House for sale in Durham Region

There are several reasons why you should consider investing in real estate in Durham. The city has one of the strongest economies, the housing market is healthy, and it is one of the most livable cities in the country. These are a few factors that should make you look for a house for sale in Durham Region. With close proximity to the city of Toronto, Durham Region offers its residents and individuals plenty of job opportunities, vast suburban amenities and small-town charm. Below-mentioned is reasons why the city of Durham is the best place to invest in real estate in the country:

  • The city was ranked number one for population growth.
  • It has one of the highest growth in home sales in the Greater Toronto Area.
  • The Metrolink will be adding four new stations making transport across the city effortless.
  • Durham Region has the biggest GM plant in North America, including a large network of hospitals.

Diversity and employment opportunities

The Durham Region prides itself on having a highly skilled and specialized labour force. Often referred to as an incubator for entrepreneurs, the city leads the country in the field of energy, health technology, digital technology, advanced automation and much more. According to Commercial Real Estate Services (CBRE), it is one of the top markets for tech talent growth all over North America.

Top neighbourhoods for houses for sale in Durham Region

#1 Town Centre in Pickering

Located east of Toronto and York, Durham Region has some of the most vibrant neighbourhoods, and one of them is Pickering’s Town Centre. The average housing price in this region is around $687,000 as of December 2021. With the part of town gaining notoriety, the housing prices were almost 24% higher than last year. This area is well-known for the manufacturing and energy sectors. The region of Durham plays a vital role in the country’s automotive industry. It houses the country’s General Motors and Volkswagen headquarters, including the Ontario Power Generation, a nuclear power plant, which is one of the city’s largest employers. Additionally, this part of the Durham Region is family-friendly with the nearby Pickering Town Centre and Pickering Recreation Centre.

#2 Orono in Clarington

Situated in stunning rural Clarington, this part of the Durham Region boasts a historic Main Street that is home to many rustic buildings, including the Orono Antique market. This beautiful neighbourhood has some of the highest property values of most cities in the country. As of December 2021, the average home price in Orono is about $930,000. Compared to the previous year, housing prices were 38% higher. This goes to show that many people are realizing the real estate worth in this region. Every year, visitors from across the country as well as locals flock to the Orono Fair, which is one of the longest-running fairs in the Ontario region. Locals enjoy taking a stroll along the Wilmot Creek valley and dining at some of the town’s family-owned rustic establishments. Being a rural town, the neighbourhood is hard to access through walk as the roads are narrow. However, one of the advantages or benefits is that this area is the location of stunning older homes. Potential buyers can look to invest in Edwardian and Victorian homes in this part of town.

#3 Courtice in Clarington

Courtice another city located in Clarington is situated between Bowmanville and Oshawa. This area is a peaceful suburb with an effortless commute to Toronto city. The average real estate price in December 2021 was around $887,018 which rose 31% from the previous year. With real estate prices on the upward trajectory, this part of the Durham Region shows a lot of promise. A great activity in this part of town is that the locals love to flock to the Courtice Flea Market on the weekends to search for valuable artefacts. Some of the prominent parks in Courtice include the Darlington Provincial Park, Oshawa Valleylands Conservation Area, including Tooley Mill Park. More than half of the population in Courtice has children, and if you are worried about education for your kids, no need to fret, the city houses fantastic public schools, including notable Catholic schools in the area. Residents can make use of public transport such as the GO Transit to access the city, including the Greater Toronto Area. For individuals looking to travel by road, they have easy access to Highway 401 as well.

If you are looking for a house for sale in Durham Region and require professional support, you cannot go wrong with the team at Royal Canadian Realty. Please do not hesitate to schedule an appointment with our team and get started on the journey to finding your dream home.

The Rise Of Real Estate In Canada

No one could’ve expected that it would take a global pandemic to push the Canadian real estate market into overdrive. In 2020, we saw the sales record at a high, but those records were toppled again in 2021, and as of now, in 2022, the demand still remains at a fever pitch. It’s continuing to outstrip the supply of available properties in the market, and the prices are going up.

And when you add in the market inflation on top of this, well, according to the federal government’s fiscal update, it will take several years for the market to correct itself and make its way back to pre-pandemic conditions. With each passing month of the present year, prices in the Canadian housing market continue to increase with no signs of slowing down.

In 2021, more than 580,000 homes were bought and sold, and this metric is more than 25.3% from 2020 (552,423 homes were bought and sold in 2020). In the November of 2021, home prices in Toronto increased by 28.3% compared to November 2020.

The average sales price for condominiums had hit an all-time high of $1.163 million which was 21.7% higher than in 2020. The national average saw a rise of 19.6%. Canadian real estate agents agree that the market, fuelled by an all-time low-interest rate and a lessening property supply, shows no signs of slowing down.

So, if you want to or planning to buy a house this year, you may want to take advantage of the extremely low-interest rates. If history is any guide, there is a chance that interest rates will increase by the second half of 2022. 

Immigration policies are also driving the market

One of the reasons behind the continuous successive growth of Canada’s economy has been its immigration policies. As the Covid-19 pandemic forced many aged Canadians to take up early retirement, it lured the immigrant population to apply for the available job positions. At this time, the Canadian government focused on high-skilled immigrants to bring money and earn enough to compete for housing.

Immigrant families ideally purchase properties in large urban areas, such as Vancouver and Greater Toronto, where real estate prices have risen above $1.12 million (USD 88,000), according to Statistics Canada.

In 2021, the government achieved its lofty goal of admitting 401,000 new permanent citizens. However, it relied heavily on migrants who were already in the country temporarily to do this. In 2022, the government is anticipated to make 411,000 immigrants permanent Canadians under various programs.

As a result, there has been an increase in the number of newcomers coming to Canada and begin seeking permanent residency. This will influence the rental market, as all newcomers are more likely to rent in their first few years. 

Hiring professional Canadian real estate agents

In this market, it’s ideal if you rely on the help of an expert Canadian real estate agent.

  • They can help you explore the market for different properties.
  • Assist you with the paperwork.
  • Make sure that you get an affordable interest rate on your mortgage.
  • Tailor a contract that meets your financial needs when investing in a property.

For more interesting topics like this, keep an eye on this space. And you can contact the team at Royal Canadian Royalty for any help on the real estate market in Canada.