With an increasing household net worth, and so much new infrastructure being invested into the region, Durham Region real estate is booming. Whether buying or selling, home values are set to increase, creating a great investment opportunity, while living in a beautiful suburb of Toronto with many commuting options, and all the amenities one could ask for within the region.
Expansion is the buzzword in Durham
According to a recent report by Environics, Canada’s average household net worth rose nearly eight per cent in 2013, making it one of the best years since the recession. The city reporting the greatest increase in net worth in all of Canada was Oshawa, where household net worth grew by double digits -- 11.2 per cent.
Development in Oshawa in 2014 is surpassing many previous records. Year-to-date construction value is ahead of the 2013 end-of-year total by almost $30 million. Fuelling these amazing numbers are major projects that are occurring throughout the city across all sectors.
The $230-million expansion of the Oshawa Centre, slated for completion in 2016, will see 60 new stores in an additional 260,000 square feet, making the new Oshawa Centre 1.25 million square feet in total space. The Holiday Inn Express and Convention Centre in downtown Oshawa with 120 rooms and an 8,000-square-foot conference centre is now under construction and expected to be complete for the Pan Am/Parapan Games in 2015. The commercial plaza adjacent to Costco has a number of new business either recently opened or soon to be open including No Frills, Bank of Montreal, Panera Bread, Magnotta Wines, The Beer Store and more.
Residential development has been very brisk with 950 permits issued so far this year and includes single family, townhouse and apartment developments as well as student housing to accommodate the growing number of students attending classes at UOIT, Durham College, Trent University.
Aviation Unlimited, a Diamond and Piper Aircraft sales and service facility, is currently constructing its new hangar and sales space at the Oshawa Municipal Airport. This adds to a number of other businesses and corporate aircraft that have relocated to Oshawa from the Buttonville Airport in anticipation of its closure in 2015.
Durham’s Regional Innovation Centre, the Spark Centre, will be expanding its downtown Oshawa location later this year and will provide approximately 2,500 square feet of incubator and collaboration space for technology startup companies. This expansion is made possible in part by a $30,000 annual grant from the City of Oshawa to encourage the advancement of entrepreneurship and innovation.
In August, the Oshawa Public Utilities Commission announced a partnership with two Japanese-based firms, Tabouchi and Panasonic, to undertake the first-ever residential Solar Energy Storage and Management System pilot project in Canada. The project will involve building and commissioning approximately 30 residential rooftop solar PV systems that will be combined with energy storage and an energy management system. If the pilot proves successful, it will be rolled out to other communities across Canada.
Keep in touch with business and development news by connecting with Oshawa’s economic development services team via Twitter: @InvestOshawa Web: oshawa.ca/business or sign up for our quarterly Business Connections e-news: oshawa.ca/enews.
With three quarters of 2014 behind us, glancing back, it is amazing to see the progressive direction Clarington is taking relative to growth, development and innovation. Throughout the year, new businesses have been opening their doors, offering a variety of products and services to the community. Ranging from restaurants such as That’s My Spot and Tetra, to manufacturers such as Acumen Machine and Fabrication and recreation such as Easthill Outdoors, nearly 20 new businesses have created more than 175 jobs in Clarington since January.
We are thankful and proud to see investment stay in Clarington, as several businesses are currently or planning to expand their facility and hire additional personnel. Trade Tech Industries has recently included new product, expanding its market, creating more than 15 additional jobs and building expansion of 4,600 square feet. Also, some companies have relocated within Clarington such as Hutton Transport and Curves Bowmanville, keeping jobs and diverse business in Clarington.
Through discussions with Clarington businesses, we often hear their thoughts on the value of choosing Clarington to operate and grow. Keeping with the spirit of telling the story of Clarington, we released another video ‘Clarington, Shaping Your Every Day’, telling the story of how products and services produced in Clarington affect the lives of every one of us, no matter where you live. Twelve businesses are featured in this video. These stories can be viewed on the Clarington Board of Trade’s YouTube Channel ‘CBOT Channel’. Several of these business will also be expanding their operations and creating additional employment within the next one to two years.
Looking forward at what is to come before the year end, we will be raising our glass to the opening of LCBO in Courtice and microbrewery in Bowmanville, among other new business and development projects.
Full Story: http://www.durhamregion.com/news-story/4884961-expansion-is-the-buzzword-in-durham/