Whitby’s calm environment and its strategic waterfront location have motivated the local municipal council to rejuvenate Port Whitby with a modern urban landscape. Such developments are adding tremendous value to Whitby real estate market and many investors are viewing it as the next frontier in new real estate developments.
According to the latest population demographics, Whitby town has been recording a steady increase in population growth and the current estimate is 142,607. Moving forward, this number is projected to reach around 193,000 by the year 2031. The majority of the working class in Whitby town are high-income earners with an average median income of $115,053.
Although Whitby town is considered a bedroom community, there are various businesses and institutions that undertake commercial activities and service delivery to residents thus, creating employment opportunities for a sizable percentage of residents here. The current redevelopment that is taking place around Port Whitby as well as along Brock Street is also expected to increase more commercial and investment activities and more job opportunities to the tune of 3,790 will be created by the year 2031. To achieve all these development milestones, real estate developers are expected to play a big role as demand for new housing such as condominiums and townhouses will rise as the population grows.
The town of Whitby is situated between the towns of Ajax and Oshawa and the three towns contribute significantly to the economy of the Durham region. By the year 2017, the projected population of the Durham region was 682,378 and this number is estimated to grow to 934,187 by the year 2041. The projected high population represents a good opportunity to invest in new condominiums and upcoming pre-construction condo projects in Whitby town as the demand for housing is going to increase in the future.
Residents of Whitby can easily access 401 Expressway as it’s located nearby. The Town of Whitby has a rich history which can be seen through the many historical buildings which date back to the days when the natural port on Lake Ontario and its Marina started to be operational. The urban center of Whitby town is located on the northern side of Lake Ontario specifically along Brock Street. New condominium developments are also coming up in the remote areas of the town creating more livable space to accommodate the ever-growing population. Since the majority of the population are working class and young couples, Whitby town presents a great opportunity to invest in pre-construction condominiums as the demand for better and modern housing will remain high.