As we’ve pointed out before, the east end of Toronto is seeing impressive price growth as buyers realize the value of owning a home in Scarborough. LOVE Condos by Gemterra, is currently under construction and offering the opportunity to live a convenient lifestyle in this dynamic part of the city.
“People were looking at newer areas in Toronto that were being built up or revitalized. So we didn’t see as big demand for Scarborough,” said Linda Mitchell Young, Vice-President, Sales & Marketing at Baker Real Estate.
“But now, what we’re seeing is that as other parts of the city have gone up rapidly in price, it really has remained as one of the more affordable parts of the city.”
Young points to how steep condo pricing can be in other parts of Toronto. The Central Waterfront is seeing $729 a square foot, while the Downtown Core has risen to $907 per square foot. How does Scarborough compare? It sits at $376 per square foot. It’s easy to see why condo-seekers are looking to the east end.
“People are starting to realize it’s undervalued right now,” said Young, “For investors, the average index rents are escalating more than other sub-markets in the GTA right now. They’re growing 9.8 per cent annually. Whereas in the GTA, growth is 4.1 per cent.”
Location is always a key consideration for buyers and that’s what drew Yan Wang, the President of Gemterra, to the project’s site at Bonis Ave. The 20-storey tower overlooks the tranquil greens of the Tam O’Shanter Golf Club to the north and features a host of amenities nearby, including a library down the street, plus grocery stores, shops and restaurants.
“The outside of the city keeps getting built up – Mississauga, Brampton and Oakville – but it’s far from the downtown. Right now, the subway is going to be built in Scarborough and it’ll be easier to get downtown or even further,” said Wang.
“The prices are much lower than places like Richmond Hill, but you can’t beat the fact that we’re a mature community.”
The area’s growing potential and convenience is attracting plenty of end-users to LOVE Condos. Mitchell says that they’ve noticed entire families buying into the project.
“A sister buys, then the brother buys, then the parents buy or the kids are buying in order to be close to their parents,” says Young.
Plus, one of the region’s little-known perks is the quality of its schools. Young points out that in the Fraser Institute’s annual ranking of Ontario elementary schools’ performance, five of the top 20 schools were in Scarborough.
Plus LOVE Condos has countless of advantages too. Aside from the convenience that comes with condo living, the project will feature amenities such as exercise and yoga facilities, hot tub, a party room, billiards room and garden space. Plus if you want to entertain, there’s a wet bar and lounge too.
Construction is well underway. Suites start from the mid $200,000s.
For more information contact 416 491 5683 or firstname.lastname@example.org.