This past weekend I was showing buyers homes in Whitby. The three we planned to see were sold by the time the weekend came, two well over asking and the third just under. So, we went to our B list. Both homes upon walking in were clearly under priced. The first had a bully offer call while we were viewing, despite the request of offer being reviewed after the weekend. Sold $35,000 over asking. The 2nd also, clearly under priced needed crowd control, no offers there until Wednesday.
I had some time so took in a few open houses to get a better feel for the market. Some great homes, almost all holding off offers, but older, bigger and a lesser crowd.
I then stopped it at the new Sundial Homes release in Ajax, to check out their price points to see if my buyers might want to look at a new build. Security Guards at the door handing out tickets, to get in and parking backed up, all 40' lots gone, a few 36 and 30 foot lots remained. Prices started in the high $400,000s.for the small homes on 30 " lots and went up from there. If you want to see the models come back during the week- they were closed.
New and Shiny means no renovation, so that is appealing to busy people don't want the hassle. Many looking have children after all, and that is a big plus, renovating is tough when your kids are young. All new neighbours - could be great, or not so great. Tarion Warranty always a plus. You see the costs add up, and aren't guessing how high it will go.
The older neighbourhoods grant you more space between the neighbours, well cared for homes that may need updating or may not, a larger yard, and trees. What you see is what you get, and you can scout out the look of the neighbourhood, check out the schools, and ammenities etc. Layouts are different, and it can be expensive to convert, and a good contractor is hard to find in this market as well. They are all busy. You need to compare the value of used vs new.
The one thing for certain is the area is high demand and folks are counting on the 407 increasing their value. Myself, a farm girl at heart, I would take the old neighbourhood any day. I was used to many acres to play in as a child. My kids have a big yard, a park and school behind. If they want that, they will likely be moving well beyond Whitby, or going much smaller and coming to our house for the great outdoors! It doesn't matter which way you go, as long as family and friends are there, it's the place you call home.