Why Invest in Pickering?
If you’ve ever asked yourself, “Why invest in Pickering?”, then this article is for you. With its strategic location, burgeoning job market, growing population, and robust real estate trends, Pickering, Ontario, Canada, has become a prime location for real estate investment. Not only does it offer a diverse selection of properties to meet varying investor needs, but it also presents a potent combination of urban growth and natural beauty, infrastructure development, and promising return on investment. Let’s delve deeper into why Pickering’s real estate market deserves your attention.
The Prospective Upside: Why Investing in Pickering’s Real Estate Market is a Smart Move
Over the past few years, the real estate market of Pickering, Ontario, Canada, has shown significant growth and potential. The combination of urban amenities, natural beauty, strategic location, and infrastructure development makes it a magnet for property investors.
Impressive Property Value Appreciation: As of 2023, Pickering’s real estate market has shown a strong annual growth rate. The average house price increased by about 8% from 2022, following a consistent growth pattern observed over the past five years.
Promising Rental Market: With an influx of people moving to Pickering, the rental market has become more lucrative. As of 2023, the average monthly rent for a one-bedroom apartment stands at CAD 1,700, a 5% increase compared to last year. This steady demand in the rental sector offers stable cash flow for property investors.
Infrastructure Development: Pickering is benefitting from significant infrastructure projects, such as the Seaton community development and the Durham Live entertainment centre. These projects have added value to the area and are attracting more residents.
Transit Advancements: With the Pickering GO Station and the future Durham-Scarborough Bus Rapid Transit corridor, commuting to the Greater Toronto Area is becoming easier. Good connectivity always adds to real estate value.
Population Growth: The population of Pickering is projected to increase significantly over the next decade, from approximately 94,000 residents in 2021 to an estimated 190,000 by 2031. This growth will lead to an increased demand for housing.
Robust Job Market: There’s a boom in the local job market, with unemployment rates below the national average. Businesses are attracted by the city’s strategic location, educated workforce, and strong local economy. This ensures a steady demand for rental housing from working professionals.
Green Spaces and Lifestyle: Pickering offers a balanced lifestyle with a mixture of urban conveniences and picturesque green spaces, like the waterfront trail and the Rouge National Urban Park. These lifestyle perks appeal to many renters and homebuyers.
Favourable Government Policies: The city council’s active promotion of affordable housing and urban development initiatives make it a more attractive place for investment.
Considering these factors, it’s evident that Pickering’s real estate market presents a compelling case for investment.