Why Buy a Condo in Pickering?

What do you look in a town or a city when buying a condo? Neighbourhood? Prices? Economy? Transportation? Connectivity? Quality of life? Education? Peace? Well, what if we told you that there’s a town in southern Ontario that scores great in almost all of them. This town, as you probably guessed, is Pickering. Pickering is a very uniquely placed city. Its proximity to Toronto and Lake Ontario makes it an ideal destination for those who’re working in Toronto but want to relish a peaceful lakeside life.

As far as the employment in Pickering is concerned, it couldn’t get any better as it has 54,770 jobs in the population of 96,089, according to 2017 numbers. The city is set to continue this remarkable journey for the next few decades as it’s forecasted that by 2031 the population will grow to 190,000 people and 89,770 jobs. Therefore, finding a job should be the least of your concerns.

On the education front, Pickering is one of the most reputed destinations in the state. It’s adjacent to some of the most prestigious institutions in the country, University of Toronto, York University, Durham College and Centennial College being the most notable of them. You’d be surprised to know that 88% of the Pickering’s population has a post-secondary degree. This tells a lot about the kind of people you’d be around, doesn’t it?

The influx of the population in Pickering has generated an increase in the demand for condos in the city, and it has resulted in increased prices – giving handsome returns to the investors. Compared to 2016, the average price of a resale condo in Pickering rose by 24 percent. And you know what? It’s just getting started.

What Makes Pickering a Captivating Investment Destination

According to the 2013 Business Count of Durham region, Pickering was found to have the highest number of jobs amongst municipalities of Durham. And this phenomenal growth is set to continue its journey in the upcoming years, making Pickering an excellent destination for the investors.

The city is home to many industry sectors such as energy, advanced manufacturing, logistical, and pharmaceutical industries. These industries have played a significant role in providing employment in the region.

Going forward, the city has a downtown intensification program. This also includes the development of new condo projects around the Pickering GO station and Pickering Town Centre. Another project in the pipeline is Durham Live. It received approval in 2017 and will feature a water park, film studio, five-star hotel, performing arts theatre and possibly a casino.

The real estate sector has been performing exceedingly well in Pickering, and it’s set to continue its upward journey, making this a favourable time for you to invest.

Average Condo Price in Pickering

The real estate sector, especially the condo sector in Pickering, has been yielding generous returns to the investors. Compared to 2016, the average price of a pre-construction condo in Pickering rose by 24 percent in 2017. The average price of a resale condo rose to $374,677.

On the other hand, the pre-construction prices are rising as well. The average index selling price of a pre-construction condo rose from 6% to 8%, hitting the $450 per square feet mark. Average selling price increased to $389,000.

Getting in and around Pickering

Before deciding to migrate to a new area, one must take its connectivity into consideration. And when the region is growing as quickly as Pickering, the significance of accessibility and transportation increases furthermore.  However, there’s no reason to worry about it as far as Pickering is concerned.

For the professional commuters, Pickering encompasses a GO station that makes life much more comfortable. The radius of the GO service is set to escalate in the region, with more stations planned in the city. This will also act as a boost in the areas surrounding the stations.

As far as the bus transit is concerned, Durham Region Transit (DRT) is the responsible body. It has been operating since 2006 and provides extensive transit service in the Durham region.

If you’re someone who prefers to drive around, Pickering won’t disappoint you one bit. Highway 407 ETR cuts across the mid-north of the Pickering and Highway 401 runs near the south border of the city. To commute in the city, you have Durham Regional Roads at your service.


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