There’s been a lot of turbulence and uncertainty in the Canadian real estate market in recent months and years. You may be wondering if Whitby, Ontario and the Durham Region are good places to invest in.
With rising prices, new mortgage stress tests and uncertain forecasts, the market seems daunting. But with today’s low interest rates and the current state of the market, 2020 is a great time to jump into the market – especially in Whitby.
Keep reading to learn about the 2020 market forecast and why Whitby is a great place to buy a new home and invest in.
A Strong Year for Real Estate in Canada
Canada can expect to see a strong year overall for housing, according to RE/MAX’s 2020 Canadian Housing Market Outlook.* According to the report, the Durham Region currently has a balanced market, meaning that it is neither a seller’s market nor a buyer’s market. A balanced market means that the number of homes on the market meets buyer demand, giving homebuyers plenty of options to compare and choose between, as well as ensuring fair prices.
The best time to buy a new home is in a balanced market or a buyer’s market – not a seller’s market. Fortunately, this lines up perfectly with the current state of the Durham Region’s market.
Durham Region’s Real Estate Market is on the Rise
Homes in the Durham Region are expected to rise 3% in 2020**, which is a modest increase that indicates a healthy and stable market.
A strong, steady market is a good one to invest in. The ongoing increases in home prices also guarantee that a new home or townhome purchase in Whitby will be a solid investment that will increase in value over time. If you’ve been saving up for a down payment and are ready to invest in a new home, 2020 is a great time to do so.
The Durham Advantage
The Durham Region is a great place for first-time homebuyers due to the relative affordability of the homes in this region. There’s also the “Durham Advantage” to consider – a strong and growing economy***, tight-knit communities that offer a refreshing alternative to big-city life, an abundance of beautiful parks, green spaces and lakeside beaches, trendy restaurants and shops, convenient amenities, fully-equipped community and recreation centres, excellent schools, a unique arts and cultural scene, and more. Durham is a thriving area that you and your family will love to live in.
Metrolinx’s expansion**** is also a strong driving factor in terms of Whitby’s continued growth. The expansion makes the community more accessible and makes commutes faster for people who are heading to the GTA for work or school.
Why Whitby Is a Great Choice
Whitby is quite close to the GTA and Toronto, which is a huge advantage for people who commute to the city or who have friends and family there. Despite its ideal location, and the fact that Whitby is much closer to Toronto than cities east of it, Whitby remains quite affordable. Whitby offers better value – in some cases, with less expensive homes – than further away Durham Region areas, like Bowmanville and Oshawa. Why go further when you can live in beautiful Whitby? It’s a great location, and buying a home in Whitby is a strong investment.