Oshawa Mortgage Rates.

Since land transfer tax is paid at close, knowing the amount will help you decide on your budget and how large of a mortgage to get. In Oshawa, the marginal land transfer tax rate is as follows:

For first time home buyers in Oshawa , you will be eligible for a rebate that covers up to $4000 in transfer taxes. This rebate will effectively mean that you have $4000 more to put towards a home and down payment.

Oshawa’s housing market is included in the Durham Region Association of Realtors. Housing prices across the region have seen an increase of 33.45%, with a benchmark price of $820,700. The average number of days a property sat on the market in April was 9 days. This makes getting a mortgage pre-approval very important so that you can be comfortable submitting an offer before the home sells.

With home prices in the region rising by over 108% over the last 10 years, the average mortgage amount in Oshawa has more than doubled. This has made a relatively lower-priced city now a location that will require a large mortgage amount to purchase in.

Oshawa and its surrounding area have seen a large increase in its population, up over 2.1% in 2020, much higher than the national average. Although many people who live in Oshawa may commute to Toronto, the city also has a large number of blue-collar and public sector jobs. General Motors Canada has their headquarters and an assembly plant in the city, which also has led to many other industrial companies having operations in the city to sell to GM. Local school boards such as the Durham District School Board and post-secondary schools such as Durham College and Ontario Tech University make up another large component of employment in the region. This makes living in Oshawa especially attractive for people working in these blue-collar jobs and the public sector, by being able to save time commuting and save money on a home versus living in Toronto.

Oshawa’s property tax rate is one of the highest within the Durham Region. Depending on your mortgage amount and lender, you may be required to pay this amount through your lender each month. Higher tax rates as of 2020 make the cost of owning a home in the city more expensive, especially when compared to nearby Durham Region cities, such as Ajax, Whitby, and Pickering: