Why Invest in Pickering Real Estate?
The city of Pickering has one of the highest literacy rates with over 88% of the population holding a post-secondary degree. This is one of the main driving factors that indicates the area to continue being a hub for innovation. The city is also close to some of the biggest and highest-ranking post-secondary institutes in the country including the University of Toronto, Centennial College and Durham College. The city of Pickering offers a little bit of something for everyone and there is no doubt about the fact that it has immense potential when it comes to real estate. Its close proximity to the city of Toronto is also another important factor that makes it an ideal place for professionals. While they work in the hectic world of finance, they can enjoy a quiet lakeside home life. Another important point for investors is the fact that Pickering features the second largest job market within the Durham Region while being third when it comes to population of the community. This also paves way for the influx of more residents.
List of New Condos in Pickering
Why Buy a New Condo Development in Pickering?
Potential for growth is one of the key aspects to consider while looking out for a good place to invest. The good news here is that this part of the Durham Region has been designated as an Urban Growth Centre by the Province of Ontario. There are major changes that are anticipated here in the coming here which will definitely provide good returns on your investment. Pickering is considered a Lakeside City and owning a new condo here would mean access to some of the best urban experiences while enjoying the best of amenities around. The city is also home to several manufacturing headquarters as well as corporate head offices which include the Municipal Property Assessment Corporation and Search Engine People, which is the largest digital marketing company in Canada. One of the other exciting things on the way for Pickering is the Pickering Town Centre Redevelopment. This development is located between the Pickering Civic Centre and the east end of the mall. This new community will feature a mixture of residential developments along with municipal infrastructure and retail services.
Employment in Pickering
Pickering has the most jobs out of all the municipalities in the Durham Region as per the Durham Region’s Business Count Survey with more than 30,000 positions. The growth plan of the province is also predicted to bring about another 40,000 jobs in Pickering over the next 2 decades. Approximately 57% of the entire population are employed with 96,089 residents and 54770 jobs. By 2038, the population of Pickering is predicted to grow to 190,000 with over 89,770 jobs. Some of the major industry sectors here include Energy, Logistical, Pharmaceutical and Advanced Manufacturing industries. One of the most exciting news for Pickering is the new application that was received for the development of the stretch of land that is found at Church and Bayly Street’s northwestern corner. The proposal mainly focuses on the redevelopment of the area spanning over 1 million square feet of the site to introduce Durham Live, a new tourist attraction. This will in turn contribute over 15000 jobs along with an estimated 10 million visitors annually. This will also lead to an increment of $1.3 Billion in GDP along with more than $625 Million coming from annual total tax revenue.
Average Price of Condos in Pickering
New Condos in Pickering have been maintaining an average price of $720 per square foot. The appreciation rate has been continuing to grow for the last 10 years at 8.8%, which is lower than some of the other major cities in Ontario. The average rental rate in Pickering currently stands at $2100. This includes a 3% rental rate appreciation that has been maintained for the last 10 years. The vacancy rate at present stands around 0.7%, which indicates that the demand for condos is high here. All types of homes in Pickering currently have a resale price of approximately $806,350 while the average rate of resale appreciation has been hovering around 6.5% for the last decade.
Living in Pickering
The city of Pickering is one of the fastest growing municipalities in the Durham Region, that is located to Scarborough’s immediate east. It possesses a picturesque landscape comprising rural pockets, suburban subdivisions, waterfront village and a downtown core with several lifestyle amenities. The Waterfront Village is very popular among tourists as it offers several beaches, walking trails and parks. The Downtown Core of the Pickering also has an intensification program that looks to bring about more condominium developments mainly in the region surrounding the Pickering GO Station as well as the Pickering Town Centre which is one of the main shopping hubs in the region. The province of Ontario has also identified the city as an ‘Urban Growth Centre’. There are only two municipalities that have had the honour of this title and Pickering happens to be one of them. These are a part of the Ontario’s Places to Grow Act and largely focuses on protecting green areas by banning development in these areas. This in turn will help protect the natural resources here, allowing for a perfect balance between green spaces and developed areas. One of the main attractions here is the Nautical Village, located along Lake Ontario’s shores. This destination is popular during the summer months as thousands of tourists and locals can be seen here. It features a vibrant public square along with galleries, restaurants and a promenade. Vendors can also be seen under several instances on the harbour front.
Getting Around in Pickering
One of the main USPs for Pickering is the presence of its own GO Station. This makes the city ideal for not only families but for professionals as well. The province has committed to introduce more GO Stations in the region, which could result in the increase of prices of condominiums around these transit hubs. The Pickering GO Station is also an ideal opportunity for those looking to invest in real estate. It is also located close to the Pickering Town Centre, which is the main commercial attraction in the city featuring a two-storey shopping centre that comprises several retailers along with a plethora of dining and entertainment options. Residents of Pickering also have access to the DRT, which is Durham’s regional bus service. For motorists, Highways 401 and 407 are their tickets to the Greater Toronto Areas as they serve as major thoroughfares. Another exciting provision on the way is the proposed airport that is estimated to start running by 2027. This will help in turning the area into a transit hub, inviting more professionals to settle down here and plant their roots.
Questions & Answers
Investing in Pickering Real Estate is a great idea as there is much potential for growth here. It has been identified as an urban growth centre by the province of Ontario. There are several plans in the pipeline that are aimed at transforming the region by introducing more transit hubs and an airport. This will in turn lead to the rise in prices of condos next to these hubs. Considering these points, Pickering is one of the best places to invest in a condo.
Pickering is one of the perfect places to live in when it comes to starting a new life for your family and education. The city is home to some of the best elementary schools as well as post secondary schools including William Dunbar Public School, Altona Forest Public School, Rosebank Road Public School, Valley Farm Public School, Maple Ridge Public School and many more. Some of the best post-secondary schools in Ontario including York University, Centennial College, University of Toronto and Durham College are located in close proximity, making Pickering an ideal place for students as well as families with kids.
According to Ontario’s Condominium Act and Consumer Protection Act, the cooling-off period lasts for ten days and is the time in which a buyer can cancel a contract or agreement without penalty. If a buyer decides that they will not move forward with the offer or purchase, the buyer can back out of a purchase agreement with a builder and receive a refund.