Real Estate Market in Scarborough
Despite having a marginal downfall in the worldwide real estate market, Scarborough, Toronto, is one of the areas that has been able to put up a great show. There are few factors about the place that are actually driving the growth of real estate market.
Dealing with properties or real estate has always been a great concern for the people from all walks of life. There is no secret to the fact that buying or selling property is not a cakewalk and one needs to take lots of major and minor factors into account to successfully accomplish the deal. However, that doesn’t hold anyone back from investing in properties to meet their financial as well as family requirements.
As far as the worldwide real estate market is concerned, things seem to be going through a bad patch over the last few years or so and studies and reports are claiming that the demand for properties is going downwards. That’s true to a large extent but the picture is not just the same in everywhere. Take example of Scarborough, Toronto.
Real estate overview in Toronto
While the demand for buying or selling properties is on a rise, there’s been a comparative downfall in the demand for rental houses since the end of the last year. This clearly suggests that people are more interested in buying or selling properties rather than putting them up for rent. There must be reason for that!
According to the studies by one of the largest brokerages in GTA, Re/Max Hallmark Realty Ltd, the average price of detached home in Toronto has crossed the $1 million range but the biggest profits are being made from the houses sold below the million dollar range.
The part of the city that is leading in this rising game is Birchcliffe/Cliffside with a whopping 25.4 percent price hike in the home rate figuring $724,187 as of June compared to $577,567 in the last year.
The next in the list is Cliffcrest/Scarborough Village/Guildwood with a percentage of 23.9 per cent. The rate which was $609,047 last year has risen to $754,437.
The Rouge/Malvern area has experienced a growth of 19.2 percent. The property price has risen to $621,912 from $521,643. Apart from that, areas such as Parkdale, High Park and North York have also experienced substantial growth.
Properties in Scarborough is in great demand
The moderate and soothing climate can also be another good reason to help growing the real estate market of this place substantially. It is the home to an earthen cliff formation popularly known as Scarborough Bluffs. However the climate is modest because of its southerly location in the country and the proximity towards Lake Ontario. The summer is humid and warm and the winter is cold. However the condition varies significantly based on the proximity to the lake. Areas close to the lake are noticeably cooler in hot summer days as well.
Last but not the least, the economical growth of Scarborough has also contributed to the recent advancement of the real estate industry in this place.
Aside from these reasons, the availability of properties attracts the buyers by offering them the suppleness of choosing the right residential property as per their needs. More so, the lower interest rate and the political safety are also amongst factors that the buyers or even the sellers would like to ensure. Considering all these major and minor factors, this can be said that investing in properties in Scarborough is safer with great potential returns.
Rumi Realty Point is a local brokerage specialized in Scarborough real estate market. Rumi team of professionals offers end to end services for commercial, residentialand real estate investment projects.
4/2/2021 11:50:55 am
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5/14/2023 04:50:58 am
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