New home buying opportunities abound in Oshawa and Durham Region
By NextHome Staff
November 28, 2018
November 28, 2018
[caption id="attachment_37001" align="alignnone" width="600"] Ironwood Towns in North Oshawa by Podium Developments and Urban Capital[/caption]Despite the bad news this week that General Motors Canada plans to close assembly operations in Oshawa, there are some good new home buying opportunities in the city and elsewhere in Durham Region.As various levels of government and the Unifor trade union vow to somehow keep the plant open or otherwise deal with the fallout of the decision, the housing sector in Oshawa is expected to shift into a buyers’ market.That could mean deals for buyers in a market where home prices have already been under pressure.
Naturally, the GM news is a sensitive topic to an industry such as home building, where companies dedicate years to planning and construction development projects. So don’t expect a comment any time soon from BILD, the voice of home builders in the GTA, or individual companies.Might developers at some point offer deals – be they discounts or upgrades – in order to move an unsold inventory in a market not feeling the strongest at the moment?It never hurts to ask.
Also read: What the GM plant closure means for Oshawa economy and housing
Also read: Oshawa housing to move into buyers’ market thanks to GM closure
For those looking to buy a new home, know that there are still plenty of good opportunities in Oshawa and surrounding area.First, let’s look at recent new home buying activity in the area, courtesy of statistics from Altus Group, theofficial source for market intelligence for the Building Industry and Land Development Association (BILD).Total new home sales, units | ||||
Oshawa | Durham Region | |||
Annual | ||||
2013 | 682 | 2,376 | ||
2014 | 1,108 | 3,130 | ||
2015 | 971 | 3,433 | ||
2016 | 1,149 | 5,344 | ||
2017 | 490 | 2,385 | ||
Jan-Oct | ||||
2017 | 483 | 2,262 | ||
2018 | 83 | 1,065 | ||
Source: Altus Group |