Is Oshawa toast?
- Thread starter donksky
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QUOTE (donksky @ Nov 13 2008, 07:50 AM) As it`s heavily dependent on GM, is Oshawa no longer an attractive town to invest in? what does is still have going for it (if we remove the GM presence/dominance - or is this just part of the temporary recession/slowdown)? thx
A view from out west: auto manufacturing will be back .. but it will be years .. and even if unemployed not every person will leave the area .. so if you can survive / hang-on for years (financially AND emotionally !!!) on cash-flow and buy cheap enough today you will be OK ! Cheap enough today would mean: 30% or so below 2007 price ..
A view from out west: auto manufacturing will be back .. but it will be years .. and even if unemployed not every person will leave the area .. so if you can survive / hang-on for years (financially AND emotionally !!!) on cash-flow and buy cheap enough today you will be OK ! Cheap enough today would mean: 30% or so below 2007 price ..
Oshawa is way more diverse now than even 2 years ago GM is not going any where or at least the plant isn`t this is or has been the most efficient plant in North America.
You can pick up great cash flowing SFH in Oshawa at the moment and there is no trouble at all renting them.
Just my 2 cents on Oshawa
You can pick up great cash flowing SFH in Oshawa at the moment and there is no trouble at all renting them.
Just my 2 cents on Oshawa
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I know this post is an older one, but I wanted to comment.
The Oshawa market has proven to be a great place for me to invest. I now own three 2-unit properties, and a 9-plex. As a realtor, I have helped over two dozen investors find cash flow generating properties that are building wealth.
Oshawa, to my knowledge has never been a top 10 Ontario city, however, it has a close proximity to Toronto, is appreciating nicely, has a council that is about to pass legislation allowing for many more properties to be turned into two-unit dwelling, and have housing prices far below that of any other city as close to Toronto.
In 2015, the 407 ETR will extend all the way through north Oshawa. Someone will be able to drive from Oshawa to Yonge St in Toronto in 25 minutes. If you haven't been to north Oshawa lately, the builders have focused on upscale homes, and well thought our subdivisions, with all the amenities. North Oshawa have been dubbed "Poshawa" yet values are a fraction the price of Richmond Hill, Aurora, Brampton or Oakville. What do you think will happen when commuters realize they can fly across the city and get into a 4-bdrm 2500 sq ft home for less than the price of a townhome in Markham?
In addition, Oshawa has scene the growth of the University UOIT campus, a resergence in the downtown core, and construction on the Oshawa Centre - when completed the Oshawa Centre Shopping Mall will be the 2nd largest mall in Ontario behind just the Eaton Centre.
Oshawa will always be identified with its blue collar roots and be thought of as a motor city, however, the fate of the city is by no means dependant on the life or death of the Canadian automotive industry.
The Oshawa market has proven to be a great place for me to invest. I now own three 2-unit properties, and a 9-plex. As a realtor, I have helped over two dozen investors find cash flow generating properties that are building wealth.
Oshawa, to my knowledge has never been a top 10 Ontario city, however, it has a close proximity to Toronto, is appreciating nicely, has a council that is about to pass legislation allowing for many more properties to be turned into two-unit dwelling, and have housing prices far below that of any other city as close to Toronto.
In 2015, the 407 ETR will extend all the way through north Oshawa. Someone will be able to drive from Oshawa to Yonge St in Toronto in 25 minutes. If you haven't been to north Oshawa lately, the builders have focused on upscale homes, and well thought our subdivisions, with all the amenities. North Oshawa have been dubbed "Poshawa" yet values are a fraction the price of Richmond Hill, Aurora, Brampton or Oakville. What do you think will happen when commuters realize they can fly across the city and get into a 4-bdrm 2500 sq ft home for less than the price of a townhome in Markham?
In addition, Oshawa has scene the growth of the University UOIT campus, a resergence in the downtown core, and construction on the Oshawa Centre - when completed the Oshawa Centre Shopping Mall will be the 2nd largest mall in Ontario behind just the Eaton Centre.
Oshawa will always be identified with its blue collar roots and be thought of as a motor city, however, the fate of the city is by no means dependant on the life or death of the Canadian automotive industry.
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Shows that local indepth knowledge is critical. Also shows that transportation improvements transform regions, and Oshawa appears to be one of those locations.
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You are absolutely right Thomas.
By the way, I recently finished your book, 80 Lessons Learned. I thought is was extemely informative and I am actually planning on a number of your practices into my business.
One thing I knew I was doing wrong, was not having all of my bank accounts set up for each property. Now that I have 6 properties and 22 doors, that "fly by the seat of my pants" accounting style wasn't working anymore! After reading your book, I went to my bank and opened up a couple of bank accounts to separate everything.
There were a number of great tips. Thanks for taking the time to write it and share your personal challenges and how you overcame them.
Michael
By the way, I recently finished your book, 80 Lessons Learned. I thought is was extemely informative and I am actually planning on a number of your practices into my business.
One thing I knew I was doing wrong, was not having all of my bank accounts set up for each property. Now that I have 6 properties and 22 doors, that "fly by the seat of my pants" accounting style wasn't working anymore! After reading your book, I went to my bank and opened up a couple of bank accounts to separate everything.
There were a number of great tips. Thanks for taking the time to write it and share your personal challenges and how you overcame them.
Michael
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I invest in Oshawa as well. It was a top 10 when I joined rein in 2007. You can get much better cf than west in Whitby and Ajax. In more recent top 10 reports you see Durham Region but always excluding Oshawa. Interesting thing to me is that a lot of the great points about Durham Region excluding Oshawa of course are specific to Oshawa like the college university population etc
also of note is that more than half the people that live in Oshawa don't work there
also of note is that more than half the people that live in Oshawa don't work there
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Trevor
Do you ever come out to Durham REI. The next meeting is on Wed Apr 9th in Whitby. Website is www.durhamrei.ca I think it starts at 7PM. April Stewart, the paralegal, is a main speaker in the April meeting.
You will get some great Durham focused information and network with a whack load of Durham investors. I'll guess there will be 80+ people at the April meeting.
But if you ever want to have a one on one chat of the area, and where I invest, send me a note.
Michael
Do you ever come out to Durham REI. The next meeting is on Wed Apr 9th in Whitby. Website is www.durhamrei.ca I think it starts at 7PM. April Stewart, the paralegal, is a main speaker in the April meeting.
You will get some great Durham focused information and network with a whack load of Durham investors. I'll guess there will be 80+ people at the April meeting.
But if you ever want to have a one on one chat of the area, and where I invest, send me a note.
Michael
- Joined
- Jan 9, 2012
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It was great to see you at the last Durham REI meeting last week ... and ACRE on the weekend.
I'm kinda pumped right now. Next week I take possession of my 3rd two-unit dwelling in Oshawa. There is a fair bit of work involved, but at the end of the day, I think I'll be mighty pleased I have this property.
It is amazing how in just a few years, little by little, one can make such huge changes.
I guess REIN doesn't want to include Oshawa as a top 10 city. I'll let others battle for Vaughn, Brampton and Toronto. I'll take the cash flow and steady growth of Oshawa all day long.
I'm kinda pumped right now. Next week I take possession of my 3rd two-unit dwelling in Oshawa. There is a fair bit of work involved, but at the end of the day, I think I'll be mighty pleased I have this property.
It is amazing how in just a few years, little by little, one can make such huge changes.
I guess REIN doesn't want to include Oshawa as a top 10 city. I'll let others battle for Vaughn, Brampton and Toronto. I'll take the cash flow and steady growth of Oshawa all day long.
- Joined
- Jan 9, 2012
- Messages
- 22
A quick update on the legislation for 2-unit properties in Oshawa. On June 23rd 2014, Oshawa council passed the bylaw allowing ALL properties throughout the city that has a frontage of 11 metres or more that ability to be converted into a 2-unit dwelling. The only exception to that is the licenced area around the University in the north section of the city.
One special note to pass along is that if the property already has a second suite, for the next two years, the city is forgiving the frontage requirement. The plan is to encourage more landlords to come out of the woodwork and legalize their properties. I was part of the committee that came up with this amnesty of sorts.
As savvy investors, many are adding properties to their portfolio is areas that were not zoned for 2-unit dwellings just a couple of months before.
The market for investment properties is red hot in Oshawa right now, however, this area remains likely the most affordable city within 30 minutes of Toronto and investors can still see some solid cashflow numbers.
One special note to pass along is that if the property already has a second suite, for the next two years, the city is forgiving the frontage requirement. The plan is to encourage more landlords to come out of the woodwork and legalize their properties. I was part of the committee that came up with this amnesty of sorts.
As savvy investors, many are adding properties to their portfolio is areas that were not zoned for 2-unit dwellings just a couple of months before.
The market for investment properties is red hot in Oshawa right now, however, this area remains likely the most affordable city within 30 minutes of Toronto and investors can still see some solid cashflow numbers.