Housing is usually the biggest expense you face each month, but with the help of Northwood Mortgage™, you can affordably become a homeowner in Woodstock.
Woodstock is commonly referred to as the Dairy Capital of Canada, and is better known as “The Friendly City”. The suburb is conveniently located 128 km southwest of Toronto and north of Highway 401, along the historic Thames River.
Some of the finest residential Victorian streetscapes in Ontario are situated in Woodstock’s west end, along Vansittart Avenue. Residents can routinely visit the community centre to enjoy hockey games or attend a social gathering.
In terms of employment, the major industrial employers in Woodstock are Toyota, Hino Motor, and the Woodstock Organ Company. The construction of the Toyota plant between 2005 and 2008 was the first new motor assembly to be built in the country in the last two decades. Due to economic challenges at the time, the expected production was reduced from 150,000 to 75,000 a year, resulting in a 40 per cent reduction in workforce to 1,200 people.
In 2008, Toyota completed its Hino Motors subsidiary plant in Woodstock. The 120,000-square-foot plant can produce 2,000 trucks per year with a workforce of 45 people.
Woodstock is top 40 per cent for Canadian suburbs when listed in order of property listing prices.
The median cost for homes in Woodstock, Ontario is about $304,000, while the median cost for apartments is about $249,400. This is about average compared to the rest of the province.
Three-bedroom homes are the most commonly available for homeowners at a median cost of $279,900. You will have to pay a lot more for a four-bedroom home at $457,900, or less for a two-bedroom home at $175,000.
The median cost for a two-bedroom apartment is $81,900.
There are about 1,145 neighbourhoods with more real estate on sale than Woodstock in Ontario, which puts the region in the top 20 per cent when looking at the number of properties available to choose from. In other words, there are hundreds of possible neighbourhoods for people looking to invest in Ontario, and there is just as much data to sift through in order to narrow down your search.
One way to identify the implications of market pressure on the prices of property in Woodstock is by looking at stock on the market. When there’s less stock, it implies increasing home pressure and a subsequent drop in housing stock availability.
If you are looking to buy real estate in Woodstock, now is a great time to get financing with the help of professionals at Northwood Mortgage. Canadian mortgage rates are fairly low, plus the housing market has proven its resilience over the last few years.
Our Northwood mortgage experts specialize in a range of housing finance options, including the first and second residential mortgages, mortgage renewal, and industrial and commercial mortgages. Whatever your housing needs in Woodstock may be, we have one of the largest networks of mortgage lenders in Ontario to help you get the best deal.
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