Pickering By The Numbers: 10 Real Estate Stats to Help You Decide

Deciding where to buy a home is a tough decision. Do you stay in your current neighbourhood, or venture outside your postal code in search of a property that ticks off more of your must-haves?

One of the biggest struggles potential homebuyers wrestle with is the market, especially if the property is in a location you’re not familiar with. You want to know if the market is going up, if it’s going down, if there is too much supply or if there is too much demand.

Luckily there’s a lot of data available on the state of the housing marketing. We’ve done the research for you and compiled ten important findings to help you better understand the market and the opportunities we think will help you feel good about Pickering as a real estate investment. So let’s jump in.

1. Demand: Townhouses remain very popular in Pickering, with the 160 under construction in September, representing the highest level since 2013 (CMHC). If you’re considering a townhouse, you’re in good company. Everyone wants to buy something others will want down the road.

2. Supply: Looking at the wider Pickering/Ajax/Uxbridge area, of the 851 new homes completed in the last 12 months (of all types), only four are unsold — and not a townhouse among them. What’s the takeaway? Almost everything sells before they’re completed. Buyers are getting in on opportunities early.

3. Bang for buck: According to Altus Data Solutions, the average new townhouse available in Pickering will cost you $440 per-square-foot (psf), compared to $1,100 psf for the average condominium apartment in downtown Toronto. You get more bang for your buck in Pickering … and you don’t have to pay extra for a parking spot.

4. Price appreciation: According to the Canadian Mortgage and Housing Corporation (CMHC), the average new single-detached house that was completed and sold in September 2017 was $933,283, an increase of 14.4% annually. Double-digit price gains indicate that demand is far exceeding supply, and waiting to buy could cost you.

5. Resale strength: According to the Toronto Real Estate Board, the average resale property in Pickering sold for 105% of the list price in September, and it took just 13 days on average to sell a home. In the current market climate, you’ll have peace of mind knowing your future home has strong resale value.

6. Townhouses are popular: According to the MLS House Price Index, townhouses in Pickering have increased by 9.3% annually. Buyers are looking to maximize their indoor square footage, often at the expense of a side yard. Townhouses continue to gain market share.

7. Relative affordability: According to Zolo.ca, Pickering is ranked 18th of 23 municipalities in terms of average resale house price, an indication of how affordable the city is. In comparison to the adjacent municipalities to the west, Pickering is still very affordable.

8. Top 5 for sales: Over the past 30 days, Pickering is tied for the 5th fastest selling municipality in the GTA for resale housing (Zolo.ca). It shouldn’t be a surprise that the more affordable homes in Pickering are selling very quickly in the high-priced Greater Toronto Area market.

9. Easy commute: According to GO Transit, it takes 28 minutes to get from Union Station to the Pickering Go Station on an express train. It might take you that long to go three blocks on a downtown streetcar during rush hour, the commute is quite manageable.

10. Compare: Nearby Markham, less than 20 minutes from Pickering, will cost you $300,000 more on the the price of a home, based on average housing values from Zolo.ca.

With changes coming to the mortgage qualification rules in January, it will become that much more difficult to afford the home you really want. Buyers will flock to markets with the most affordable homes as they find themselves further priced out of their current communities. Pickering will be a market drawing even more attention, a small community with big data and enormous potential.

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