Who really knows the future? When it comes to comment, I am not one to make fearless predictions. But I am able to look at the present and recognize that the seeds of the future have been sown already. The trick, as always, is to appreciate which facts will be more important than others.
The Real Estate Market in Clarington cannot divorce itself from the rest of the country. Yet it does have certain advantages, which make it attractive in economically challenging times. In my own practice I have seen a remarkably stable market. In my view, this reflects three principle reasons: Clarington’s location in relation to the G.T.A., the pattern of the G.T.A.'s expansion and Clarington's efforts to develop and diversify its local economy.
Clarington is within commuting distance of the G.T.A., which provides residents with a wealth of employment opportunities. It is also an excellent location for retirees who wish to get out of the city and still have access to its cultural amenities. Retirees may also benefit by being nearer to their younger families.
These considerations may be true for any point on the commuter compass. But Clarington is the value proposition in the 905 belt. Historically, Toronto grew westward forming the Golden Horseshoe, which wraps around the west side of Lake Ontario. As Mississauga, Oakville and Burlington grew, prices west of Toronto rose rapidly. In time, development opportunities shifted from the west to the north. Areas such as Aurora, Newmarket and Innisfil became the new construction sites. In my opinion, Durham lagged behind the areas to the west and north of Toronto. As a result, it offers superior value for access to the G.T.A.
The final ingredient is a broad willingness to embrace a diversified economy. I was recently invited to sit on a new task force which is being struck to report to the municipality on attracting higher education to Clarington. The Board of Trade also works with local government to attract new businesses, especially those which will create skilled employment.
I recall the recession which began in 1989. The real estate market was affected in many sectors. But the residential market remained especially strong in the starter-home category because there will always be more people who can afford an entry level home than a more expensive property.
This leads me to conclude that in the current economy, Clarington is an excellent location for a first time homebuyer and long term owner alike. But this is not a hot tip. The current activity in the local market, not a prediction, is the basis for this confidence.