With the price of houses in Cobourg steady at about $100K more than in 2016, new housing developments in Cobourg are well under way. There is the high end Cedar Shores project on King West (14 new detached homes), the West Park Village expansion (72 units) and the Harbour Breeze Condos on the Legion property (53 units) as well as rental units (e.g. on Munroe Street). Although prices have leveled off, the recent price increases would motivate developers. Prices for residential homes are steady at an average of around $425K – much like Toronto prices which are now level at around $775K. That $350K difference means that a lot of GTA residents see Cobourg as a bargain. Averages hide the difference between Condos and fully detached houses – in Toronto it’s almost a factor of 2 (more on this below) – and there are also differences depending on location. Waterfront properties in Cobourg can be much more than average – although there are no prices yet, the Cedar Shores estates project will no doubt be priced around $1M (see link below).
Otherwise known as the Legion Condo project, there was quite a bit of discussion before this was approved (see links below). Intended to house the Legion Hall on the ground floor with Condos above, it occupies the land that was used as a parking lot on the corner of Hibernia and Orr Streets. It is adjacent to the Sifton-Cook Museum and there was some concern that the Calcutt brewery formerly occupied this space. Because of this, initial work on the site was delayed while archeologists explored what might be there. Although some foundations and minor artifacts were found (see photo below), it was not sufficient to stop the project. As of May 2018, the foundation has been dug (see photos) and progress has been steady. Developer TVM says that all but one suite have been sold – no prices given but the units are one to 3 bedrooms at 900 to 1500 sq. ft. and would probably average more than $500K given the current prices in Cobourg. Move in for both the Legion and Condo owners would likely be early to mid 2019.
Note: The basement floor is below lake level and they are already continuously pumping water out. This happens in the Third Street Condos and they have massive pumps and a backup diesel. I hope the architect has already planned something similar.
Cobourg Home Prices
House prices in Cobourg did not change much from 2009 to 2014 but during that period, Toronto prices rose about 50%. Since then, Cobourg prices rose faster but are still a whole lot less than in the GTA. Below is a graph of average house prices for the GTA and Northumberland Hills which is Port Hope, Cobourg and Hamilton. Note that “average” hides differences in housing types – there is no data on this split for Cobourg but Toronto prices in April 2018 had this split:
|GTA Houses||Average price||% of Composite|
Of course, location and size of units can make a big difference – these are averages.
Most economists seem to think that this trend will continue – that is neither a sudden drop nor a fast increase in prices overall for Canada – but no-one knows whether prices in places like Cobourg will get any closer to Toronto prices. Many prefer Cobourg to the GTA so why is it cheaper? (To buy, not the taxes).
- Cedar Shores Estates – one of two projects approved 27 March 2018
- West Park Village Expansion – 8 April 2018
- New Rentals to be built in Cobourg – 18 April 2017
- The Story of James Calcutt – Cobourg History site
- Real Estate Association – source of price information
- Report re Archeology by Northumberland News – June 2017 – Karen Longwell
- Legion Development plans – 30 Aug 2016 – Site Plan submission
- Keith Oliver requesting review of Legion OMB ruling – 21 August 2014
- OMB Legion Ruling – 26 May 2014
- Legion Case before OMB – 3 January 2014
- Legion Development – 2 December 2013 – Objections raised
- Legion to Team with Developer – Sept 24, 2013