Oshawa New Condos for Sale
Why Should You Invest In Oshawa Real Estate?
Oshawa is commonly regarded as the eastern anchor for both the GTA and the Golden Horseshoe. It has a thriving automotive industry, and is a major contributor to the economic engine of Southern Ontario. It is a leading medical centre as well, with multiple different facilities and research centres.
Oshawa is the largest community in the Durham region, and it’s also the largest economy. There were 167,179 people here in 2016, and that’s a 13.5% growth over ten years. There’s no reason to expect that the growth will slow down either, because the GTA is one of the most attractive places in the entire world, and Oshawa has a thriving and dynamic economy.
For investors, One of the best aspects about Oshawa is it’s incredibly high average household income. In fact, it was the fifth highest household income in Canada in 2016, and that’s great news! This makes the city not only a great place to invest for income condos, but it also creates fantastic opportunities for resale homes.
At 6.4%, Oshawa has a lower unemployment than the City of Toronto and Canada. Maybe that’s why the Labour Market Report Card from the Bank of Montreal ranked Oshawa as the best place to find work in Canada.
This was Canada’s first centre for the automotive industry, which has influenced its nickname as ‘Canada’s Motor City.’ It actually has a friendly rivalry with Windsor for the official title of ‘Automotive Capital of Canada.’ This is all thanks to the presence of the General Motors Canada head office, which remains the city’s largest employer.
The city’s economy was once dominated by the automotive industry but new opportunities are becoming more prevalent in the region, and today it’s become a major medical centre. This is due to the presence of Lakeridge Health Oshawa, Lakeridge Health and Education Research Network (LHEARN Centre) and the Oshawa Clinic, the largest, multi-specialty medical group practice in the country.
Another factor for the real estate and condos in this city is its postsecondary education institutions. Durham College, Trent University Durham, and University of Ontario Institute of Technology are the three campuses in the city, and together they account for a yearly enrollment of over 40,000 students. All of these students will need to live somewhere, so why not your investment property?
There is a lot of untapped potential in this city, and it’s up to the savvy investor to find the best opportunities. So register with us today to learn about the hottest chances to own in this fabulous city.
Average Condo Price for Oshawa
The average price per square foot for all pre-construction home types, including condos, in Oshawa is $650. And the average pre-construction appreciation rate for the past 10 years has been 8.4%.
The average rental rate for the City of Oshawa is presently $1,700. This is in addition to a rental appreciation rate of 3.5% for the past 10 years. The demand for condos is still strong here as the vacancy rate currently sits at 0.7%.
The average resale price for all home types in the City of Oshawa is presently around $595,893. The average resale appreciation rate for the past 10 years has been 9.9%.
City of Oshawa
The city’s motto is, “Prepare to be amazed,” and that's exactly what people have in store when they visit. It’s filled with history, parks, restaurants, and more - not to mention stunning views of Lake Ontario.
Downtown Oshawa is built around the intersection of King and Centre Streets, and this is where many of the city’s top restaurants are located. Teddy’s Restaurant is only a few blocks away from the downtown centre, and this is a historic eatery that serves up thick sandwiches and greets guests with its classic deli decor. Another mainstay is Riley’s Pub, which offers drinks, food, and a classic wood laden ambiance.
Downtown is also the setting for the city’s cultural landmarks. It has the Regent Theatre, which puts on a diverse mix of productions ranging from live musical performances to classic movie nights. There’s also the Tribute Communities Centre. This arena plays host to the OHL’s Oshawa Generals. It’s also the venue for the other sporting events including Lacrosse and the PanAm games.
Just head south, and you’ll run into Lake Ontario. There are numerous parks and lookouts here, and visitors are treated with views that seem to last for an eternity.
Oshawa is a dynamic city that’s filled with culture, sports, food, employment, and nature. As the eastern anchor for the Golden Horseshoe, its industry is an essential part of the Southern Ontario’s economic engine. It’s small city vibes beautifully contrast against the tremendous opportunities that are available here, and we think that is truly amazing.
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Accessibility / Getting Around
Oshawa benefits from the interconnected network of highways that streak across its landscape. It's bisected by the Highway of Heroes, which is the eastern portion of the Ontario 401 Expressway. This makes the entire GTA surprisingly accessible. It’s entirely possible that Oshawians will need to commute to different communities within the GTA for work, and that’s what makes the 401 so important.
Markham has been nicknamed “Silicon Valley North,” due to its concentration of high tech industries, making it a major employment centre. Using the 401, drivers can reach Markham is 30 minutes.
Even the Financial District in Downtown Toronto can be reached in under an hour. There’s also the GO Transit available at the Oshawa Train Station. Residents can use this station to get to Downtown Toronto in an hour and ten minutes.
For local travel, residents use Durham Regional Transit, whose fleet is made up of buses. In addition to providing local transit throughout the city, it also connects riders to different parts of the Durham Region.
This is a modern city with modern transit solutions. Thanks to the network of provincial highways, drivers have easy access to the different parts of the GTA, as well as more local commutes. GO Transit and Durham Regional Transit are great solutions if you don’t have a car, making this is a fantastic place for getting around!
List of New Condos in Oshawa
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Questions & Answers
What are Assignments?
At its core, an Assignment is the sale of the contract to purchase your pre-construction unit. When you buy a new condo unit in the pre-construction phase, you’re actually buying a contract that ensures the unit will belong to you once it’s built. You can’t buy something that doesn’t exist yet, after all!
So, what are the advantages of an Assignment Sale?
For the buyer of an Assignment, the advantage is being able to buy a condo unit in the pre-construction phase without having to wait as long as buying in the initial sales phase.
For the seller of an Assignment, it’s an opportunity to make a short term ROI on their purchase. Most of the time, units will be able to be sold for more than they were bought in the primary selling phase. There is more risk involved in this short turn around, but some investors have found great success with this strategy.
Someone may also want to sell in Assignment because their living situation has changed. Maybe they bought a one-bedroom home for themselves, and now have a growing family. Maybe they bought the unit as an investment, but are moving across the country for work and are no longer able to look after it. There are a lot of advantages to Assignment Sales!
Sounds like a great deal! So I can always do an Assignment Sale?
Not so fast. The regulations surrounding Assignments differ from project to project. Some projects won’t allow Assignment Sales in any form, while others will charge a fee.
Oftentimes, the ability to put your pre-construction unit contract up for Assignment is only available to those who buy in the Platinum Access phase. That’s why it’s so important to register with a Platinum Agent, so you can get access to benefits like Assignment Sales and so much more!
If you’re interested in purchasing a contract in Assignment, give us a call and we can help guide your buying journey.