Real Estate Implications with GM Plant Closing

No one likes to hear about job loses, especially close to home.  As a resident of Durham Region, hearing about the Oshawa truck plant closure makes me wonder how the region is going to attract and keep jobs.  As I showed in my post, Too Much Information: Municipal Tax Calculator for Your Durham Home, Durham Region already has a shaky industrial tax base causing property taxes to be higher than most regions in the Greater Toronto Area.

I am wondering if the region is going to jump on the airport band wagon again.  Having an airport might attract some business out this way.  I am afraid that the regional councillors will be short-sighted in settling on the airport answer instead of looking for solutions that can answer the concerns over the long term.  Like checking out the opportunities of increasing the creative class that Richard Florida refers to in his book, Who’s Your City?; or investigating how other international cities have moved from an industrial/manufacturing base to a thriving community in another arena.

Thriving communities are what keep real estate values going up. Prices will stabilize if the demand slows.  With this happening, Durham Region is still the best priced homes close to the GTA.  In no other area can you  buy a detached home for under $300,000 and still be able to walk to Lake Ontario or be in downtown Toronto in 20 minutes.  

I hope that the regional and city councillors take some time to think about what is best for our community over the long term. And I hope that the auto workers don’t strike because that might just be what GM wants—to close the plant sooner rather than later.

Check out the article, Truck plant closing means Durham can’t depend on GM