Many have people have been turning back to the burbs in attempt to avoid the soaring home prices in Toronto. According to the Toronto Real Estate Board, the average resale price of a home in the Toronto stood at $654,221 in November of 2015. Returning to the subject of millennials driving the real estate market, communities including Ajax, Oshawa, and Pickering have become magnets for detached home, family-seeking millennials. These communities have become progressively popular due to their increased accessibility with frequent service by GO Transit and the extension of Highway 407 and the construction of Highway 412. However, this increasing interest and popularity in the Durham Region was majorly due to the low price of homes. According to the Toronto Real Estate Board in a November 2015 report, here is the breakdown of average home resale prices by region:
York Region: $807,167
Durham Region: $455,603
New homes in the Durham Region are substantially lower than those elsewhere. RealNet Canada reports that the average new home in Durham costs an average of $546,334 whereas the GTA costs $811,110.
Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.