If you’re looking to purchase a new condo, you might want to consider the Greater Toronto Area’s Pickering suburb.
The region will soon receive a significant overhaul in the form of a new development called Durham Live that will feature a casino resort, luxury hotel and several up-scale entertainment revenues. With this significant revitalization effort looming, the region’s real estate market is understandable already booming.
According to a new report from Strata.ca, as first reported by BlogTO, the value of condos in the Pickering area has increased 40 percent since last summer, jumping to $614 per sq ft compared to $440 back in June 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 says that the average cost of a Pickering condo is now $599,000, increasing from $489,000 slightly over a year ago. This is well under the high $726,000 current average price of a condo in Toronto.
“You’re getting in on a housing market that’s about 17 percent cheaper than Toronto’s,” said Strata.ca’s broker of record, Robert Van Rhijn, in a statement.
As a result of Pickering’s increase in prices, surrounding Durham region cities like Whitby, Oshama and Ajax have also experienced a growth in condo values.