High real estate prices in Toronto is drawing more and more homebuyers towards more affordable housing options such as Pickering. In Pickering real estate market, there is seen a rise in prices over the years owing to multiple reasons, including affordability, availability of amenities in the city and proximity to Toronto.
– Pickering saw a significant rise of 10.5% in aggregate real estate prices to $718,336 in 2018 compared to 2017.
– The average house price was at $683,082 as of December 2018.
– There is seen a sharper rise in prices for 2-bedroom and 3-bedroom condo units than for one-bedroom units. Two-bedroom condo units saw the highest increase in prices from $478,000 in 2017 to $534,000 in 2018, a significant 12% hike in one year.
– There is an overall 8% rise (from $433,000 to $467,000) in condo prices in 2018 compared to one year ago.
The rise in demand for real estate in Pickering is apparent when we see that over 70 homes were sold in December 2018 alone and 114 new listings added during the same time. Condos are in much greater demand than townhouses in Pickering. As for detached homes, there is seen an increase of 7% compared to prices in 2017.
Looking at the statistics, it is evident that both first-time homebuyers and investors are finding Pickering the best city to live in. Pickering has the major advantage of being close to Toronto Condos. About 32 km far from Toronto, Pickering offers fast and direct access to downtown Toronto via Hwy 401. A green city with an abundance of natural beauty, Pickering does not lack in amenities either. The city has many shopping malls, upscale eateries, cinemas, golf clubs, schools, colleges and more amenities to suit a modern lifestyle.
Plenty of amenities, including vast green spaces and proximity to the Waterfront, add to the attractiveness of Pickering as a hot destination for working professionals, families and retired couples. There’s little wonder that Pickering is seeing an upward trend in real estate prices.
Pickering is seeing tremendous new interest in real estate. There is a significant rise in prices, especially for condos since 2016. From 2016 to 2017, average condo prices rose a whopping 17.8% closing at $383,735 for Q4 2017. As compared to condominiums, other types of properties such as townhouses, semi-detached, and detached homes are recording a growth of more than 30% over a three-year period, but lower than that of condominiums which have registered a growth of 38.70% over the same period.
– There is greater demand for condos than townhomes or detached properties in Pickering.
– Affordability, availability of amenities and proximity to Toronto is attracting more homebuyers and investors to Pickering.
Condominium prices in the GTA over the last decade are less volatile and seeing a consistent increase despite changing market conditions. Prospective homebuyers are looking for more affordable options around Toronto, which is being seen in the consistent condo price hike in Pickering.
Pickering enjoys a variety of transit options, offering quick and convenient access to downtown Toronto and other areas. Hwy 401 runs close to the south end of Pickering offering direct and speedy access to downtown Toronto. Pickering GO train and bus station offers public rail transit on an east-west axis. Pickering’s landmark bridge that was opened in 2012 connects the Pickering GO station to the city’s downtown core.
A new airport is planned for construction in Pickering, which will become operational by 2027. It will be located alongside the future Rouge National Park. Major roads such as Kingston Rd and arterial streets of Church St, Brock Rd, and Liverpool Rd also make travelling convenient for the residents of Pickering.