Are you looking for a new home in Oshawa, Ontario? If so, you might want to consider hiring a realtor to help you find the best property for your needs and budget. Realtors in Oshawa are licensed professionals who have the knowledge, skills and experience to guide you through the complex process of buying or selling real estate. In this blog post, we will explore some of the benefits of working with a realtor in Oshawa, as well as some tips on how to choose the best one for you.

Why work with a realtor in Oshawa?

Oshawa is a vibrant city located in the eastern part of the Greater Toronto Area (GTA), with a population of over 170,000 people. Realtors in Oshawa offer a diverse range of housing options, from affordable condos and townhouses to spacious detached homes and luxury estates. It also boasts a rich history, culture, and economy, with attractions such as the Canadian Automotive Museum, the Parkwood Estate, and the General Motors Centre.

The Oshawa real estate market is hot right now, as more people from the GTA are looking for affordable properties in regions nearby Toronto. According to the internet and Statistics obtained from Realtors in Oshawa, the average house price in Oshawa as of June 2023 was $890,942, up 8.5% from the previous year. The average days on market for a home was 10 days, indicating a high demand and low supply. The majority of sales were for detached homes, followed by townhouses and condos.

With such a competitive and fast-paced market, working with a realtor can give you an edge over other buyers or sellers. A realtor can help you:

• Find the best properties that match your criteria and budget
• Access the most up-to-date MLS listings in Oshawa
• Arrange showings and tours of potential homes
• Prepare and submit offers and counter-offers
• Negotiate the best price and terms for you
• Handle the paperwork and legal aspects of the transaction
• Connect you with other professionals such as home inspectors, appraisers, lawyers, and mortgage brokers
• Provide you with ongoing support and advice throughout the process
• However, like many other cities in Canada and around the world, Oshawa is facing some challenges in its real estate market. Here are some of the main problems for realtors in Oshawa:

Affordability: According to the World Economic Forum, a lack of affordable housing to buy or rent is fuelling a global housing crisis1. In most countries, the cost of housing has grown faster than incomes. This is also true for Oshawa, where the average house price was $727,000 in November 2021, up 26% from a year ago. The average rent for a one-bedroom apartment was $1,500 in October 2021, up 15% from a year ago. These prices make it hard for many people to afford housing in Oshawa, especially first-time buyers, low-income earners, and newcomers.

Supply and demand imbalance: Another problem facing the real estate market in Oshawa is the mismatch between supply and demand. According to the Counsellors of Real Estate, the COVID-19 pandemic has accelerated some trends that affect real estate demand, such as remote work, online shopping, urban flight, and environmental awareness. These trends have increased the demand for larger and greener homes in suburban and rural areas. 

However, the supply of such homes has not kept up with the demand, leading to inventory shortages, bidding wars, and price inflation. In Oshawa, there were only 0.8 months of inventory in November 2021, meaning it would take less than a month to sell all the available homes at the current sales pace. This is well below the balanced market level of four to six months of inventory.

Regulatory uncertainty: A third problem that affects the real estate market in Oshawa is the uncertainty caused by changing government policies and regulations. The Counsellors of Real Estate note that governments at all levels have intervened in various ways to address the economic and social impacts of the pandemic, such as providing stimulus packages, imposing lockdowns and restrictions, offering mortgage deferrals and rent relief, and implementing tax reforms and incentives. However, these interventions have also created some unintended consequences and uncertainties for real estate markets

To overcome these problems and mitigate their effects, realtors in Oshawa can adopt some solutions. Some of these solutions are:

Education: Realtors in Oshawa can educate themselves and their clients on the current and emerging issues that affect the real estate market, such as the ones identified by the Counsellors of Real Estate

Innovation: Realtors in Oshawa can innovate their business models and practices to adapt to the changing market needs and expectations. Realtors can use technology and digital tools, such as virtual tours, online platforms, mobile apps, and artificial intelligence, to enhance their marketing, communication, and service delivery.

Collaboration: Realtors can collaborate with other professionals and stakeholders in the real estate industry to create win-win solutions for their clients and themselves. Realtors in Oshawa can network and partner with other agents, brokers, lenders, appraisers, inspectors, lawyers, contractors, and developers, to access more resources and opportunities.

Working with realtors in Oshawa can make your home buying or selling experience easier, faster, and more successful. A realtor can help you find the best properties, access the latest MLS listings, negotiate the best price and terms, and handle all the details of the transaction.
If you are looking for a new home or want to sell your current one, contact Gazal Bansal, one of the top realtors in Oshawa today.