Buying a home is often the most important investment that any family can make. Real estate can also be a great way to earn a secondary income due to its ability to provide cash flow and capital appreciation in a manner that is tax efficient and can benefit from the use of financial leverage. The Oshawa real estate market is one of the most attractive places in Canada to make some an investment.
Oshawa is located just northwest of Toronto on the northern bank of Lake Ontario. The area is recognized by experts to provide one of the best values in the greater Toronto metropolitan area. In fact, Money Sense Magazine rated Oshawa as the tenth best deal in Canadian real estate in 2015. The market beat out at least 25 other cities in the survey including being ranked two spots above Toronto itself.
There are a variety of reasons that Oshawa is seen as attractive by many industry observers. Being just outside of Toronto, there are tremendous employment opportunities in a variety of high-income fields. The area also offers a high quality of life with many different activities to keep you busy on your days off. For parents with children, the secondary and post-secondary educational opportunities are excellent. For those who need to commute to Toronto, Oshawa sits on highways 401 and 407 and also has access to the Durham transit system and GO Transit. There are also plenty of train, airport, and lake based transit opportunities.
As of 2014, the average price to purchase a house in Oshawa is $387,492. This represents only 3.7 years times the median income of the area. In contrast, it would take 5.6 years of income to purchase a house in nearby Toronto and 9.1 years to purchase a house in Vancouver. The most popular home in the area is a single family home. People can get a 2,000 square foot single family residence in Oshawa for the price they would pay for a much more diminutive 600 square foot place in Toronto itself.
Despite the relative affordability, house appreciation in the market has been top notch. Over the last five-year period, the average appreciation of a house is 7.3 percent. This is the second best level of pricing growth for any of the cities listed in Money Sense Magazine survey.
As of right now, there appear to be more buyers than sellers in the market. Typically the market is strongest in the spring. This is because buyers typically start looking at the start of the year. However, sellers usually wait to put properties up for sale until the weather improves later in the year. Due to the still compelling value in the market, experts do not expect to see any correction in the surging demand in the area.
For people who live in the Toronto area or who just want to invest in an area with a high expected return on investment, Oshawa represents a compelling real estate market value.