The city of Pickering is becoming an in-demand spot for homebuyers, with condo prices soaring 40% over the past year.
A new report from Strata.ca found that from June 2020 to now, the average cost per square foot for Pickering condos rose from $440 to a whopping $614. The average condo now costs about $599,000, up from $489,000 just over a year ago.
Although this is a substantial increase, it’s still significantly more affordable than your average Toronto condo, which currently costs $726,000.
This rise in Pickering condo prices comes as developers work away to create a new and improved, 240-acre downtown core. The new development, called Durham Live, will have everything from a casino resort to a luxury hotel to new entertainment venues.
With all of those anticipated additions combined with Pickering’s relatively more affordable prices, Strata.ca Broker of Record Robert Van Rhijn says it’s one of the best places to get a return on your real estate investment.
“You’re getting in on a housing market that’s about 17% cheaper than Toronto’s,” Van Rhijn said. “And yet, Pickering condo owners have seen gains more than double that in just 12 to 13 months alone.”
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Pickering isn’t the only Durham city to have blown up over the past year. Oshawa’s real estate market has been red hot since June 2020, with condo prices jumping 48%. As Pickering closes in on that number, the two cities are leading the area in real estate growth.
“Whitby and Ajax have been trailing behind at 29% and 17%, respectively,” Van Rhijn said. “But still, the Durham Region as a whole has proven to be a solid investment for homebuyers looking to escape Toronto.”