Tag Archives: Durham Region

Podium Developments Ironwood

Groundbreaking marks Phase 2 launch and Phase 1 sell out at Ironwood in North Oshawa

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Groundbreaking marks Phase 2 launch and Phase 1 sell out at Ironwood in North Oshawa

 

Podium Developments Ironwood
Back row, right to left, Oshawa Mayor Dan Carter; Podium Developments’ vice-president, development, Christian Huggett. Front row, right to left, Podium Developments’ Project Manager Hani Agha; Managing Director Oskar Johansson; Managing Director Bernard Luttmer; Regional & Oshawa City Councillor Tito-Dante Marimpietri; Building Capital Principal Saqib Qureshi; Cranson Captial Securities’ President Devon Cranson; Vice-President Business Development David Roff.
Photo: Robert Lowdon

Having sold out the first release, Podium Developments and Building Capital recently broke ground at Ironwood in North Oshawa and released Phase 2.

The development team welcomed community partners and visitors to celebrate this milestone at the townhome collection located just north of Simcoe Street North and Taunton Road in North Oshawa. Priced from the upper $400’s, a new release of lots is now available, including a limited number of park lots.

Ironwood is situated on a private street on an 11-acre property between Camp Samac and Oshawa Creek in Cedar Valley. The Ironwood community backs onto hundreds of acres of valley land, forest and stream, and is minutes to Cedar Valley Conservation Area, Centennial Park and Somerset Park.

In addition to being close to shopping, dining and entertainment, Ironwood is a 10-minute walk to the University of Ontario Institute of Technology and Durham College. Public transportation access is nearby, and residents can be at Hwys. 407 and 401 in less than 15 minutes.

Modern architecture

Sporting modern architecture, the three- and four-bedroom townhouses at Ironwood feature a private garage and driveway with two-car parking, plus either a backyard or rooftop terrace. Community amenities include a private landscaped park, community gardens, an off-leash dog park, children’s playground, walking path, tobogganing hill and a sports field with a seasonal ice rink – all backing onto the protected acres of ravine lands.

Townhome sizes range from a generous 1,521 to 1,865 sq. ft. Well-appointed open-concept interiors receive generous natural light from large windows that grace more than three full floors of living space. Among the standard features is nine-ft. ceiling heights on the main level. Adding to the convenience for Ironwood residents, a minimal maintenance fee of approximately $150 per month covers daily upkeep of landscaping, snow removal, and site and amenity maintenance.

Podium Developments and Building Capital have more than 25 years of combined experience. Podium Developments was founded in 2004 by successful professionals who share a new vision of excellence. The company has a proven track record in rezoning and developing sensitive urban infill locations. Founded in 2008, Building Capital has focused largely in North Oshawa, having built and sold several student housing projects and earned a reputation as one of Ontario’s leading student housing developers. Building Capital’s extraordinary knowledge of the North Oshawa area makes the firm the perfect partner for Podium Developments.

The Ironwood Towns Presentation Centre is located at 1700 Simcoe St. North, Unit B. Parking is available at the rear of this building. Hours are Monday to Thursday noon to 6 p.m., Saturday and Sunday noon to 5 p.m., Fridays closed. To register for the new release, call 905.576.0139 or visit myironwood.ca

 

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Oshawa and Whitby the next hot new destination?

 

 

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Local Focus: Oshawa & Whitby

Is Oshawa & Whitby the next hot new destination?

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Is Oshawa & Whitby the next hot new destination?

As prospective homebuyers have looked outside the Toronto core in search of more affordable lowrise homes in recent years, most of them have headed to Hamilton, Burlington, Milton and other points west.

This migration may soon change.

“The west end of the GTA has a greater diversity of communities that are attracting a diverse range of buyers,” Christopher Alexander, executive vice-president, ReMax of Ontario-Atlantic Canada, told HOMES Magazine earlier this year. “In the past 10 years, there has been significant focus on the growth and development of these regions, whereas historically, Durham has not traditionally been viewed in this same regard. With the boom in areas towards the east, like Prince Edward County, and the affordability leveling out, we will likely see the tide begin to turn.”

So, there you go, homebuyers – keep an eye on Whitby, Oshawa and other parts of Durham Region.

Economic diversity

And don’t let any potential uncertainly over General Motors Canada’s announcement late last year that it would close its Oshawa assembly plant. Oshawa, and other points in Durham, are about a lot more than one company.

“(The) employment sector in Oshawa has been shifting for some time, and Oshawa has healthily diversified to add technology, educational institutions, healthcare, administration and many professionals to its offerings of great jobs and companies in the market,” says Christian Huggett, vice-president, development, at Podium Developments. The company has a number of townhome developments in the city.

“(The GM news) not altered our plans,” he says. “We continue to believe that the outlook is bright for home sales in North Oshawa, buoyed by its proximity and relationship to schools, the 407 network, the significant growth occurring and planned for North Oshawa.”

Location just east of Toronto along Hwy. 401 is among the reasons Whitby and Oshawa draw attention. With Whitby just 59 kms from Toronto and Oshawa 62, commuting is a real option – particularly with recent GO Transit improvements and the expansion of Hwy. 407.

Durham Region Transit connects with the other cities in the region, including Pickering, Ajax, Clarington, Brock and Uxbridge. The 401 runs through the south of region, Hwy. 7 runs across its northern edge and the Hwy. 407 extension to Hwys. 35 and 115 across the top of Durham Region.

Translation? Getting to, from and around Durham is getting increasingly easy, which makes living here and working elsewhere a real possibility.

Expanding attractions

As with any growing municipality, Whitby and Oshawa also offer expanding amenity and retail options. The Oshawa Centre, for example, is the largest shopping complex in Durham and is home to more than 230 outlets. And in downtown Oshawa, of course, there’s a variety of unique shops and restaurants.

In Whitby, Pearson Lane is a historical development that houses boutiques, cafes and services.

Nature is also front and centre, as Oshawa is home to wildlife preserves such as the Pumphouse Marsh, Second Marsh and McLaughlin Bay Wildlife Reserve. Oshawa Botanical Gardens boasts North America’s largest contemporary peony collection.

In Whitby, more than 100 parks more than 60 kilometres of trails, including the Bio-Diversity Trail, the Cullen Central Park Trails, Otter Creek Trail and the Whitby Shores Waterfront Trail, await residents. The 670-acre Lynde Shores Conservation area is known for its wildlife and provides habitat for nesting birds.

Location, location, location

  • Located east of Toronto in York Region, Durham forms the east end of the GTA. Whitby 59 km from Toronto, Oshawa 62 km. Durham population 645,862; Oshawa 159,458; Whitby 128,377.

Key landmarks

  • Lynde Shores Conservation Area
  • Oshawa Botanical Gardens
  • Oshawa Centre
  • Tribute Communities Centre

Select housing developments

OSHAWA

Eastmore Village by Delpark Homes

Ironwood by Podium Developments

O North Urban Towns by Greycrest Homes

Symphony Towns by Marlin Spring

Winchester Estates by Menkes Developments

WHITBY

Park Vista by Paradise Developments

Park Vista by Fieldgate Homes

Station No. 3 by Brookfield Residential

The Hamptons at Country Lane by Heathwood Homes


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Builder of the Year – Large Volume, Tribute Communities

DRHBA confers 2019 Awards of Excellence

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DRHBA confers 2019 Awards of Excellence

DRHBA Tribute
Builder of the Year – Large Volume, Tribute Communities

The Durham Region Home Builders’ Association (DRHBA) has announced the winners of its 2019 Awards of Excellence.

Tribute Communities was named Builder of the Year – Large Volume, and City Homes took home the top honours as Builder of the Year – Small Volume. Minto Communities’ Ivy Ridge was recognized as Community of the Year.

These prestigious awards celebrate excellence in new homes, home renovations, innovative technology and construction, outstanding presentation and marketing of projects within Durham Region.

“Our Awards of Excellence celebrate the best in the business,” says Jennifer Hurd, DRHBA awards chairperson. “It’s an evening where members of the industry get together to honour our incredible builders, suppliers, manufacturers and professionals in the residential building industry of Durham Region.”

DRHBA City Homes
Builder of the Year – Small Volume, City Homes

This year’s gala event was hosted by Ambrose Price, a Canadian designer and television personality, who hosts the HGTV show The Decorating Adventures of Ambrose Price.

DRHBA Regional Chair John Henry presented the Hall of Fame Award to Peter Abramczuk, of Valiant Property Rentals and City Homes, who was heavily involved with association for many years. Bob Annaert, retired from D.G. Biddle & Associates was given the Hall of Fame Award by DRHBA president Emidio DiPalo, for all of his contributions over the years. MPP Lindsey Park welcomed Ron Robinson, retired from Rob Robinson Construction, into the Hall of Fame, recognizing his achievements in the industry and with the association.

Jennifer Hurd, DRHBA awards chairperson, centre, with the HOMES Publishing team
Jennifer Hurd, DRHBA awards chairperson, centre, with the HOMES Publishing team

This year’s winners include:

Corporate Citizenship

Minto Communities

 

Community of the Year

Minto Communities, Ivy Ridge

 

Green Builder of the Year

Steve Snider Construction

 

Builder of the Year – Small Volume

City Homes

 

Builder of the Year – Large Volume

Tribute Communities

 

Excellence in Print Ad/Direct Mail Piece

Esquire Homes

 

Excellence in Logo Design

Holland Homes

 

Excellence in Digital Marketing

Tribute Communities

 

Excellence in Production Built Home (under 1,600 sq. ft.)

Minto Communities, Ivy Ridge, Victoria End

 

Excellence in Production Built Home (1,600-2,400 sq. ft.)

Holland Homes, 12 Glenview Road

 

Excellence in Production Built Home (2,401-3,400 sq. ft.)

Minto Communities, Ivy Ridge, Welton

 

Excellence in Production Built Home (3,401-4,400 sq. ft.)

Marshall Homes, Flexhouz

 

Excellence in Production Built Kitchen Design

Holland Homes, 85 Townline Road Kitchen

 

Excellence in Production Built Bathroom Design

Trademark Homes, The Queens Ensuite

 

Excellence in Custom Built Home (under 2,500 sq. ft.)

Construct and Conserve Building, Hircock Residence

 

Excellence in Custom Built Home (2,501-3,500 sq. ft.)

Marshall Homes, Modern Cottage in the City

 

Excellence in Custom Built Home (3,501-4,400 sq. ft.)

Holland Homes, 12 Elgin Lane

 

Excellence in Custom Built Home (4,401 sq. ft. and over)

Construct and Conserve Building, Uxbridge Estate

 

Excellence in Custom Built Kitchen Design

DeSousa Homes, Meadow

 

Excellence in Custom Built Bathroom Design

Trademark Homes, The Coppinwood Ensuite

 

Excellence in Interior Decorating – Model Home/Suite

Holland Homes, 85 Townline Road

 

Excellence in New Homes Sales Office – Small Volume

WP Developments, Valleyview Project in Bowmanville

 

Salesperson of the Year

Eileen Brennan, PMA Brethour

 

Outstanding Trade

The Fireside Group

 

Outstanding Supplier or Manufacturer

Rocpal Custom Cabinets

 

Online Excellence

Tribute Communities

 

Excellence in Training and Development

Cassidy & Co. Architectural Technologists

 

Excellence in Social Media

Accubuilt Construction

 

Excellence in Home Renovation/Addition (under $100,000)

Accubuilt Construction, McCrimmon

 

Excellence in Home Renovation/Addition ($100,001-$150,000)

The Reno Twins, Barbados Main Floor

 

Excellence in Home Renovation/Addition ($150,001 and up)

Steve Snider Construction, Lakeview Farm

 

Excellence in Room Renovation

Trademark Homes, The Hampton Family Room Renovation

 

Excellence in Kitchen Renovation

Paradisaic Building Group, Project Croxall

 

Excellence in Bathroom Renovation

Paradisaic Building Group, Whitby Retreat

 

For more information, visit drhba.com.

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GTA buyers head west ReMax

GTA homebuyers continue to look west in search of affordability

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GTA homebuyers continue to look west in search of affordability

GTA buyers head west ReMax

Homebuying patterns in the GTA have increasingly shifted west over the last five years, particularly to Halton Region and west Toronto, according to a new report from ReMax of Ontario-Atlantic Canada.

“Growing demand for affordable housing buoyed new construction and contributed to rising market share in Halton Region (from 2013 to 2018),” says Christopher Alexander, executive vice-president, ReMax of Ontario-Atlantic Canada. “Product was coming on-stream at a time when the GTA reported its lowest inventory in years and skyrocketing housing values were raising red flags. Freehold properties in the suburbs farther afield spoke to affordability.”

In analyzing sales trends in nine Toronto Real Estate Board (TREB) districts over the past five years, ReMax notes that Halton Region – comprising Burlington, Oakville, Halton Hills and Milton – captured 10.1 per cent of total market share in 2018, leading with a 2.3-per-cent increase over 2013. Toronto West, meanwhile, climbed almost one per cent to 10.5 per cent. Toronto Central rose close to two per cent to 18.7 per cent of total market share, while Simcoe County jumped 0.6 per cent to 3.1 per cent. The gains came at the expense of perennial favourites such as York Region (down 3.2 per cent to 15.3 per cent); East Toronto (down 1.7 per cent to 9.3 per cent); Peel Region (down 0.5 per cent to 20.6 per cent); and Durham Region (down 0.3 per cent to 11.5 per cent). Dufferin County remained stable over the five-year period.

The quest for single-detached housing at an affordable price point has sent throngs of Toronto buyers into the Hamilton housing market over the past decade, ReMax says. The spillover effect has stimulated homebuying activity in most areas flanked by Toronto’s core and Hamilton. Burlington, in particular, soared between 2013 and 2018, with home sales almost doubling and average price climbing 50 per cent to $769,142.

Window of opportunity

But with such strong growth in Burlington, how long will this market remain an affordable option?

“The communities in the west will still be affordable compared to Toronto proper, but what we are going to see is a continued uptick in demand for more of the outlying communities like Brantford, Waterdown, Kitchener-Waterloo, Cambridge and even as far-reaching as London and Niagara,” Alexander told HOMES Publishing. “What will really impact the growth of these markets, outside of availability and affordability, will be the underlying transit systems and investments in local economies, as people still have a need to be connected to the GTA core.”

The upswing in new construction has contributed to the changing landscape. New housing starts in Halton Region averaged 3,100 annually between 2013 and 2016. In Simcoe County, just north of Toronto, new residential builds averaged close to 1,860 annually from 2013 to 2017.  During the same period, almost 39,000 residential units came on-stream in Toronto’s downtown-central waterfront area, while another 56,855 were active (approved with building permits applied for or issued and those under construction). Another 6,000 units came on the market in North York and Yonge-Eglinton.

 

GTA home sales ReMax

 

In Toronto’s west end, affordability has been a strong influence in helping Millennials redefine mature neighbourhoods such as The Junction, South Parkdale, Bloorcourt and Dovercourt Park through gentrification. Average price for the 8,000 plus homes sold in 2018 hovered at $755,658 – although the 10 districts within Toronto West range in price from $557,000 in Downsview-Roding, Black Creek and Humbermede to $1.2 million in Stonegate-Queensway.

“Freehold properties remain the choice of most purchasers in Halton Region and Toronto West,” says Alexander. “The same is true to a lesser extent in Toronto Central, but condominiums continue to gain ground. Just over one in three properties sold in the GTA was a condominium in 2018, and that figure is higher in the core. As prices climb in both the city and suburbs, the shift toward higher-density housing will continue, with fewer single-detached developments coming to pass.”

Toronto Central has seen rapid growth over the past five years, with Millennials fuelling demand for condos and townhomes in developments such as City Place, King West Village and Liberty Village. This cohort has also been instrumental in the gentrification of Toronto Central neighbourhoods such as Oakwood-Vaughan and Dufferin Grove as they snap up smaller freehold properties at more affordable price points, ReMax says.

ALSO READ: 2018 GTA new home sales drop to lowest mark in nearly 20 years

ALSO READ: GTA resale condo listings and sales dip to end 2018, but prices rise

ALSO READ: GTA among the most promising new home outlooks for 2019, Altus Group says

Baby Boomers have also been a major influence in Toronto Central, selling larger homes throughout the GTA and making lateral moves or downsizing to neighbourhoods close to shops, restaurants and amenities. Close to 15,000 properties were sold in 2018, with average price of $932,416, up almost 40 per cent since 2013. Properties within Toronto Central averaged 20 days on market and ranged in price from $709,660 in Bayview Village to $2.5 million in York Mills, Hogg’s Hollow, Bridle Path and Sunnybrook.

With an affordable average price point of $611,628 – and a range of $528,942 to $746,332 – younger buyers, empty nesters and retirees have flocked to Simcoe County in recent years. New construction in Adjala-Tosorontio, Bradford West, Essa, Innisfil and New Tecumseth has allowed the area to capture a greater percentage of the overall market between 2013 to 2018.

“As the Millennials move into their homebuying years, they will displace Baby Boomers as the dominant force in the GTA’s real estate market,” says Alexander. “Their impact on housing will have a serious ripple effect on infrastructure in the coming years, placing pressure on transit systems, roadways, local economies and their abilities to attract investors and new businesses, parks and greenspace development.”

The upswing in demand over the next decade is expected to re-ignite homebuying activity in Toronto East, York, Peel and Durham Regions. These areas still carry significant weight, despite the factors that have impacted softer performance in recent years, such as affordability, lack of available housing and fewer transit options.

GTA west vs east

As the west end of the GTA continues to see growth and price appreciation, a leveling effect will likely come into play (with the east region),” Alexander told HOMES. “Toronto’s GDP and the thriving economy will continue to attract people, so while affordability may continue to decrease, desire is unlikely to waver. That said, the current and next generation of homebuyers are taking this factor into account when they are making their decision to purchase – sacrificing space for lifestyle and convenience.  As they look to the greater GTA, if affordability becomes more leveled out between the west and the east, it’s likely that we will see more dispersion across the entire region as people’s desire to be connected to the GTA core remains strong.

GTA east areas such as Durham region currently don’t have the same appeal as the west. “The West end of the GTA has a greater diversity of communities that are attracting a diverse range of buyers.  In the past 10 years, there has been significant focus on the growth and development of these regions, whereas historically, Durham has not traditionally been viewed in this same regard. With the boom in areas towards the east, like Prince Edward County, and the affordability leveling out, we will likely see the tide begin to turn.”

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Delays in approval process contributing to housing affordability issue in GTA

GTA condo sales and prices hit record levels

7 factors that will affect GTA housing in 2019 – and 5 reasons to consider buying NOW

 

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Oshawa

What we can learn from the looming GM closure in Oshawa

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What we can learn from the looming GM closure in Oshawa

Oshawa

When Christian Huggett first heard the news that General Motors Canada was closing its Oshawa assembly plant, like many of us, he was disappointed.

After all, the loss of at least 2,500 jobs – not to mention untold positions in related suppliers – in a community of 170,000, is going to hurt. Hurt whom, and how badly, are the only questions.

“We thought it was a shame, given the long history of GM in Oshawa and the legacy it has created in shaping its past and providing jobs for many,” the vice-president, development, at Podium Developments, Toronto, told Condo Life.

Economic diversity

“We also understood that the employment sector in Oshawa has been shifting for some time, and Oshawa has healthily diversified to add technology, educational institutions, healthcare, administration and many professionals to its offerings of great jobs and companies in the market.”

ALSO READ: The February 2019 issue of Condo Life

While various governments and the plant’s union vow to try to find some way to save the operation, resurrection seems unlikely.

And it serves as a good reminder to us all – of how important it is for cities to develop diversified, modern economies. And how homebuyers should look beyond the headlines when researching their prospective new home location.

Opportunities remain

Podium, one of several developers building new homes in Oshawa, recently launched Ironwood Towns in the north end. The company remains confident in the city.

“We believe the North Oshawa residential market is not driven by the success or change in one industry,” says Huggett.

“This includes the significant GM news. It has not altered our plans. We continue to believe that the outlook is bright for home sales in North Oshawa, buoyed by its proximity and relationship to schools, the 407 network, the significant growth occurring and planned for North Oshawa, and that our site is unique in its physical and design characteristics to make it stand out.”

Buyers, too, then, can remain optimistic. There’s a lot more going on in Oshawa and other areas in Durham Region than just one industry and one company.

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New home buying opportunities abound in Oshawa and Durham Region

Oshawa housing to move into buyers’ market thanks to GM closure

What the GM plant closure means for the economy and housing market in Oshawa

 

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EDITOR'S CHOICE: Podium Developments

New home buying opportunities abound in Oshawa and Durham Region

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New home buying opportunities abound in Oshawa and Durham Region

EDITOR'S CHOICE: Podium Developments
Ironwood Towns in North Oshawa by Podium Developments and Urban Capital

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.

 

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

 

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.

 

A selection of new home and condo inventory

Ironwood in North Oshawa, Building Capital and Podium Developments, contemporary freehold townhomes

Harmony Creek, Conservatory Group, townhomes and detached homes

Daniels FirstHome Oshawa, townhomes

Brook Phase 2, Delpark Homes, detached homes

Fields of Harmony Phase IV, Greycrest Homes, detached homes

Harmony Gate, Sundance Homes, townhomes

Kingsview Ridge, Treasure Hill, 30-, 36- and 40-ft. singles

Park Ridge, Tribute Communities, detached homes from the low $900’s

U.C. Towns 2, Tribute Communities, townhomes form the low $600’s

Top of Townline, Woodland Homes, detached homes

For more new home buying opportunities, visit MyHomePage.ca

With files from Natalie Sicilia, New Home Research Manager & Map Editor

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Oshawa

What the GM plant closure means for Oshawa’s economy and housing market

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What the GM plant closure means for Oshawa’s economy and housing market

Oshawa

General Motors Canada has confirmed that it plans to close all assembly operations in Oshawa, Ont. after next year, leaving the community reeling with concern for the local economy and housing market.

And with good reason.

Auto manufacturing in the city of about 170,000 dates back as far as 1907, and the plant is still a major employer. It employs about 2,500 hourly and 400 salaried workers, with many more engineers working at GM’s adjacent Regional Engineering Centre.

Oshawa Mayor John Henry has said the closure would have ripple effects well beyond the city, hurting businesses and families throughout the Durham Region.

“From a personal finance perspective, this news is devastating for the people of Oshawa,” says Rubina Ahmed-Haq, personal finance expert. “Not only the ones whose jobs will be affected and have the obvious financial impact of losing a steady income. But, also those who depend on those workers to run their businesses – everything from restaurants to dry cleaners to places of interest around the area will be impacted. As well as property values, which are already much lower in Oshawa compared to other parts of the GTA, will take a further hit.”

Durham Region home prices

Illustrating Ahmed-Haq’s point, home prices in the Durham Region have already been feeling the pinch.

 

Historical average home prices, Durham Region
2018: $591,739 (as of October)
2017: 624,225
2016: $528,475
2015: $439,842
2014: $388,610
2013: $354,548

Source: Canadian Real Estate Association

 

Values continued to decrease during the third quarter of 2018, according to the latest Royal LePage House Price Survey. Over the three-month period, the aggregate home price in Oshawa and Ajax decreased 2.8 per cent and six per cent year-over-year to $538,757 and $664,640, respectively. Home values in Pickering also depreciated when compared to the same time last year by 4.4 per cent to $709,260, and the aggregate price in Whitby decreased 3.5 per cent to $677,243.

Oshawa median home prices

Standard two-storey homes
Q3 2018 $557,071
Q3 2017 $576,922
Q/Q % change 0.8
Yr/yr % change -3.4

Detached bungalows
Q3 2018 $512,001
Q3 2017 $517,237
Q/Q % change 2.3
Yr/yr % change -1.2

Standard condos
Q3 2018 $278,224
Q3 2017 $281,864
Q/Q % change 0.3
Yr/yr % change -1.3

Aggregate
Q3 2018 $538,757
Q3 2017 $554,070
Q/Q % change 1.2
Yr/yr % change -2.8

Source: Royal LePage National House Price Composite, October 2018

 

What we can expect in the housing market

“After an announcement such as this, we often witness an immediate softening of purchase demand in the city and its surrounds, while the shock and reality of the situation settles in,” Don R. Campbell, real estate expert and author told HOMES Publishing. “This slowdown doesn’t hit the stats immediately, as there are a lot of deals that are already in the process of closing in the next couple of months. However, come February, the numbers begin to reflect the new reality. That is phase one.

“Phase two is when average sale prices begin to fall, as confidence in the market begins to slip further. In other scenarios, it is just a sign of a move ‘down-market’ or to lower priced properties. However, in today’s world, the existing ‘stress-test’ will be combined with this lack of confidence to exacerbate the normal situation.”

A third phase may follow eight months to a year after the actual closure, when EI benefits begin to run to the end of their course, confidence in the potential return of the GM jobs begins to fade and families have to start making big decisions of relocation to find new appropriate jobs.

“In other words,” Campbell says, “the announcement of and the subsequent closing of the plant kicks off a predictable but sad ripple effect that will last for years.”

If there is one potential saving grace in this news, it’s that Oshawa and the surrounding area has a more diverse economy than in the past, which will help slightly buffer the pain, says Campbell.

“However, the pain is coming and it is real and far reaching.”

The Oshawa plant is not the only facility to be affected by GM’s decision to “accelerate its transformation for the future.” Two locations in the Detroit area are also scheduled to be shut down, which could have spillover affects in related industries across the border in the Windsor, Ont. area.

RELATED READING

Oshawa housing to move into buyers’ market thanks to GM closure

New home buying opportunities abound in Oshawa and Durham Region

Focus on Whitby and Oshawa

6 Ontario municipal elections to watch regarding housing

 

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Drive

Drive till you qualify? Sure, but it WILL cost you

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Drive till you qualify? Sure, but it WILL cost you

Drive

You may have heard the old real estate adage, “Drive till you qualify.” The idea being that buyers who can’t afford to buy a home in the city, should drive to surrounding areas to find more affordable and larger homes, with potentially more appealing lifestyle and environmental benefits.

At least that’s the idea.

In practice, however, such a plan may not be quite so simple. A new study from Canada Mortgage and Housing Corp. (CMHC) shows that increased commuting costs and time could offset any financial savings of buying a cheaper home in an outlying area.

“By assessing the combination of commuting costs and housing costs, one can gain a more comprehensive gauge of the total cost of location choices,” says Andrew Scott, senior analyst, economics, for CMHC.

Drive3
Source: CMHC

 

In 2016, there were approximately 2.6 million commuters in the GTA, with 1.3 million of them commuting to a place of work in the city of Toronto. This made it the most common destination for GTA commuters. Roughly two-thirds of these commuters lived within the cityitself, while the remaining commuted from the 905 areasof the GTA. Pickering had the highest share of people commuting into Toronto, at 52.6 per cent, followed by Ajax (48.4 per cent), Markham (46.9 per cent), Vaughan (40.8 per cent), Richmond Hill (39.1 per cent), Whitby (32.2 per cent) and Mississauga (26.7 per cent).

Most commuters to Toronto drove, at 49 per cent, while 40 per cent took public transit. Of 905 residents who commute into the city, 67 per cent drove a car, and 21 took public transport.

Areas with longest commutes

Average duration of commutes is clearly on the rise, CMHC says, particularly among those who commute 60 minutes or more, one way. Between 2011 and 2016, this was the fastest growing segment of the commuter population, growing by 16 per cent, followed by those who commuted 45 to 59 minutes (14 per cent). Areas with one-way commutes longer than 60 minutes include Aurora, Burlington, Milton, Newmarket, Oakville and Oshawa.

Lower home prices, increase commuting cost

The most likely home type to lure buyers to the suburbs is single-detached homes, CMHC says. However, when the estimated monthly mortgage carrying cost and monthly commuting cost are combined, relatively lower priced municipalities such as East Gwillimbury, Newmarket, Mississauga, Whitchurch-Stouffville and Caledon end up costing more than or nearly as much as the city of Toronto.

Drive1

Notably, some GTA municipalities did retain their cost advantage. Even with significant commuting costs in areas such as Georgina, Oshawa and Clarington, a large cost advantage remains due to the considerably lower cost of housing.

Drive2

Based on estimates of the cost of commuting to Toronto from municipalities in the GTA, areas with lower mortgage carrying costs for single-detached housing often had significantly higher commuting costs, CMHC says. In many cases, these increased commuting costs completely offset lower home ownership costs.

Bottom line

The bottom line? Do all the math, and make sure that if you’re considering buying outside the city, your decision is based on more than money. The savings might not be there.

RELATED READING

Pent-up demand for townhomes building in the GTA

GTA new home market shows some improvement in September

5 affordable neighbourhoods for detached homes in 416 and 905

 

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HarbourTen10

Harbour Ten10 emphasizes quality of life as one of Whitby’s first condo projects

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Harbour Ten10 emphasizes quality of life as one of Whitby’s first condo projects

HarbourTen10

Close to Whitby’s waterfront, with its beaches and trails and with a diversity of parks, recreation facilities, downtown shopping, schools and public transit all nearby, the appropriately named Harbour Ten10 Condominiums in Whitby could deserve a 10 out of 10 when it comes to providing prospective homeowners with exceptional quality of living.

Whitby is one of Canada’s fastest growing communities, and with good reason with its historic small town, a thriving entertainment scene, proximity to nature (including 950 acres of parkland and 65 km of trails), Iroquois Park Sports Centre (Canada’s largest municipally owned recreation facility) and such unique attractions as the massive Nordik Spa Nature Whitby that’s scheduled to open in the fall of 2019.

In sharp contrast to homes priced beyond the reach of most buyers in the GTA, the suites at Harbour Ten10 are not only affordable – starting in the mid-$300’s, but they also offer tremendous value, with such premium features as nine-ft. ceilings, laminate plank flooring throughout and textured granite countertops. Adding to this value proposition, is an impressive list of onsite amenities that include: A social lounge with fireplace, an onsite greenspace with playground, a barbecue terrace and dedicated rooms for yoga, games and parties. In addition, the five-storey condominium project features an upscale hotel-like lobby with concierge as well as guest suites.

HarbourTen10 2

Consistent with the Harbour Ten10 name and address (1010 Dundas St. E.), the site is less than a 10-minute drive from what buyers ranging from young families to empty nesters would ever need, with attractions ranging from: Whitby’s historic downtown (just one km away) as well as the Oshawa Centre (with 230 stores), the Whitby Public Library, the Oshawa Golf and Curling Club, Lydee Shores Conservation area on Lake Ontario and local public and high schools as well as Trent University – Durham campus, the Ontario Institute of Technology and Durham College. Port Whitby Marina and Iroquois Beach Park with its long sandy beach and picnic areas are also minutes away.

In addition to all that’s at your doorstep, Harbour Ten10 is a short drive from Hwy. 401, 407 and the 412 and just six minutes from the GO Train Station, which gets you to Union Station in just 20 to 25 minutes.

“With any project we build, we put a great deal of thought into what today’s homeowners are looking for, so that when people hear about a community like Harbour Ten10, right away they know the homes are affordable, they offer good value and when you add up all of the onsite amenities and local attractions, it really is a great place to live,” says Nizar Walji, vice-president of Castle Group Developments.

Harbour Ten10 is Castle Group’s fifth GTA project, including Vida at Bayview Village which is currently under construction. Consistent with building great places to live, Castle Group has won two prestigious best-design awards from BILD.

Visit Harbourten10.ca to register or for more information

 

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LOCAL FOCUS: Whitby & Oshawa

LOCAL FOCUS: Whitby & Oshawa

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LOCAL FOCUS: Whitby & Oshawa

by Gale Beeby

The eastern anchors of the Greater Toronto Area

HOUSING OPTIONS

Both the City of Oshawa and the Town of Whitby have historic downtowns with the requisite collection of century homes, but new subdivisions are quickly changing the landscape.

Click here for a fill list of new homes for sale in Oshawa.

Click here for a full list of new homes for sale in Whitby.

LEISURE PURSUITS

Oshawa is a hockey town and it’s not the Maple Leafs that residents are cheering for, it’s the Oshawa Generals of the Ontario Hockey League. The team has many successful alumni, including Bobby Orr, Eric Lindros and Rick Middleton, to name but a few.

For those seeking more genteel pursuits, The Robert McLaughlin Gallery is the largest in Durham Region and features a collection of more than 4,000 works of art.

The Whitby Public Library is a state-of-the-art building that offers an extensive array of collections and programs as well as the Whitby archives. The Whitby History Museum and Children’s Centre has a unique collection of artifacts that tell the story of early life in Southern Ontario. One of Whitby’s best-known historic sites is the infamous Camp X, which was a secret spy training facility during World War II. Established by Sir William Stephenson, the “Man Called Intrepid,” British and allied forces also used the camp as a communications link between Britain and the United States with overseas information passing secretly between allied nations.

PARKS & REC

The Oshawa Botanical Gardens is a beautiful oasis that is home to North America’s largest contemporary peony collection. Oshawa also boasts beautiful and pristine wildlife preserves, including the Pumphouse Marsh, Second Marsh and the McLaughlin Bay Wildlife Reserve. On Oshawa’s Lake Ontario shoreline you will find Lakeview Park with many picnic areas, playgrounds, sports fields, a waterfront pier and sandy beaches.

There are over 100 parks maintained by Whitby and over 60 kilometres of trails, including the Bio-Diversity Trail, the Cullen Central Park Trails, Otter Creek Trail and the Whitby Shores Waterfront Trail. The 670-acre Lynde Shores Conservation area, together with the adjacent Cranberry West Tract, is known for its wildlife and provides habitat for nesting birds.

RETAIL THERAPY

The Oshawa Centre is the largest shopping complex in Durham Region and is home to over 230 establishments that include retail, food outlets and a variety of services. In downtown Oshawa, you’ll find a variety of unique shops and restaurants and its here you will find the annual Original Downtown Sidewalk Sale, and the Festival of Murals.

In Whitby, Pearson Lane is a historical development that houses boutiques, cafés and services.

EASY ACCESS

Public transit is provided by Durham Region Transit, which connects it with the other cities in the region, including Pickering, Ajax, Clarington, Brock and Uxbridge. Highway 401 runs through the south of region and Highway 7 runs across its northern edge. Highway 407 ETR is being extended to Highways 35 and 115 and will cross the top of Durham Region.

BY THE NUMBERS

Whitby population: 128,400

Oshawa population: 159,500

Whitby slogan: Community of Choice … for Business

Oshawa slogan: Prepared to be Amazed

Walk Scores:

Whitby: 43 average

Oshawa: 51 average

Whitby.ca

Oshawa.ca


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