Update: 407 Development in the Durham Region
With the provincial government’s Hwy. 407 infrastructure plans in full swing, work is now underway on Phase 1 of the highly anticipated project, which stretches from Brock Road in Pickering to Harmony Road in Oshawa.
In hopes of alleviating the congestion of Hwy.401, the 407 East Development Group is optimistic that Phase 1 will be completed by the end of this year. The first phase is a 20.3-kilometre stretch, carrying with it a $1-billion price tag. In addition to extending the highway, a 10-kilometre high-speed link between the 401 and 407 is being built parallel to Lakeridge Road in Whitby. The link will be called Hwy. 412. To accommodate the link, a five-kilometre stretch of the 401 is being realigned north for Hwy. 412.
Durham’s Chairman Roger Anderson has long noted that there are economic development benefits associated with having the 407 extend across the Region; including that the hundreds of acres along Hwy. 7 can now be marketed for industrial purposes.
What does this potentially mean for home owners and those looking to buy? Now could be a wise time to buy in the east 905. Despite the short-term inconveniences of construction, and some individualistic uncertainty attached to such a large project, the long-term benefits of an easier commute to Toronto have the potential to speed up the increase in prices, potentially creating a booming demand within the Durham region.
Read more about these ongoing developments at DurhamRegion.com, and view aerial photos capturing the changes!