Families Eyeing Durham Region After Decade of Unprecedented Growth
There are a million more people living in the GTA today than there were 10 years ago. That’s roughly the population of Calgary. So what has this population increase done to the housing market? The words sky rocket come to mind.
As the population has increased in the GTA, so have the prices of homes. This scenario is likely to continue based on our track record. What this creates, however are some market extremes that we are clearly seeing today.
10 years ago, an average two-storey, four bedroom home (about 2400 sq ft) cost $430,000 in Richmond Hill. That same house today would fetch about $1.2 million. That’s about a threefold increase since 2005. That means those young people with families looking to purchase their first home probably won’t have Richmond Hill available to them. That is why the Durham Region is so attractive at the moment.
Some have turned to GTA condos for relief. For instance 10 years ago a 975 square foot condo in Downtown West sold for about $349,000. Today, that unit would cost $644,000. A decent jump but not out of reach like some of the detached homes in the GTA. And the provinces pro-intensification approach over the last decade (building more homes using less land) has enabled even those on single incomes to purchase homes. In that same Downtown West are, a bachelor condo for $350,000 is available, however at 623 square feet, it’s not much room to raise a family.
In the end, we have seen many changes over the last 10 years. As our population has increased so has the cost of homes. More and more we are seeing taller and smaller rather than big and traditional. The market has become a complicated arena of location and lifestyle choices. Thankfully, the Durham Region provides both affordability and amenities for families unable to compete with the sky rocketing prices of the rest of the GTA.