The real estate market in Scarborough is on the rise, with new real estate developments planned and under construction. Out of the 75 most recent projects in the area, 57 are condo developments with over 2400 units currently under construction. The average price per square foot for new condo constructions is about $775.
New condo developments can be found on Kingston Road, the Highland Creek area, Markham and Ellesmere, Birch Cliff, Agincourt and Malvern. The rise in housing construction comes as a response to the high demand, which in turn has been spurred on by general low prices in the area.
Scarborough was officially incorporated as a township in 1850 and 100 years later it was included within Metropolitan Toronto. In 1967 Scarborough was incorporated as a borough and in 1998 it joined North York, East York, York and Etobicoke as a part of the city of Toronto.
Scarborough is considered the greenest part of the GTA. Natural attractions such as the Scarborough Bluffs, Lake Ontario and Rouge National Urban Park provide a break from the urban landscape of the city. The area provides local attractions such as Scarborough Town Center, golf courses and parks, the Toronto Zoo, and the annual Scarborough Worldwide Film Festival.
With over 67% of the population identifying as members of a visible minority, Scarborough embraces its multicultural diversity. It is known for being safe, having great food, and being green.
The average price for a condo was around $176,000 in 2014 and had risen to about $424,000 in 2019, making Scarborough one of the cheapest municipalities in the GTA. However, it’s worth noting that property values have almost doubled in the span of 5 years, and that upward trend continues to this day.
Prices are still on the rise, with a 5.9% yearly increase. The price per square foot for the average condo was around $523 in 2019.
Property sale prices are also reflected in the rental appreciation rate, which is set at 3.7%. The average rent for condos in 2019 was $2,100, with a vacancy rate of 0.7%.
The mean household income in Scarborough is around $53,000, significantly lower than the Toronto average of $71,000. The unemployment rate is also a bit higher compared with the city average, with a 5% unemployment in Scarborough, compared to 4,8% in Toronto.
The average salary is around $55,000, with the most popular occupations being software developers, administrative assistants and project managers. Popular employers in the area are mostly bank related with examples like Scotia bank, CIBC and Allied Technical Services.
The top companies in Scarborough are represented by the University of Toronto, Hydro One, TD bank, Ontario Power Generation, Royal Bank of Canada, TELUS and IBM.
Transportation is accessible, with numerous options varying from busses, subway systems, rail lines or by car.
The Toronto subway system is within easy reach, with three stations in Scarborough set on Line 2 Bloor-Danforth and Line 3 Scarborough, which begins at Kennedy station. The Toronto Transit Commission is the primary provider of public transportation, with many bus routes, some of which are available even at night.
The GO Transit service includes two rail lines with seven stations throughout Scarborough, as well as some bus terminals and stops. Commuters traveling by car can use Kinston Road, Highway 401 or Highway 2A.
If looking for investment opportunities in the GTA, Scarborough is definitely a good option. It’s one of the most affordable districts, but also one with the fastest rising prices.
In 2020, Scarborough’s neighbourhoods had the highest appreciation rates for condos. With plans under way for the construction of an extension to subway Line 2, interest in the area is on the rise.
As a food destination, a hub for culture and artists, Scarborough is an attractive place for buyers. With the effects of the pandemic starting to disperse, residents returning to their workplaces, and tourism starting up again, condos in the area are sure to be in short supply.
However, Condo Shopper can help you secure valuable condos at affordable prices. And the sooner you invest in a condo, the higher the possible return on investment, because pre-construction condos are sold in different stages.
