New Condos Scarborough
Scarborough is the easternmost part of Toronto. Its wings spread from Rouge River (in the east) to Lake Ontario (on the south), and Victoria Park Avenue (on the west) to Steeles Avenue (on the North). Over the past decade, this part of Toronto has experienced significant development as the city is motivated to transform it into an urban hub. Developers are lining Scarborough with residential towers and master-planned communities as they see the budding future the neighbourhood holds.
Let’s take a deeper look into the neighbourhood and why investors and homeowners should consider purchasing a new or pre-construction condo in Scarborough.
Why Should You Invest in Scarborough Real Estate?
Scarborough features a vast number of shops and stores, which cater to the residents’ shopping needs. The largest shopping centre on the east side of Toronto, The Scarborough Town Centre (STC), is located next to Hwy 401, making it easily accessible. The shopping centre offers more than 250 unique stores and services, including Zara, H&M, Sephora, Calvin Klein, Tommy Hilfiger, and more. There are also more than 32 dining options with exquisite cuisines, including Moxie’s, Chipotle, and Kwan Dim Sum.
Other shopping spots include the Brunswick Shopping Centre, which hosts several high-end stores, eateries and services, the Market Hall & Vaults, and many stores and services that line the Scarborough streets.
Scarborough has many secondary, elementary, and post-secondary institutions that provide high-quality education for the residents. One of the most recognized institutions is The Centennial College, located on the east end of Scarborough. It’s one of the top research colleges in the country and hosts more than 40,000 students. Other schools in this neighbourhood include Mary Thompson, Jean Vanier Catholic Secondary school, Agincourt Collegiate Institute, University of Toronto, and Woburn Collegiate Institute.
The high number of top schools in Scarborough makes the region suitable for families. It also creates a demand for exquisite housing, such as condos. Invest in pre-construction condos today and benefit from this market.
Attractions and Entertainment
Living in Scarborough is quite exciting as there are many attractions and entertainment spots for the residents. If you’re looking to relax or have fun, you can visit the Bluffers Park, Thomson Memorial Park, Toronto Zoo, Guildwood Park, L’Amoreaux Park, Scarborough Historical Museum, Scarborough Bluffs, Rouge National Urban Park, Dentonia Park, and more. There are also great golf courses within the neighbourhood, including the Toronto Hunt Club, Scarboro Golf & Country Club, and The Cedarbrae Golf & Country Club.
The neighbourhood has a multicultural community, which means that there are many cultural festivals and celebrations throughout the year. There are also cinemas and amusement arcades to keep the residents entertained.
Real Estate Development
Scarborough is undergoing massive real estate growth, and this will not slow down any time soon. One of the areas undergoing a major revitalization that will shape this region’s future is the Scarborough Town Centre. Since most real estate developments are currently underway, it’s the perfect time to invest. There are many residential condo towers and master-planned communities in pre-construction, and others still to come in the near future. Contact our real estate investment experts to learn more about the current developments in this neighbourhood. Be part of the future by investing now!
Average Condo Price for Scarborough in 2021
Scarborough’s real estate, especially the residential condo real estate, is growing fast. The prices are also rising as more developers and homeowners are looking to establish themselves in this area. Currently, the average price for pre-construction condos in Scarborough is approximately $433,350, more than a 15% increment compared to the last year. On the other hand, the average resale price is around $800,000, a 7.9% appreciation over the past decade.
Note that the actual price for any pre-construction condo in Scarborough varies depending on the developer, the suite size, location, and many other factors. Please contact us for more information on the prices of specific developments in this region.
Scarborough is a former municipality in the easternmost part of Toronto. It grew from small villages made of different communities, and it’s now one of the most culturally diverse neighbourhoods in Canada. Scarborough has some of the best green spaces and natural landmarks in Toronto.
It has a population of approximately 593,300, which is expected to increase substantially as the region continues to thrive. The population is diverse, with many communities from around the world, making it a preferred place to reside in by anyone looking to enjoy different cultures and festivities.
Currently, the neighbourhood is undergoing revitalization by the city to make it an urban community region. There are many developments underway, and in the next few years, Scarborough will be full of residential buildings and master-planned communities. In Scarborough Centre, more than 36 towers are underway, and they will change this neighbourhood’s future forever. Be part of its prosperous real estate future by investing in its new or pre-construction condo developments.
As a resident in Scarborough, life is convenient as amenities are in plenty. Shopping centres, transit systems, restaurants, schools, health facilities, parks, cinemas, government offices, and more everyday necessities are a short walk or ride away from most condo developments.
Invest in the growing future of Scarborough by contacting our real estate investment experts.
Accessibility / Getting Around Scarborough
The residents of Scarborough have access to various transit options that make it easier to travel locally and to other regions in the GTA. Hwy 401 is a short drive from most pre-construction developments, and it connects the residents to the rest of the GTA.
The Scarborough LRT (Light-Rail Transit) has several subway stations in the neighbourhood, including Victoria Park, Warden, and Kennedy. The LRT provides convenient transit through all the areas undergoing real estate revitalization.
The Go Transit Authority is also available in Scarborough. It has two Go train lines, i.e., the Stouffville line and Lakeshore East line, that run across the neighbourhood, providing an easy transit system for the residents. It also has Go bus stations throughout the community to provide a reliable commute for the residents. TTC buses are another means of transport in Scarborough, and they connect the residents to the subway lines and different areas within the vicinity.
If you’re looking for more transit options, the Scarborough Centre Bus Terminal has vast transit buses, and from there, you can get to any region in the GTA.
With such extensive transit systems, Scarborough is an excellent neighbourhood for families or any individual looking to live in one of Toronto’s most accessible areas. Whether you work in downtown Toronto or are a student in one of the city’s colleges, you can conveniently live in Scarborough.
Contact our real estate investment experts to learn more about the new and pre-construction condo developments in Scarborough and how you can make your investment.
What are the benefits of investing in a pre-construction condo?
Condos are becoming a lucrative investment for many investors and homeowners. But first, you have to find the right developer and the right project, which our experts can help you do. Some benefits of investing in condos include;
- Affordability – compared to purchasing detached homes and other housing properties, condos are more affordable in both purchase price and monthly expenses.
- Amenities – most condo developments provide their residents with resident-exclusive amenities, including gymnasiums, tennis courts, kids’ playground, and more. This cuts of your expenses of looking for the same amenities that are being provided by your building.
- A well-structured payment plan – this is one of the main advantages of condos compared to the rest of the residential real estate market. When purchasing a pre-construction condo, you pay a deposit of about 3-5% of the purchase price in a well-broken down structure, unlike in other residential housing where you pay the full amount at once. The mortgage is also payable once the development is complete, which takes a few years, giving you time to source for the money. You can also rent out your unit to pay the mortgage using the monthly rent.
- Security- most condos provide security guards, security cameras, and some have locked entryways.
Will my condo be ready in time?
Purchasing a pre-construction condo gives most investors and homeowners jitters because, well, some builders are not committed to delivering what they promised, let alone on time. This is why it’s essential to do thorough research on a developer before investing to ensure that they have a solid track record. Although there can be delays due to unforeseeable and uncontrollable circumstances, such as the COVID 19 pandemic that affected some projects’ timelines, reputable builders tend to stay close to their given timeline as possible. We conduct thorough pre-acquisition research, and we can help you select top projects by renowned developers.
How long does it take to build a condo development in Scarborough?
The time taken to build a pre-construction condo development is dependent on the builder, size of the project, and other factors. On average, it takes between 3 to 5 years to complete mid to high rise condos in Scarborough.