Why Should You Invest In Pickering Real Estate?
One of the key things to consider when you're searching for a good area to invest in is whether it can expect growth. With the province of Ontario designating this part of Durham Region an urban growth centre, we expect a significant transformation in coming years, which will translate into significant returns on your investment.
This lakeside city is already home to a number of manufacturing headquarters and corporate head offices, including the Municipal Property Assessment Corporation and Canada’s largest digital marketing company, Search Engine People. In 2013, Durham Region’s Business Count Survey indicated Pickering has the most jobs out of any municipality in the Durham Region, with over 30,000 positions. In addition, the province’s growth plan is predicted to add 40,000 new jobs to Pickering over the next two decades. The amount of new and exciting developments popping up in the downtown area confirms this transformation. With a population of 96,089 people and 54,770 jobs in 2017, Pickering is projected to grow to 190,000 people by 2031 and 89,770 jobs in 2038. Home to a variety of national and international companies, the area has many prosperous industry sectors including energy, advanced manufacturing, logistical, and pharmaceutical industries.
88% of Pickering residents hold a post-secondary degree, so the area is likely to continue being an innovation hub, as it's in close proximity to some of the largest and most prestigious post secondary institutions in the country: the University of Toronto, York University, Durham College and Centennial College.
There’s no doubt that Pickering is one of the most exciting real estate markets in the GTA because it has something for everyone. Its adjacency to the City of Toronto makes it a great fit for those who work in the hectic financial industry, but would rather live an idyllic lakeside home life. The savvy investor should also consider that it has the second largest job market in the Durham Region, while it’s only the third most populous community, which means that it’s due for a population influx.
Durham Live: Mega Entertainment Tourist Destination
The City of Pickering has received a rezoning application for a significant new development proposal for the land located on the northwest corner of Church and Bayly Street. The proposal is to rezone over 1 million square feet of the site to permit a new tourist attraction called Durham Live. This exciting locale will house a broad range of entertainment, recreational, cultural, tourist, and commercial attractions with the capacity to contribute approximately 10,000 jobs, $1.3 Billion in incremental annual GDP and over $625 million in annual total tax revenue. Based on the size and scale of the planned Casino, host payments to Pickering are expected to be $20 million or more per year upon full development which makes this premier tourist hub a highly remunerative one for Pickering.
Several facilities slated for the development include:
- Casino and Five Star Hotel
- Restaurant Plaza
- Cinema Entertainment Complex
- Fitness Centre and Spa
- Waterpark & Waterpark Hotel
- Landmark Office Building
- Performing Arts Centre
- Convention Centre
- Film Studio
- Office Buildings
One of the most dramatic developments coming to Pickering is Seaton Community. The Province completed the Central Pickering Development Plan in 2006, and it dictates the redevelopment across 6 neighbourhoods.
Under the Central Pickering Development Plan (CPDP) the 6 neighbourhoods that the city is required to complete are: Lamoreaux, Brock-Taunton, Mount Pleasant, Wilson Meadows, Thompson's Corner's and Pickering Innovation Corridor. Seaton will be located in a large area of land between the CPR rail line and Highway 7 in central Pickering.
There are three major components in the Seaton Community: an urban community, an agricultural community, and an open space system to let the natural areas like valley lands, wetlands, and woodlots flourish. The urban community is expected to support 70,000 residents and 35,000 new jobs that will mostly be centralized around the Highway 407 corridor east of West Duffins Creek.
Read more about Seaton Community
Pickering Town Centre Redevelopment
Another big announcement is the city’s intention to revitalize the city centre with the Pickering Town Centre Redevelopment. Located on the east end of the mall and to the west of Pickering Civic Centre, this new community will merge municipal infrastructure, retail services and residential intensification into a singular, walkable neighbourhood. Here, a dedicated pedestrian thoroughfare will connect a diverse range of upscale services that will include an upscale hotel, an arts centre, an outdoor ice rink, a combined senior and youth centre, and a central library expansion.
Read more about Pickering Town Centre Redevelopment
Average Price of Condominiums in Pickering
The average price of a resale condominium unit for Pickering in 2017 was around $374,677 – up 24 percent compared to 2016.
The average index selling price for a pre-construction condo apartment continues to grow, rising 6% to 8% from a year ago to $450 per square foot. The average selling price rose annually to $389,000.
City of Pickering
The City of Pickering is a growing municipality in the Durham Region, situated immediately east of Scarborough. Bordered to the south by the tranquil shores of Lake Ontario, it boasts a unique landscape that consists of industrial hubs, rural pockets, suburban subdivisions, a vibrant downtown core and a waterfront village that’s popular with tourists in the summer.
Long populated by families and professionals who occupied spacious single-family homes, the area has an intensification program planned for its downtown that includes an abundance of condominium developments around the Pickering GO station and Pickering Town Centre, the region’s main shopping hub.
In fact, the province of Ontario has designated Downtown Pickering as an “Urban Growth Centre,” one of only two municipalities in the Durham Region to be on the list. Urban Growth Centres are part of Ontario’s Places to Grow Act, a plan that protects large portions of the province’s greenbelt by banning them from being developed. This works to protect natural resources and helps curb urban sprawl — a common problem in suburban areas.
Instead, development is encouraged to target more urban areas near transit, schools, shopping and dining. These developments usually take the form of condominiums and mixed-use projects, a significantly more efficient and vibrant way of accommodating Pickering’s future population growth.
Nautical Village is a whimsical attraction on the shores of Lake Ontario, and it’s especially popular in the warmer months. With a lively public square, restaurants, galleries and a promenade, it makes a great place to spend a Saturday afternoon under the sun, watching the sailboats bob up and down in the harbour. On weekends in the summer, you’ll also find a vendors’ market on the harbour front. It’s no wonder that Pickering’s been named "the best place in Canada to raise a family," boasting recreation facilities, beautiful parks, and hiking trails throughout the community.
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Accessibility / Getting Around
The area has its own GO Station, which is great news for the professional commuter. With the province’s commitment to increasing GO train service, homes close to these stations are expected to increase in value. Any of the modern condominium developments slated for the area around the Pickering GO Station will make great options for investment properties. This transit hub is also close to the Pickering Town Centre, a two-storey shopping centre that serves as the city’s main commercial attraction and features restaurants and everything from big box stores to artisan labels.
Pickering residents have access to the DRT — a comprehensive regional bus service that serves all of Durham region.
Getting around by car? The city has easy access to both Highways 401 and 407, which run east and west across the entire region.
Another bonus for Pickering residents is the future addition of a new airport, which is scheduled to be up and running in 2027. This will help the area to become a transit hub and make a great place for the travelling professional to set down roots.
This GTA pocket has some extremely unique perks. Need an afternoon getaway? You’re never more than a short drive from a handful of picturesque communities that date back to the 1700’s and 1800’s. Many of these have been restored by government funding but retain a pristine, heritage charm and are popular as movie sets.
This eastern GTA city is poised for an exciting transformation and we’re anticipating some fabulous investment opportunities on the horizon.
List of New Condos in Pickering
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Questions & Answers
What common mistakes do you see with condo buyers?
• Not having representation. Some condo buyers believe they can negotiate directly with the builder to get a better deal. In reality, it makes your life so much easier to hire an agent! As a buyer, representation doesn’t cost you anything, plus you get the benefits of a seasoned professional to help you navigate the process.
• Not having legal advice during the 10-day-cooling-off period. Having a pre-construction lawyer review your purchase agreement will cost very little compared to the savings and knowledge you will gain from expert advice.
• Buying a condominium because of the view. Be aware that you will pay a premium for a picturesque view and sometimes, this view is not guaranteed. There might be plans for further developments that will obscure it in the future. A seasoned real estate agent can discuss the future of the neighbourhood with you and help you select the best location and floor plan.
I’m in the market for an income property. What kind of tenants do you think will be looking to rent in Pickering?
One of the reasons we love Pickering is because there’s truly something for everyone. We see students in this area, thanks to its proximity to Centennial College Pickering Campus and Durham College. Durham College in particular is growing rapidly and is currently home to over 130 programs. The area also has a strong labour force and is home to some very active industries, like energy, manufacturing and pharmaceutical. Thanks to the GO Station, we even see professionals looking to rent here who work in downtown Toronto, so there’s a solid population of professionals in Pickering. The area’s numerous parks, recreation facilities, and it’s vibrant waterfront draw a lot of families too.
What questions should I ask my real estate agent before I start looking seriously at buying a condominium?
• Do I qualify for a mortgage? (An experienced agent can help you through the pre-qualifying process)
• Do I really need parking? And if so, is it better to buy a spot or rent?
• If I buy pre-construction now, how many years do I have to wait for my condo to be built?
• How much money do I need to save for the closing cost?
• What is the HST rebate and will I qualify?
• How much will I pay if I occupy my new condo before it’s registered?
• Do I earn interest on my deposits over time?
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