Condo prices up 50% in Oshawa as people keep leaving Toronto
It's getting increasingly expensive to live in Toronto, so it's no surprise that more and more people are choosing to leave the city for elsewhere in the GTA.
According to a report by strata.ca, the value of condos in Oshawa has skyrocketed since the pandemic began, currently sitting at a 48 per cent increase and on track to hit 50 per cent later this week. While home prices have been surging across the GTA, nowhere has seen a condo market boom quite like Oshawa.
Condo markets in other GTA cities don't even reach the same ballpark as Oshawa, with Bramption seeing an 11 per cent increase and Mississauga only at 6 per cent.
Compared to last year, there was a 48 per cent increase in condo sales across Oshawa as homeowners looked to take advantage of the surging market. Much of the reason so many buyers are finding themselves landing in Oshawa can be attributed to the affordability of the city relative to Toronto.
Even with condo prices dropping in Toronto over the past year, the average condo sale price in Oshawa is still notably cheaper sitting at $483,000. Toronto condos are currently averaging $677,000 in an increasingly expensive housing market.
With numbers like that, it's no surprise nearly half the young adults in Toronto's largest city have considered moving away recently. Even less surprising is that many seem to be following through on these thoughts.
While Oshawa may not yet be the Brooklyn to Toronto's Manhattan, it's still doing an excellent job of housing those who refuse to ride the always rising rollercoaster of Toronto real estate.
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