Scarborough New Condos for Sale
Scarborough New Condos for Sale
Why Should You Invest In Scarborough Real Estate?
The current population currently sits at approximately 593,300. It is expected to increase by ten thousand new habitants within the next five years. Many of Scarborough’s residents are foreign born, and the majority of the city’s immigrants came to the neighbourhood in the last four decades, which has resulted in a population influx in the last half century.
At the onset of the 21st century, growth has emerged along the Highway 401 corridor at the north end of the Scarborough RT. The residential density around the Scarborough City Centre has increased due to several large multi-storey condominium projects that have been developed, and many are still being built at the present time. There are currently 10 brand new assignments available at the pre-construction stage of development.
The variety of home styles is a direct reflection of the many amenities and advantages in the area. From a master-planned community with top-notch amenities to a collection of townhomes and condo apartments which are surrounded by green space.
The city has a plan to turn Scarborough into an urban haven. There are already some 4,200 condominium units planned in all of Scarborough Centre, with applications for 2,300 more units on the horizon. It’s the inspiring possibilities that make all the residents so passionate about Scarborough. It’s got a strong shared vision, and it has the kind of “can do” spirit and commitment to excellence that make great things happen. Its an economically prosperous community of people, full of new condo buildings and businesses hungry to embrace new and emerging technologies and innovations.
The average household income in Scarborough is $57,642, compared to $60,862 for the province of Ontario. The per capita income in Scarborough was $19,460, compared to the provincial figure of $22,848.
Average Price of Condos in Scarborough
The average price of a resale condominium apartment for Scarborough in 2017 was around $369,000 – up 25.13 percent compared to 2016.
The average index selling price for a pre-construction condo unit continues to grow, rising 5% to 7% from a year ago to $530 per square foot. The average selling price rose annually to $399,900.
City of Scarborough
Scarborough is a former municipality and community within the eastern part of the city of Toronto. It grew from a collection of small backwood villages to become a large city with a diverse cultural community. Scarborough was amalgamated into the city of Toronto in 1998 along with North York, Etobicoke, York and East York.
Its bordered on the north by Steeles Avenue East, on the south by Lake Ontario, on the east by the Rouge River and the City of Pickering and on the west by Victoria Park Avenue. Scarborough’s motto is: ‘Home Above The Bluffs’.
Scarborough has acquired several distinct monikers. The most beloved is Scarberia, a merger of Scarborough and Siberia, as a reference to its seemingly distant easterly location from Toronto’s downtown core. The nickname originated back in the 1960’s and has endured a source of contention ever since. Other known adoptive names are “Scarlem” and “Scompton”, which allude to the neighbourhoods of New York’s borough of Harlem and Compton in Los Angeles.
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Accessibility / Getting Around
Scarborough residents, are served by a variety of transportation options, via highways, buses, trains, streetcars, subway and also the Scarborough LRT (Light-Rail Transit) or RT in which they boast to be Ontario’s only elevated rapid transit line.
Scarborough is at the eastern end of the Bloor/Danforth Line of the subway and RT system. Victoria Park, Warden and Kennedy are the three subway stations dedicated to serve the area. Kennedy Station is where Scarborough RT originates, it runs north and east toward Scarborough City Centre.
The GO Transit authority has two major commuter train lines running across Scarborough, and it operates seven GO train stations. The Lakeshore East line runs through the south end of the city, while the Stouffville line runs in a north-south direction in the centre of Scarborough. GO Transit also has a few bus stations and stops throughout its surrounding vicinity. Its east end has the Toronto Zoo, Pacific Mall, proximity to downtown Toronto, and plenty more to offer.
Getting around is incredibly accessible and easy. Many buses run 24-hours on the main streets, so regardless of what time you decide to head on home from a night in the city, you can do so contently and reliably.
Scarborough is dominated by two watersheds, Rouge River and the Highland Creek. It also includes one of Toronto's popular natural landmarks, The Scarborough Bluffs. This is why it is known to be greener than any other part of Toronto. It gives Scarborough natives the feeling of being somewhere outside of the city by escaping its commotion and chaos.
With these ingredients, it creates a one-of-a-kind place where one can easily set up as their place of residence. So what are you waiting for? Scarborough is the place to invest now, don’t miss out.
List of New Condos in Scarborough
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Questions & Answers
What are the advantages of purchasing a condo?
A few advantages are:
• Affordability - Condominiums provide a more affordable entry into the housing market, both from a purchase price and monthly expense standpoint.
• Amenities - Many condos offer a myriad of amenities including a swimming pool, a gym, a sauna, tennis courts, terraces for barbecues, and more.
• Security - Living in a condo tends to provide extra security. To start, most condos have locked front entrances, and only then can the person gain access to your private entrance. Most condos also provide 24 hour security guards and security camera systems.
One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run. Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.
Will my condo be ready on time?
It’s a common belief that if you buy a condo during the planning and development stages, you’ll grow old before you even step through the front door of your condo suite. While this can be true, it’s not the norm, especially if you do your research to ensure you’re buying from a reputable builder with a solid track record. Delays can be caused by inconveniences that are beyond the builder’s control (such as labour strikes or poor weather conditions), but top-rated condo builders will always make it their mission to stick to the development timeline as closely as possible. Be sure to check the builder’s history on Tarion’s builder directory before signing on the dotted line for your new condo.
How are tax rates calculated?
Annually, the City and Region each establish a budget to provide for municipal services and infrastructure. Taxes represent approximately 50 to 60 per cent of the City's and Region's budget needs. A tax rate is calculated in accordance with Provincial legislation which meets the funding requirements identified in the budget. The Province sets the education tax rate for all properties. The residential education tax rate is the same province-wide. After a reassessment, tax rates are adjusted to ensure that the City, Region and Province do not receive a windfall gain or loss as a result of the increase or decrease in assessment. Legislation requires that City and Region tax rates are calculated on a city-wide basis. We are not able to have different residential rates for each ward nor for individual properties. We are also not able to adjust tax rates for municipal or education services that an individual property or taxpayer does not use.
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