Oshawa’s Housing Market
The city of Oshawa is located in the Regional Municipality of Durham on the shoreline of Lake Ontario, just 60 kilometres east of downtown Toronto. With a population of around 330,000, Oshawa is the most eastern part of the Greater Toronto Area and the Golden Horseshoe.
Once recognized as the Automotive Capital of Canada, today, Oshawa is known as a hub for education and health services. The city is home to three post-secondary institutions, the Lakeridge Health Education and Research Network, and the Oshawa Clinic Group, the largest multi-specialty medical group in the country. In 2016, Oshawa was rated by StatsCan as the sixth best place in Canada to find full-time employment.
While much of the attention falls on Toronto and Hamilton when it comes to the province’s strong real estate market, Oshawa is home to even stronger numbers. In the summer of 2017, the average selling price of a property in Durham Region was up 20.88% year-over-year.
In Oshawa, the average selling price of all properties was $467,057. The average price of a single detached home was $508,039; in Toronto, the price of a single detached home was around $1.3 million.
If you’re a first-time home buyer looking to move to Oshawa, the prices for all other property types are also much more affordable than in nearby Toronto. The price of a semi-detached home in Oshawa was around $393,191, a condo townhouse was priced at $306,958, a condo/apartment was priced at $291,167, and an attached/row/townhouse was priced at $514,667.
Finding the Best Mortgage Rates in Oshawa
If you’re looking for the best mortgage rates and terms in Oshawa, start with a mortgage broker like Canadalend.com, which can give you access to private mortgage lenders. Why start with a mortgage broker like us and not one of the big banks or trust companies? Because the mortgage professionals Canadalend.com has relationships with are both licensed and independent.
Canada’s big lenders can’t say that. Their only goal is to get you to buy one of their financial products, whether it’s in your best interests or not.
But the mortgage professionals at Canadalend.com have access to hundreds of different lenders. Canadalend.com provides you with the choices you need to make the best decision when it comes to finding the mortgage and financial products that suit your financial and lifestyle needs.
That also means paying attention to more than just the interest rate. If you’re looking for a mortgage in Oshawa, you need to be aware of all the terms and conditions; not everyone wants the same repayment plan. That’s why it’s important to pay attention to the amortization period, whether the mortgage is fixed or variable, whether it’s open versus closed, or whether it has an accelerated repayment program.
Here’s What Canadalend.com Offers
Canadalend.com provides home buyers with the options they need to get the mortgage they want. How? They cut through the real estate red tape that the federal government has established over the last number of years.
In the not-too-distant past, home buyers could purchase a property in Oshawa with no money down and a mortgage with an amortization period of 40 years. Not anymore. Over the last 10 years, the Canadian government has implemented a number of tougher lending rules. This has made it much more difficult for many first-time home buyers in Oshawa to get a mortgage.
Amortization periods have been cut to 25 years and the minimum down payment for new government-backed mortgages has been raised to five percent.
Tougher lending rules have made it difficult for average Canadians to secure a loan, including those who are self-employed. If you’ve declared bankruptcy, have no credit, have unreliable income, or are a non-resident, it’s also very difficult to get a mortgage—unless you use a private lender like Canadalend.com. We are not bound by the same lending rules as Canada’s big banks. As a result, we have a lot more flexibility when it comes to helping you find the financial products you need.
Canadalend.com’s Financial Services
- First mortgages for first-time home buyers
- Second mortgages in Oshawa
- Residential mortgages in Oshawa
- Mortgage refinancing in Oshawa
- Commercial mortgage for businesses in Oshawa
- Home equity line of credit (HELOC)
- Mortgages and tax arrears in Oshawa
- Debt consolidation for bad credit in Oshawa
- Home equity loans in Oshawa
- Mortgages for those in Oshawa with bad credit
This Is Why You Should Choose Canadalend.com!
If you’re interested in buying a property and settling down in Oshawa or if you already own a home and want to consolidate debt, want to refinance, are having trouble getting a commercial or industrial mortgage, or have been turned down by the big lenders for any reason, a licensed agent at Canadalend.com can help.
Because we have access to hundreds of different lenders, we can find a lender to suit your unique financial needs. In fact, there are lenders who specialize in helping first-time home buyers or those with bad credit or no credit find a residential mortgage or other financial product.
The mortgage brokers at Canadalend.com can also get you pre-approved for a mortgage or loan in 24 hours or less.
To see what kind of mortgage or loan you qualify for, contact Canadalend.com today or apply online and a Canadalend.com mortgage specialist will set up an appointment for a free personal consultation at your earliest convenience.