City of Pickering REal Estate Update 2012


City of Pickering Real Estate Update 2012

Apr 12, 2012

If the three key words when buying real estate are: location, location, location, then prospective homebuyers will want to take a closer look at the real estate market in Pickering which is the closest municipality east of Toronto. Corinne Stewart, Broker and Michael Bellmore, Sales Representative at ReMax Rouge River Realty Ltd Brokerage point out that: "Pickering is one of the “Best Kept Secrets” as it only 30 minutes from Downtown Toronto by car and GO Train. It also offers a beach with a marina, quaint shops and restaurants. The schools are ranked among the highest on the Fraser Report." Year-to-date 2012 there have been 318 home sales in Pickering with an average price of $384,000. The average list to sale price ratio in Pickering for this year has been 98%, with houses selling on average in just 25 days on the market.

To date in 2012, Pickering home prices are up by 6.25%. However Pickering remains one of the more affordable real estate options in the Greater Toronto Area (GTA). Steward and Bellmore add: "First time buyers in particular are attracted to Pickering because of our very low home prices compared to the GTA. We also have a healthy number of bungalows attracting empty nesters and all the amenities that a family could want. Much of the population commutes to York Region and the GTA." Stewart and Bellmore also point out that Pickering homebuyers only have one Provincial Land Transfer Tax to contend with unlike the City of Toronto which has a second municipal land transfer tax.

For a snapshot of what the real estate market looks like right now on the ground in Pickering we once again turn to Stewart and Bellmore who explain: "Pickering is very much a seller’s market as the at the moment. Inventories are currently very low compared to the number of buyers in the market. We are fortunate to have a diversified population of many nationalities as well as many ages and backgrounds. The resale market is excellent, particularly as buyers realize the value and proximity to Toronto.

While the new home market in Pickering is most prevalent in north Pickering, Stewart and Bellmore are selling a small development down by the lake called THE ORCHARDS OF FRENCHMAN’S BAY. These are 16 fully detached homes to be built for late 2012 occupancy. Prices range from $449,900 through to $499,900. Selling features include: Walk to the lake, walk to the GO train and public transportation, walk to the shops, marina and restaurants. Excellent Public and Catholic schools including French Immersion. These homes are built by Esquire Homes (www.Esquirehomes.ca). The development is already 50% sold out. Stewart and Bellmore are on site on the weekends and are available by appointment during the week as well.

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The information shown here is complied from source data obtained from the Toronto Real Estate Board. It is presented here for information purpose only. All data are subject to updates and revisions.The author assumes no responsibility for the accuracy of any information shown

Raymond Yeung

Raymond Yeung

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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