Time for some predictions. Everyone’s got an idea of what’s going to happen with the real estate market, but at the end of the day none of us actually know. All five big banks have very smart people with a little of data available to them and they can’t even agree on what’s going to happen on a Canada wide level. When talking about Durham Region, I think we’re in a very enviable position. We’re a nice little pocket so close to the GTA and we’re so undervalued compared to all of the different area around us. Anywhere to the west and north of the GTA is already extremely expensive. People are noticing the value in heading out east. 10-20 years ago when I moved to Oshawa from Scarborough it was a completely different world. Oshawa especially had a huge stigma which has been shedding over the last little while. There’s been a lot of investing from not only government sectors, but private sectors in Durham Region. You’ve got the 407 expansion, the GO train, a lot of retail shops opening up over here which means they’re seeing the potential of what’s going to happen in Durham Region. A lot of people are seeing the value in Durham Region and that it can’t be competed with anywhere else.
So what do I think is going to happen in the near future? Obviously there’s a million and one variables and anything can happen, but I do believe we will eventually see a $700,000 average sales price in Durham. The reason for this is because we are so undervalued. The biggest drivers of property growth are employment and population growth. We are so close to the GTA that we get to bask in the warmth of Toronto. Toronto in one the fastest growing cities in all of the world, especially in Canada. We have almost 80,000 people moving to Toronto every single year. So that’s Pickering just pouring into the GTA. When it comes to buying, where are people going to go? Most can’t afford the city so they look west and they look north and when they compare they see that they can that they can live in Durham Region for under $600,000. They can still be within commuting distance to their job in the city, so it’s a pretty easy choice to make. We are of course going to go through our ups and downs, but I do believe in the next 5-10-year outlook Durham Region has a very bright future.
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