on new condo developments tailored to your preferences.
Related Blog
What Are the Different Types of Townhouses Available?
You may have noticed that townhouses come in many different styles, and it’s easy to get overwhelmed when choosing the
The Bank of Canada’s Rate Cut: A Catalyst for Canada’s Real Estate Market
On December 11, the Bank of Canada made a bold move, cutting the overnight interest rate by 50 basis points
How to Buy a Condo with Bad Credit in Canada: A Roadmap for Homebuyers
Buying a home is a major milestone for all of us. It’s a sign of achievement in life that can
Top 10 Largest Real Estate Companies in Canada
Are you curious about the biggest players in Canada’s real estate scene? Whether you’re hunting for a dream home, or
The Down Payment Playbook For Canada’s Housing Market
For most people, especially first-time home buyers, terms like down payment, mortgage, loan insurance, and other housing market jargon can
8 Reasons to Invest in Pre-construction Condos
You may be wondering if a pre-construction condo is a good investment, or perhaps you’re asking, ‘Are condos a good
Awards & Achievement
Awards & Achievement