Central Oshawa is on the brink of a remarkable transformation, and for prospective homebuyers, there couldn't be a more opportune moment to invest in this thriving community. 

Here's why:

Reason 1: Massive New Development

Central Oshawa is set to undergo a monumental redevelopment with plans for a sprawling 17.7-acre project situated directly south of the forthcoming Central Oshawa GO Train Station. This ambitious venture will see the emergence of 8-15 new buildings, encompassing a staggering 5,600 residential units and 70,000 square feet of retail and commercial space, all nestled alongside an inviting urban park. The scale of this development is unprecedented and promises to infuse the area with newfound vitality and dynamism.

The proposed project represents a significant step towards establishing Central Oshawa as a vibrant, mixed-use, transit-oriented neighborhood. With future regional rapid transit connectivity in the pipeline, the stage is set for a wave of community investment and growth. The inclusion of residential towers, street-level commercial establishments, and expansive green spaces underscores a commitment to fostering a diverse and sustainable urban environment.

Reason 2: New Central Oshawa GO Train Station

As part of the Lakeshore East Expansion Project, Central Oshawa is slated to welcome a brand-new GO Train Station. This station will be nestled between Simcoe St. S. and Ritson Rd. S., will serve as a pivotal multi-modal transportation hub, offering seamless connectivity for commuters and residents alike. With rush hour service every 30 minutes, commuters can look forward to trimming 15 minutes off their daily travel time, enhancing both convenience and accessibility.

Moreover, the new station is poised to catalyze revitalization efforts in the surrounding area, positioning Central Oshawa as a thriving transit-oriented hub. From providing a vital link to the regional transit system to accommodating the diverse needs of students and the workforce, this station promises to be a transformative addition to the community.

Summary:

In summary, the impending redevelopment of Central Oshawa heralds a new era of opportunity and growth for prospective homeowners. With the prospect of a vibrant mixed-use community taking shape and enhanced transit infrastructure on the horizon, Central Oshawa is primed to emerge as a sought-after destination for residents and investors alike. By seizing the opportunity to invest in this burgeoning locale now, homeowners stand to benefit from the immense value appreciation and enriched quality of life that this transformative redevelopment promises to deliver. The time to embrace the promise of Central Oshawa's future is now.

Connect with our team to learn about your buying options in Central Oshawa, what home values are like, and how you can take advantage of this opportunity as a homeowner or investor. Contact US

January Market Update

 In January 2024, the average selling price of homes across the GTA experienced a one percent year-over-year decline, settling at $1,026,703 according to The MLS® Home Price Index Composite. While home sales increased compared to the same month in 2023. This rise was partly due to certain homebuyers taking advantage of lower interest rates linked to fixed-rate mortgages. While new property listings also saw a year-over-year increase, the growth rate was lower than that of home sales. The resulting tighter market conditions, compared to the previous year, suggest the possibility of renewed price growth as we transition into the spring market. Essentially, the increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.

 Toronto Market Insights

1920x965-January 2024 Market Stats Toronto by Ben Stanton

What we are seeing on the ground

In a market characterized by both increased sales and a surge in property listings, home buyers and sellers find themselves navigating a dynamic and competitive landscape. The spike in listings provides buyers with a broader array of options, but the heightened demand, particularly in the lower price range, has resulted in more properties receiving multiple offers. Despite the competitive atmosphere, there remains ample opportunity for savvy buyers to find a suitable property and engage in negotiations. Sellers, on the other hand, are benefiting from the renewed demand, potentially receiving more attractive offers. Overall, the market's equilibrium between increased sales and listings creates an environment where both buyers and sellers must adapt to changing dynamics while recognizing opportunities for successful transactions.

 In a news release the federal government has announced that it will be extending the: Prohibition on the Purchase of Residential Property by Non-Canadians Act,

Known as “the Foreign Buyers Ban” for an additional 2 years. This means the ban on foreign buyers will be in place until at least 2027. 

Key Highlights of the Act include:

• The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
• Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). CMA is defined as having a population of over 100,000 with 50,000 or more living in the core. CA defined as having a population of over 10,000.

*contact me today to find out what areas are not included in this ban.

• Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances. Including temporary residents working or studying in Canada, refugees and non-Canadian spouses or common law partners buying with their partner or spouse who is Canadian or has an exemption.
• If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.

Source: CMHC

 I hope you found this information helpful and please feel free to reach out if you have any questions relating to this or anything else real estate related.

The city of Toronto says on its website that the goal of the Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to a tax of one percent of the property's Current Value Assessment. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives.

Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year. The deadline to declare is February 29, 2024.

Use the URL below to get to the City of Toronto webpage to submit your declaration.

https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/vacant-home-tax-declaration-of-occupancy-status/

If you do not qualify for an exemption, the city will send you a notice at the end of March showing your VHT amount owing. Payment will be due in three installments in May, June and July.