New & Pre Construction Condos In Oshawa
Oshawa is the eastern-most part of the GTA and the largest region of Durham. It’s one of the greatest contributors to the southern Ontario economy, thanks to its industrial past and many reputable companies and businesses.
Over the last decade, Oshawa has witnessed significant real estate growth. Developers and corporations are taking a great interest in this city because of its excellent economy, high employment rate, increasing population, amenities, and high average household income. As an investor, you should consider investing in Oshawa preconstruction condos, as the region will give you great returns.
Why Should You Invest in Oshawa Real Estate?
Among the suburb cities bordering Lake Ontario, Oshawa has the most robust economy. For over 110 years, its automotive industry by General Motors contributed largely to its economy. However, General Motors closed in 2019. Although most people expected its economy to plummet, it remained a strong economic centre in Ontario. General Motors is expected to return to Oshawa, which will increase the city’s current economy.
Apart from its automotive industry, medical centres, educational institutions, and many great businesses and renowned companies contribute to the city’s economy and growth. Keeping in mind Oshawa’s economic state and continuous industrial development, investing in its preconstruction condos is an excellent decision.
Recreation and Entertainment
When it comes to recreation and entertainment in Oshawa, it’s an understatement to say that it surpasses its motto “prepare to be amazed.” The city has some of the best spots in southern Ontario to eat, play, relax, and enjoy the city’s beautiful views.
Some of the most reputable places to eat include Ciao Amici, an Italian restaurant, Mathilda’s restaurant, has great vegan options, White Apron Restaurant, a great coffee and crepe shop, and Teddy’s Restaurant and Deli, famous for its sandwiches.
The best entertainment spots in Oshawa include the Regent Theater, where you can watch classic movies and live musical performances, and the Tribute Communities Centre, where you can enjoy different sports, including lacrosse and hockey, and concerts. Another family-friendly place to have fun is NEB’s Fun World, which has go-karts, amusement rides, an arcade, a bowling alley and a restaurant.
The beautiful parks, exquisite restaurants, lively pubs, and other recreational and entertainment places make Oshawa an exciting city for families, students, and city employees to reside in. For investors, this means that there will always be people looking to rent or buy condos in Oshawa.
In this city, one of the best places to shop is the Oshawa Centre. It’s the largest indoor mall in Durham and has more than 230 retailers, eateries, and services. This mall caters to all the resident’s everyday necessities. Another mall, an outdoor mall by RioCan, is expected to be open by the winter of 2022. It will be closer to most of the preconstruction condo developments in Oshawa, giving residents easy access to an exceptional shopping centre.
Education and Healthcare
Apart from Oshawa’s industrial sector, educational institutions and healthcare centres boost the city’s economy and growth. Oshawa has numerous public and private schools that provide quality education for the residents. There are more than 32 elementary schools, five public high schools, and three college and university campuses. The college and university campuses are Trent University Durham, Durham College, and University of Ontario Institution of Technology, and they enroll more than 40,000 students every year. All these university students need somewhere to stay, which creates a demand for exquisite condos.
Thanks to Lakeridge Health Oshawa, Lakeridge Health Education Research Network (LHEARN centre), and Oshawa Clinic, Oshawa now has the largest and most versatile medical centre in the country.
The opportunity created by major post-secondary educational institutions and cutting-edge healthcare facilities calls for investors to invest in preconstruction condos in Oshawa.
Average Condo Price for Oshawa in 2021
Oshawa has experienced massive residential development due to its strong economic status. Condo towers from reputable developers are rising by the year, and more people are pouring into this city. Currently, the average preconstruction condo price is approximately $350,000, and the prices continue to increase at a rate of 1.6% per year. On the other hand, the average resale price for condos is $550,000, an appreciation rate of more than 8% over the past decade.
Oshawa is located in the Durham region, on the eastern-most part of the GTA. For many years, the city was recognized as Canada’s Motor City because it was the country’s first automotive centre, thanks to General Motors. Currently, the city thrives as a vital education, medical, and business centre.
The city’s population is approximately 165,000. Due to its industrial nature and a rising number of local and international businesses, its unemployment rate is 6.4%, which is lower than the country’s average. Every year, the city hosts more than 40,000 students studying at its various colleges and campuses. This creates a demand for exquisite living, which has led to an increase in preconstruction condos in the area.
Oshawa is a dynamic city with plenty of amenities, including shopping centres, gorgeous parks and green spaces, schools, health facilities, unique cuisine restaurants, and more. This makes it a great city for families, students, young professionals, and more individuals looking for a beautiful and fun town to call home.
As an investor, recognizing a city’s potential to make a considerable return on your investment is vital. In Oshawa, condos meet all the factors of a good real estate investment as there is a demand for excellent accommodation, exponential growth, and great condo projects by reputable developers. Contact our real estate experts, and they’ll help you make a well-informed investment.
Accessibility / Getting Around Oshawa
Oshawa has various transit options, which make driving or commuting to work, school, or running errands convenient for the residents. The city is situated on the eastern corridor of Highway 401, which connects to different neighbourhoods in the GTA, including Markham, a 30-minute drive, and Toronto, which is 1 hour away. Other highways near the city include Hwy 407 and Hwy 412, which provide fast transit across the GTA.
Go transit buses, which operate along Hwy 401 and Hwy 2, connect the residents to Toronto and York. By 2024, Go transit will extend a train line from Bowmansville to Oshawa, connecting the residents to more neighbourhoods. The city’s major streets, such as the King St E, enable residents to travel conveniently to the nearby areas.
The Oshawa Transit Station and the Durham Regional Transit are other means of transit that the residents utilize to travel locally or to Toronto.
With such an array of transit options, Oshawa is a transit-friendly city, making it an excellent city to invest in. Employers and students from the city and the surrounding areas can live in this city knowing that they can travel easily to work, school, shopping centres, or other GTA regions.
What are my closing costs on a pre-construction condo?
Closing costs are a percentage of the purchase price of the pre-construction condo you’re buying, i.e., the deposit, plus all other payments, such as land transfer tax, made during closing. Closing costs vary depending on the location, developer, and size of the unit you’re investing in.
In Oshawa, most deposits range between 3-5% of the purchase price. For preconstruction condos, they have a well broken down payment structure, which is advantageous. Other closing costs, including legal fees, land transfer tax, insurance, and warranty, are also a percentage of your condo’s price. To learn more about closing costs, consult our real estate investment experts.
What is an Assignment?
An Assignment is the sale of the contract to your pre-construction condo. When you purchase a pre-construction condo, you’re buying an agreement to ensure that a specific unit in a condo tower is yours once the development is built. Some developers allow investors to sell or buy this contract in what is termed as an Assignment Sale, and they charge a fee. Others prohibit such sales.