Condo values soar in Pickering ahead of massive transformation
The City of Pickering, located east of Toronto in Durham Region, will soon see a massive transformation thanks to a new 240-acre district known as Durham Live that will feature a casino resort, luxury hotel and flashy entertainment venues — and its real estate marking is already thriving as a result.
According to a new report from Strata.ca, condo values in Pickering have risen by 40 per cent since last summer, with the average cost per square foot (PSF) currently sitting at $614 compared to $440 in June of 2020.
"Much like Pickering's ambitious development plans, its real estate market has seen a renaissance of its own," reads the new Strata report. "Strata.ca data shows the eastern city is showing signs of a rebirth; one marked by surging property values and electrifying anticipation of what Pickering could become."
The report indicates that a Pickering condo now costs $599,000, on average, up from $489,000 a little over a year ago. Unsurprisingly, however, the city remains cheaper than Toronto, which has an average condo price of $726,000.
"You're getting in on a housing market that's about 17% cheaper than Toronto's," said Strata.ca's Broker of Record, Robert Van Rhijn, in a statement. "And yet, Pickering condo owners have seen gains more than double that in just 12 to 13 months alone."
He says Pickering is one of the places in the GTA that's best positioned to give buyers the best return on their investment.
And though bidding wars in the GTA have mostly relaxed since April, the report shows that home buyers in Pickering have been consistently paying more than six per cent above the listing price for the past four months. In Toronto, buyers are paying an average of just two per cent over the listing price.
"My clients see Pickering as a good middle-ground," said Strata.ca broker Cliff Liu in a statement. "Compared to other suburban neighbourhoods, it's a pretty short drive or train ride to Toronto's downtown. It's one of the reasons Pickering has enjoyed healthy real estate values over the past 10 to 15 years."
Other Durham Region cities have also seen housing values appreciate throughout the pandemic, according to the report, including Whitby and Ajax.
But Pickering and Oshawa, which has seen condos surge in value by 48 per cent since June of last year, have been leading Durham in terms of the highest appreciation rates.
"Whitby and Ajax have been trailing behind at 29% and 17% respectively," said Van Rhijn. "But still, the Durham Region as a whole has proven to be a solid investment for homebuyers looking to escape Toronto."
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