Durham Region has recently become one of the most popular areas in the GTA to purchase a house, as buyers are realizing all the benefits of the area. Homes for sale in Durham Region are a fantastic investment choice, and whether you choose to live in the area or use the house as a rental, there has never been a better time to invest in Durham. Consider the following reasons why buying a home in the Durham Region is a wise investment.
No matter which way you look at it, the GTA is quickly growing as space for single family houses begins to run out. Toronto itself is seeing more condo development than ever before, and those who choose to live downtown are stuck with the issue of small square footage and a large mortgage. Durham region however, is one of the remaining areas of the GTA where family sized homes are both affordable and comfortable. The average price of a home in Durham region currently sits around $444,000, whereas the City of Toronto has an average house price of just over $1,000,000. These savings are significant and will only lead to money earned on the property as prices keep rising.
Like all regions surrounding the City of Toronto, one of the most important things for Durham Region homeowners is the almost inevitable commute into the city. Though not all residents will need to commute downtown daily, the convenience that comes with being so close to the biggest city in the country does mean that there will be times that visiting Toronto will be necessary. Residents have many options on how to get in and out of downtown, including Go Transit’s Lakeshore East Go Train line, the 401 highway, and the 407 highway which is currently expanding to help more of Durham.
The real estate market is in constant growth, and this means there is more demand for homes and a rising inflation rate. With Durham Region remaining as one of the less expensive regions in the GTA, the area will quickly start to see spikes in property values and desirability. Within the past few years, more properties have been built, listed and sold than ever before. Home owners and buyers will quickly see that houses are quickly increasing in value and cost, as more and more people turn to Durham region for homes.
Beyond the availability to Toronto, Durham region itself has many great amenities. This includes:
- The Lakeshore’s of Lake Ontario, Lake Scugog and Lake Simcoe
- Major employers like OPG, GM, and Durham Region Schoolboard
- Fantastic public and private schools
- Colleges and universities
- Major shopping centres
- And much more!
For those who don’t want to go to Toronto, there is nothing Durham Region can’t offer at home.
Due to Durham Region’s fantastic location and property value, purchasing properties to use as rental units has become a fantastic choice. As the region becomes more desirable, people of all income brackets will begin to move to the area, but not everyone can afford to buy a house. This is especially true for students, as many move to go to school for a few years’ time away from home. If you’re comfortable renting out an income property to college or university students, finding houses around Durham College, UOIT, or Trent University’s Oshawa campus will keep a constant stream of tenants.
For more information on homes for sale in Durham Region, contact us today at Mary Roy and Team.