How will ‘Durham Live’ impact real estate in the region?

durhamlive

If you live in or near Pickering, you’ve likely heard about Durham Live – a massive entertainment complex that will eventually house dozens of shops and restaurants along with a convention centre, VIP movie theatre, family waterpark, spacious concert hall, luxury hotel and a massive casino. The project is being referred to as a “mini Las Vegas” right here in Ontario and has garnered media attention across the country. It’s all coming in 2020 and it will be located very close to the Lakeshore East Go Train route, making it easily accessible to those in Toronto and nearby suburbs.

So what does this mean for you as a homeowner or potential buyer in Durham region? Let’s take a look at some key impacts the development will have on our community.

What this means for Durham Region

First of all, when we look at this project we see jobs – and lots of them. With so many businesses coming to Durham Live, employment numbers will be booming. With this surge of new jobs in the region comes a demand for housing and with that, a likely increase in property values. This is good news if you’re thinking about selling your home and downsizing sometime next year. It’s also helpful if you want to remain in your current home but use that added property value to finance a renovation through a home equity line of credit. Finally, it might be a good time to do a bit of both by planning a renovation designed to help sell your home when the expected increase occurs. We can help you navigate these options and identify the best plan for your family – it really depends on your personal needs and goals.

If you don’t currently own a property in Durham Region but hope to buy here in the future, now is an excellent time – we recommend you don’t want too long and miss this phase in the market. List prices aren’t currently as high as they’ve been in other years. By purchasing a home in or near Pickering now, before the complex is open and functioning, you’ll be able to beat the likely increase in cost. This is a great opportunity, you’ll get to enjoy the amenities and job opportunities associated with the development without having to pay for the property value increase it should bring. (What a win!)

Buying or selling? Give me a call.

To learn more or inquire about buying or selling your home in Durham Region, please call me (Vince) at 416-562-2387. You can also leave a question or comment on our Facebook page. Thanks for reading, and have a great week!