Oshawa Housing Market Report
- Oshawa’s benchmark home price in September 2024 was $805,100, down 3.9% year-over-year.
- The average price of a home in Oshawa was $780,061 for September 2024, which is a 3.1% increase year-over-year.
- Detached home average price decreased by 0.6% year-over-year to $855k.
- Townhouse average price decreased by 0.4% year-over-year to $685k.
- November 16, 2024 Update: Today’s Lowest mortgage rates in Oshawa is 3.98% for 5-Year Fixed
Oshawa Housing Market Overview
Oshawa Housing Market: Price Movements for September 2024
Benchmark Home Price | $805,100 | -1.4% 1-Month Change | -3.9% 1-Year Change |
Average Home Price | $780,061 | -0.1% 1-Month Change | +3.1% 1-Year Change |
Median Home Price | $752,500 | +0.2% 1-Month Change | +2.4% 1-Year Change |
Oshawa’s housing market saw mixed price performance in September 2024 as detached homes saw an upswing in sales, while semi-detached, townhouses, and condos experienced a dip in sales year-over-year. This shift towards more expensive detached homes and away from relatively cheaper property types has helped to boost Oshawa’s average home price compared to last year. Here’s a look at how Oshawa home prices performed in September 2024:
- The average home price decreased 0.1% month over month and increased 3.1% year over year to $780,061.
- The benchmark price slipped by 1.4% compared to the previous month to $805,100, which is a 3.9% decrease from the previous year.
- Oshawa’s median home price was $752,500, up 0.2% month-over-month and up 2.4% year-over-year.
Looking at property types for September 2024:
- The average detached home price decreased by 0.5% monthly and has decreased by 0.6% annually to $854,945.
- Semi-detached properties experienced a month-over-month decrease of 0.8% to $667,861 and an annual decline of 0.7%.
- The condo apartment market saw average prices increase by 4.7% monthly and decrease by 3.2% yearly to $387,318.
Sales Data Analysis
Shifting focus from home prices onto sales data for September 2024:
- Overall, Oshawa's home sales increased by 12.2% since the previous month, but declined by 1.1% from last year, reaching 184 sales.
- Detached home sales saw an increase of 14.8% month-over-month and a 17.0% year-over-year increase to 124 sales.
- The semi-detached market saw a 21.7% monthly decrease and a 28.0% yearly decrease in sales to 18 semi-detached homes.
- Sales of condos have decreased from 18 in September 2023 to 11 in September 2024.
Meanwhile, there were 542 new listings, up 21% from 448 in September 2023. Comparing sales to new listings, Oshawa’s sales-to-new-listings ratio (SNLR) for September 2024 was 34%, indicating a buyer’s market.
Looking Forward
A bear market is defined as a decline in prices of more than 20% from a recent peak, and Oshawa’s housing market has been in a bear market for more than two years since May 2022 with the average price down 29% from the peak. The Oshawa housing market is now eagerly waiting for the impact of three 0.25% rate cuts in June, July, and September 2024 and further expected rate cuts in 2024 and 2025, which can lead to higher activity in the market. A more affordable cost of borrowing will boost demand, leading to an uptick in housing activity. However, sellers waiting on the sidelines may also pounce on this opportunity to offload their homes. This can already be seen through the recent surge in new listings, up 21% year-over-year, although active listings are down 11% year-over-year.
Home Prices in Oshawa
Oshawa Housing Market Statistics for All Property Types
Average Sold Price
Total Transactions
Property Type Distribution
Free Home Value Estimator
Housing Markets Across Canada
Oshawa Housing Market Overview for Detached Homes
Average Sold Price
Transactions
Oshawa Housing Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Oshawa Housing Market Overview for Townhouses
Average Sold Price
Transactions
Oshawa Housing Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.