“Properties within an hour of Toronto under half a million dollars will not exist this time next year,” investor Randy Ramadhin told Canadian Real Estate Wealth. “Even in Oshawa.”
And it’s Oshawa that Ramadhin is particularly bullish on.
“New home building supply is the best option for investors,” Ramadhin, who is also a real estate broker and author of Investing in Condominiums: Strategies, Tips and Expert Advice for the Canadian Real Estate Investor.
“So of the GTA home builders, I believe there’s more affordable new home supplies for detached and semis and towns in Durham than everywhere else in the GTA.”
For first-time investors, Ramadhin recommends bungalows because they’re affordable – within the $300-350 thousand range – and first-time buyers can purchase for 5% down.
The Durham Region city was recently featured in MoneySense magazine.
“Oshawa is one of the best places to live and invest,” Oshawa Mayor John Henry told Oshawa.ca. “Our community boasts an exceptional quality of life with top-notch post-secondary options; job opportunities in growth sectors; and a wide variety of leisure and recreational opportunities. Include an integrated transit network of Highways 401 and 407, Durham Transit, GO Transit, VIA Rail, airport and harbour. Oshawa simply has it all.”
The region in general was recently determined to be the fastest growing market in Canada, according to CREA. The region posted average price growth of 32% from 2012 to 2015.
The average price also increased 16.5% from February 2014-February 2015, jumping from $420,532 to $489,780.
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One investor’s bold claim may draw others to this one overlooked market outside the GTA.