Condo prices in Pickering, Ontario have shot up 40 percent over the last year as the city prepares the downtown area for a revitalization that includes a casino.
A new Strata.ca report says that a new 240-acre entertainment district that’s about to open its first phase in the fall. This new downtown core is called Durham Live and once it’s finished it’s going to have a luxury hotel, high-end retail shops, restaurants, a golf course, an amphitheatre and the largest film studio in the Toronto area. Plus the aforementioned casino.
This area of exciting venues is planned to redefine the suburb outside of Toronto and the Condo prices are reflecting that. The average cost per square foot of condos in the city is now $614 up from $440 last June. At that time the average condo price was around $489,000 and now in 2021, they’re going for $599,900.
That being said, it’s still a little cheaper than Toronto where the average cost is $726,000.
Strata.ca’s Broker of Record, Robert Van Rhijn says that young people looking at getting into the housing markets Pickering might be one of the best places now since prices are still lower than Toronto and rising.