Durham Housing Report
Located east of Toronto along Highway 401, Durham comprises several communities linked to downtown Toronto by regular commuter train service. In 2014, house prices in Durham
Region remained more affordable than in other parts of the GTA—a trend that will continue to drive demand in the area. The average residential sale price in 2014 rose an estimated 9 per cent from the previous year.
Offsetting a longer commute time into Toronto is the fact that a detached house—at $396,300 in October—cost 55 per cent of what one would cost in Toronto. The relative value makes Durham a popular choice for first-time homebuyers. Like the rest of the Greater Toronto Area, the growth Durham is experiencing is in large part driven by the large number of new Canadians who come here each year.
While Durham Region and other outlying areas of the Greater Toronto Area are considered commuter communities by many, Durham’s larger municipalities—Ajax, Oshawa, Whitby and Pickering—have been recently revitalized. Local employment has increased as well. Highway 407, a privately-owned toll road, will be extended to run into the north part of Durham Region, increasing demand for housing in the area.
Demand is expected to remain healthy in 2015. First-time homebuyers, immigration and low interest rates were the primary drivers of demand in this market in 2014 and are anticipated to continue drive the market in 2015.