Why Scarborough is a Favourite Destination for Condo Buyers

Located on the top of the Scarborough bluffs, Scarborough is an administrative district located in the eastern part of Toronto. A good portion of Scarborough’s population is foreign-born and has become a close-knit amalgamation of various cultures. It has become a popular destination for new immigrants.

Along with multiple ethnic cultures, Scarborough is blessed with some of the most beautiful natural spots in the country, which played a significant role in making Scarborough a favourite residential area of new home buyers. It’s no surprise that you’re looking to buy a condo in Scarborough, one of the most beautiful areas to live in.

In recent times, a massive inflow of population has resulted in rapid infrastructure development of Scarborough. Condominiums, shopping malls, high-rise commercial buildings, and educational institutions have become an integral part of the city. Many new condo projects in Scarborough are in the construction phase and will solidify Scarborough’s status as urban Shangri-La.

Investing in Scarborough: Why it Makes Sense

Buying a condo is not a small decision, you could be taking a hefty loan or putting in your life savings. That is why you have all the right to be hyper-vigilant about buying a condo in Scarborough. However, Scarborough won’t disappoint you one bit, from any side.

Scarborough has witnessed a rampant influx of population in the past, and it’s not going to stop anytime soon. More and more people are looking at Scarborough as their potential residential destination, and this, of course, is bound to boost the economy of Scarborough.

The real estate market of Scarborough is on the upside, and the condo sales have played a significant role in that. Around 46% of the property sales in the district have been through condos, showing the inclination of the buyers and investors. This growth is set to hit levels as around many pre-construction condos in Scarborough are set to be a part of its skyline.

On the other side, the condo market has been very generous to the investors, giving handsome returns. The average price of a resale condo in Scarborough rose to $369,000; giving 25% return to the investors in a single year. Therefore, not only from the lifestyle point of view but Scarborough also doesn’t disappoint you from the investment perspective. Simply put, investing in Scarborough is a decision you won’t regret.

Average Price of a Condo in Scarborough

As far as the pre-construction condos in Scarborough are concerned, the average index selling price touched the $530 per square foot mark in 2017, rising from 5% to 7%. Note that the average selling price increased to $399,900.

On the other hand, the average resale price of a condo in Scarborough witnessed remarkable growth, rising around 25% compared to 2016.

Getting in and around Scarborough

Whether it’s trains, buses, subway, highway, streetcar or LRT the residents of Scarborough are blessed with all the options. Located on the eastern end of Line 2 Bloor–Danforth of the Toronto subway system, Scarborough is home to three subway stations: Victoria Park, Warden, and Kennedy. The extension of this line has been planned, and the construction was set to begin in 2018.

As far as the railway is concerned, two lines, operated by GO Transit, run through Scarborough. The Lakeshore East line goes through the southern terminus of the city, while the Stouffville line keeps running in a north-south, bearing in the focal point of Scarborough. GO Transit also runs a few bus terminals and stops in Scarborough. Commuting by bus is indeed a good option as many of the buses run for 24 hours a day on the main streets.

To sum it all, Scarborough is a place that is well-connected, and that’s why you don’t need to worry about getting in and around. Sitting in the lap of the mother nature, Scarborough combines progress with peace – a rare combination these days.

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