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Are House Prices in Scarborough (Toronto) on the Move?

Are House Prices in Scarborough (Toronto) on the Move?

The last two properties I’ve sold in Scarborough have both sold for 110% of asking price. The first sold in 19 days, the second in 8 days. What could this mean?

For years Scarborough has been dormant, a secret within Toronto in which you’ll find wonderful neighbourhoods with individuals that have lived their for decades. It is here that a sense of community still lives on, where neighbours speak with each other, where properties have mature trees, gardens and signs of vibrant and active lifestyles.

One of the Scarborough communities is Agincourt, which in the 1980’s was targeted by foreign investors looking for spacious lots where they could knock down small post-World War II bungalows and replace them with 3,000-4,000 square foot homes. Agincourt which began as its own settlement and was amalgamated several times over the years is now ranked as #13 out of Toronto’s 140 communities as published by Toronto Life. It is no wonder that Agincourt properties are hard to come by and demand a premium.

Now it seems that nearby neighbourhoods, like Agincourt North are also seeing significant increases in house prices. Agincourt house prices continue to to be greater than surrounding neighbourhoods and for good reason given what it offers; golf course, great shopping, close to 401 and 404, close to Civic Centre & Scarborough Town Centre, great schools, and even a Go Station, and so much more. The city announced early in the year that the passenger rail service through Agincourt would be doubled, thereby contributing its accessibility to both the downtown and to the North.

There are many great communities in Scarborough and several that I believe will show some great appreciation in house prices.  They are desired for their community feel, larger lots and/or homes, lifestyle options, open space, mature trees and established public services and infrastructure.  Now that municipal, provincial and federal governments are focused on improving public transportation, accessibility to the downtown should improve and further support house prices in some communities.

If you are looking for a great home for your family or for an investment,especially in the Toronto Central and East communities (Harbourfront up to Willowdale across to Markham and down to Lake Ontario), you can reach me at 416-698-2090 and I’ll be happy to chat with you.

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