Investing in Pickering Real Estate?
Pickering is regarded as one of the most literate cities with 88% of the entire population holding a post-secondary degree. The city is an innovation hub and this is one of the main reasons behind it. Some of the highest ranking post-secondary schools are also easily accessible from here including the University of Toronto, Centennial College and Durham College. When it comes to real estate, the city has immense potential and also offers a little bit of everything for everyone. Pickering is also an ideal place for professionals, owing to its close proximity to Toronto. While work may seem hectic, they will always have the option of coming back to a quiet lakeside life. Pickering also has the second largest job market and stands third when it comes to population. This also paves way for the influx of more residents and thereby making it an ideal investment opportunity.
List of New Homes in Pickering
Why Buy New Condo Developments in Pickering?
While investing in a new place, potential for growth plays an important factor in the decision making. The silver lining here is that this section of the Durham Region has been designated by the Ontario Province as an Urban Growth Centre. Several major changes are anticipated here in years to come which will be fruitful for investors. Pickering is considered a Lakeside City and owning a new home here would mean access to some of the best urban experiences while enjoying the best of amenities around. Several manufacturing headquarters are also headquartered here along with corporate head offices including 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.
Working in Pickering
Out of all the municipalities in the Durham Region, Pickering has the most number of jobs as per the Durham Region’s Business Count Survey with more than 30,000 positions. Another 40,000 jobs are predicted in Pickering over the next 2 decades which will help in driving up economy. Approximately 57% of the entire population is employed with 96,089 residents and 54770 jobs. The population of Pickering is predicted to grow to 190,000 with over 89,770 jobs by the year 2038. Some of the major industry sectors here are Energy, Logistical, and 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 Homes in Pickering
New Homes 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 currently 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.
Transit and Accessibility
Pickering has its own Go Transit station, making staying here a pleasant experience. This makes the city ideal for not only families but for professionals as well who have to travel a considerable distance daily. 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.
Life in Pickering
The city of Pickering is located to the immediate east of Scarborough and is one of the fastest developing and growing municipalities in the Durham Region. Out here one can find rural pockets, suburban subdivisions, waterfront village and a downtown core with several lifestyle amenities. The Waterfront Village is one of the major attractions here, offering 7several 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 focus 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.
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.
Land transfer taxes are paid by the individual who buys real estate in Ontario when they purchase land or an interest in land. The buyer must pay taxes upon completion of a transaction. Depending on the type and cost of the property, the amount needed to be paid will differ. In general, rates range from 0.5% to 2.5%. Some first-time buyers may be eligible for a land transfer tax refund. During the purchase of a home, your lawyer will assist you with paying land transfer taxes.
Pickering is located next to the waterfront and as a result, residents will have access to several walking trails, beaches and parks. One of the biggest parks out here is the Rouge National Urban Park which spans across 62.9 kilometers. This park is 10,000 years old and has been the home for Iroquoian farmers, Palaeolithic nomadic hunters and European explorers. The Pickering Nautical Village is also something to look forward to, mainly because of its prime location next to the waterfront. Boat enthusiasts can spend some quality time at Tenkey Marina, Wharf Street Marina or Frenchman’s Bay Yatch Club.