Why Should You Invest in Scarborough Real Estate?
Scarborough is an area within the City of Toronto, which makes it part of the Greater Toronto Area. The city of Scarborough is bordered by Victoria Park Avenue, which runs west of the city, Steeles Avenue East running on the north side of the city, the Rouge River flowing east of the city, and Lake Ontario on the south end. Scarborough has plenty to offer in recreation, housing, education, and careers. There are a variety of home types in each of the area’s 33 neighbourhoods, from historic homes to newer detached and semi-detached houses, to luxury condominiums. Scarborough has a very diverse and multicultural population of over 630,000 people coming from different backgrounds. There are many opportunities to invest in new condos in Scarborough as the city continues to grow at a rapid rate. Living in Scarborough gives you access to many transportation options through easy access to the Highway 400 series and to public transportation services from the TTC and GO Transit. Investing in a new condo in Scarborough will give you easy access to the many career opportunities available in the city of Toronto. From Scarborough, Downtown Toronto can easily be reached in less than 30 minutes by car or public transit. Residents of Scarborough also have many parks and green spaces within their reach, including Thompson Memorial Park, Rouge National Urban Park, and Scarborough Bluffs. There are also two waterfront parks with beaches in the area, including Bluffer’s Beach and Port Union Waterfront Park. Motorists from Scarborough can easily reach other regions of the Greater Toronto Area by using Highway 401, Highway 404, Kingston Road, and the Don Valley Parkway. Investing in a new condo in Scarborough will put you in a culturally diverse neighbourhood with a wide selection for housing, recreation, and education.
List of New Condos in Scarborough
Why Buy New Condo Developments in Scarborough?
Buying a new condo development in Scarborough will provide residents with access to excellent city facilities, high-ranking educational institutions, and one of the most affordable housing markets in the City of Toronto. You can find various housing options in Scarborough, from condo townhomes to high-rise condominiums and plenty of housing in the many master-planned communities within the city. Scarborough is a popular area for families because of the easy access to different kinds of schools. In Scarborough, public elementary and secondary education is managed by the Toronto District School Board, Toronto Catholic District School Board, and Viamonde School Board for French-language schools. There are also several post-secondary institutions in Scarborough, including Centennial College and the University of Toronto Scarborough. Scarborough’s prime location also gives residents easy access to post-secondary schools in Downtown Toronto, including Ryerson University, University of Toronto – St. George, OCAD, and George Brown College. During the summertime, residents can attend many festivals and events hosted by the city, such as the Scarborough RibFest, Taste of Lawrence, and Nuit Blanche Scarborough. The city is home to a varied multicultural community. As a result, living in Scarborough will allow you to experience different cultures through food and events. Residents of new condos in Scarborough also have access to several shopping destinations. In the city centre is Scarborough Town Centre which houses over 210 retailers. There are plenty of attractions in Scarborough, such as the Toronto Zoo, located in the northeast end of the city near the Rouge Valley area. Guild Park & Gardens and Scarborough Bluffs Park are some of the city’s most popular destinations for residents and visitors. At Scarborough Bluffs Park, located along Lake Ontario, residents can spend time at the beach or view the scenic bluffs. The Guild Park & Gardens is another great destination to explore in Scarborough, where visitors can find beautiful gardens and structures.
Employment in Scarborough
The city of Scarborough is home to a diverse population of over 630,000 residents, with 54% actively participating in the labour force. The unemployment rate of Toronto, which includes Scarborough, currently sits at 13.1%, which is higher than the GTA and national rate. The average household income in Scarborough is $78,749, which is slightly lower than the average income in all of Toronto, which is at $102,721. Scarborough is well-educated, with over half of the population having received post-secondary education. Investing in a new condo in Scarborough will bring you close to Toronto, which is one of the country’s major economic hubs, as well as the key industries in Scarborough. In Scarborough, the top occupations are roles in sales and service, business and administration, trades and equipment operation, social and government, and applied sciences. The leading industries in Scarborough are retail trade, health care, manufacturing, accommodation and food services, and scientific and technical services. Some of the top employers in Scarborough include Mondelez International, Toronto Transit Commission, and the University of Toronto. Scarborough’s proximity to the City of Toronto gives residents access to a wide range of career opportunities.
Average Condo Price for Scarborough in 2021
In 2021, all types of property in Scarborough (Toronto East), including condos, sold for an average price of approximately $992,839, according to TREB data. Scarborough condominiums sell for an average of $572,177 in 2021, and listing days on the market are on average 13 days. Scarborough condo prices are lower than those in Toronto and the Greater Toronto Area, which are $717,466 and $683,479, respectively. Condo units with one bedroom have an average rental price of $1,798, while condo units with two bedrooms have an average rental price of $2,200. Toronto’s benchmark condominium price, which includes Scarborough, is $663,700, marking a 7.40% change over last year. New condos in Scarborough are an excellent investment due to the city’s excellent amenities and facilities.
Transit and Accessibility in Scarborough
In Scarborough, there are many ways to travel around the city and to other areas of the GTA, which is one of the many reasons to invest in new condos in Scarborough. For public transit services, residents can use TTC or GO Transit Services. The TTC has bus and train services available to Scarborough residents. The TTC has over 40 bus routes serving the Scarborough area, which includes Express Routes, Regular Routes, and Blue Night Routes. In Scarborough, residents can ride the subway from various stations on the TTC’s Bloor-Danforth Line (Line 2), including Kennedy, Warden, and Victoria Park. Residents can also travel through central Scarborough using TTC’s Line 3 (Scarborough RT), which has six stops, starting from Kennedy Station to Scarborough Town Centre Station. However, the Scarborough RT will stop running in 2023. Scarborough will also have the Eglinton Crosstown LRT, which is projected to be finished by 2022. The Eglinton Crosstown will run east to west of Eglinton Avenue, from Kennedy Station to Mount Dennis. The Eglinton Crosstown will give Scarborough residents easy access to Midtown Toronto. GO Transit is another transit provider available to residents, which has six train stations located in Scarborough, including Eglinton GO, Kennedy GO, Scarborough GO, Agincourt GO, Guildwood GO, Milliken GO, and Rouge Hill GO. GO Transit customers can take a GO Bus from Scarborough Centre Bus Terminal. Highway 401 runs through the centre of Scarborough, which connects to other highways in the 400-Series and the DVP. Another major roadway in Scarborough is Kingston Road which provides easy access to the Durham Region to the east and merges into Lake Shore Boulevard to the west and merges into the Gardiner Expressway.
Scarborough is composed of 33 diverse neighbourhoods, each of which offers its own unique experience and features. When looking for a new condo in Scarborough, there are plenty of options in the neighbourhoods of Birchcliff, Guildwood, Agincourt, and Tam O’Shanter-Sullivan. Birchcliff is in the southwest end of Scarborough and is located along Lake Ontario. Most of the homes in the Birchcliff neighbourhoods are bungalows and semi-detached homes with small lots. Birchcliff is a family-friendly neighbourhood with several green areas, schools, and recreational spaces nearby. Along Kingston Road, which runs through the middle of the neighbourhood, residents can find many shops and restaurants. Birchcliff is also home to Rosetta McClain Gardens, where visitors can stroll through rose gardens or look at the view of Lake Ontario. A condo in this neighbourhood will give you a view of Lake Ontario and easy access to The Beaches. Guildwood is a residential neighbourhood that is located along Lake Ontario and sits on the Scarborough Bluffs. When entering the Guildwood, you will find a grand entrance to the neighbourhood, which is known as the Guildwood Gates. The neighbourhood has a mix of homes, from high-rise condos to detached homes. In the central part of Guildwood, residents can find Guildwood Village Shopping Centre, where they can find retailers and essential businesses. In the southern part of the neighbourhood is the Guild Park and Gardens, where visitors can find relics from structures and gardens. Guildwood residents have easy access to public transportation via GO Transit from Guildwood Station. From Guildwood GO, commuters can arrive at Toronto Union Station in less than 30 minutes. Another neighbourhood to explore for new condos in Scarborough is the vibrant neighbourhood of Agincourt, which is in the middle of Kennedy Road and Markham Road. The neighbourhood is home to a culturally diverse population. As a result, there is a large mix of dining and shopping. Agincourt residents also have various transportation options, including Highway 401, which can be accessed from either Brimley Road or Kennedy Road. Agincourt GO is also available to residents, from which they can reach Union Station in 25 minutes. Directly west of Agincourt is the neighbourhood of Tam O’Shanter-Sullivan, which has a similar feel as Agincourt. Residents can find a wide range of shopping options along Sheppard Avenue East. There are seven elementary to junior schools in the neighbourhood, and one high school, Stephen Leacock Collegiate Institute. In the northeast corner of the neighbourhood is the Tam O’Shanter Golf Course, which measures over 6000 yards. These neighbourhoods offer excellent new condo developments in Scarborough.
Questions & Answers
Real estate in Scarborough is a good investment because it provides you with easy access to the city’s attractions, amenities, and career, educational, and housing options. Scarborough’s location is also ideal, as it is easily accessible from downtown Toronto and other areas of the GTA.
There are several advantages to investing in a pre-construction condo, such as being able to customize the design, not having to pay upfront, and condos can be a wise investment since their cost is based on square footage. Pre-construction condos can be customized, including lighting, tiling, flooring, and tabletops. Pre-construction condominiums are paid in incremental payments as the building is constructed. You may be able to make money when you sell the condo unit if there is an increase in value after construction.
Yes. You can void or cancel a contract made with the developer during the cooling-off period, which lasts ten days. During this period, you can back out from the contract without any penalties.