New Condos Scarborough
Nearby Cities with New CondosLocated in the eastern part of Toronto, Scarborough is known for its thriving multiculturalism, expansive green spaces, and convenient access to major transportation routes.
Whether you’re in search of new pre-construction condos in Scarborough or new homes in Scarborough, this area provides a diverse range of quality residences at competitive prices.
Scarborough Pre-Construction Condo Market Trends 2024
The Toronto Regional Real Estate Board (TRREB) reports that the average price of existing and new condos in Scarborough is $604,623. The average sold price for all types of old and new homes in Scarborough is $1,110,972. The average rental rate for a bachelor unit stands at $1,925. The vacancy rate is 1.6%. On average, condos sell within 15 days. And homes typically sell in 28 days.
Pre-Construction Condos & Homes in Scarborough
Reasons to Invest in New Condos in Scarborough
Strategic Location and Excellent Connectivity
Scarborough, located in Toronto’s eastern district, offers quick access to downtown Toronto, Markham, Pickering, and beyond via Highway 401 and several GO Transit stations. Ongoing infrastructure projects promise enhanced connectivity and reduced commutes. Investing in pre-construction homes in Scarborough and townhouses for sale in Scarborough provides proximity to beautiful parks, top-rated schools, shopping centers, entertainment venues, and medical facilities. Notable attractions include Rouge National Urban Park and the Scarborough Bluffs. Popular destinations such as the Toronto Zoo and Pan Am Centre cater to both locals and tourists.
Luxury Amenities and Upscale Design
Investors looking to invest in new pre-construction condos in Scarborough and pre-construction townhouses in Scarborough benefit from modern architectural designs incorporating cutting-edge technology, eco-friendly features, sleek aesthetics, and functional layouts tailored to contemporary lifestyles. New Scarborough condos for sale often include luxury finishes, spacious floor plans, private balconies, rooftop terraces, state-of-the-art fitness centers, swimming pools, co-working spaces, and concierge services – enhancing their appeal among potential tenants and boosting returns for investors.
Promising Growth and Stable Returns
Scarborough offers strong growth prospects for new Scarborough condos investors due to population expansion, affordability, and increasing tenant demand. Factors driving this trend include employment opportunities, lower housing costs, and infrastructure development. The upcoming Scarborough Subway Extension project may attract more professionals to the area. Investor confidence remains high due to consistent capital gains, steady rental income, and favourable demographic shifts, making pre-construction condos in Scarborough and new homes in Scarborough a wise investment.
Scarborough Rental and Seller Market 2024
Rental Market
The average rental rate for Scarborough condos is approximately $1,925 per month (bachelor units). The demand for rental properties is strong, driven by Scarborough’s relative affordability compared to downtown Toronto, proximity to various amenities, and excellent public transportation options. The vacancy rate in Scarborough is quite low, at about 1.6%, indicating high demand and limited availability .
Seller Market
As of June 2024, the real estate market in Scarborough is dynamic, with the average price for detached homes in Scarborough at approximately $1,110,972. The average price for condos for sale in Scarborough is around $604,623.
Average Renting and Selling Time in Scarborough
-New Condos
Renting Time for Condos: As of June 2024, Scarborough condos typically remain on the rental market for approximately 7 to 21 days before being leased.
Selling Time for Condos: In 2024, new condos for sale in Scarborough have an average selling time of approximately 15 days.
-New Homes
-Renting Time for Homes: The average renting time for detached homes in Scarborough as of June 2024 is approximately 14 to 28 days.
-Selling Time for Homes: The average selling time for detached homes in Scarborough in 2024 is approximately 28 days.
Neighbourhoods
Scarborough South
Scarborough South is a picturesque and serene area that epitomizes the coastal charm of Toronto’s eastern district. With its stunning views of Lake Ontario and the dramatic cliffs of the Scarborough Bluffs, this region offers a tranquil place for new condos for sale and new homes in Scarborough.
1. The Bluffs
- Highlights: Stunning views of Lake Ontario, Scarborough Bluffs Park, cliffside, and beaches.
- perfect For: Nature lovers and those seeking breathtaking scenery
2. Guildwood
- Highlights: The historic Guild Inn, arts community, and scenic gardens. Guildwood’s charm makes it a prime spot for new builds in Scarborough.
- Perfect For: History buffs and art enthusiasts.
3. Cliffside
- Highlights: A vibrant shopping district along Kingston Road, well-treed streets, a mix of older-style houses, and home to the historic St. Augustine Seminary. The area’s diverse housing options include new condos for sale in Scarborough.
- Perfect For: Families and those who appreciate a mix of history, culture, and natural beauty within a close-knit community.
Scarborough Central
Scarborough Central is the bustling heart of Scarborough, where the pulse of urban life beats strongest featuring the iconic Scarborough Civic Centre, the expansive Scarborough Town Centre mall, and a skyline dotted with office buildings. An ideal district for new pre-construction homes in Scarborough and new pre-construction condos in Scarborough.
1. Scarborough City Centre
- Highlights: The heart of Scarborough, anchored by the Scarborough Civic Centre, the Scarborough Town Centre shopping mall, and a variety of office buildings.
- Perfect For: Those seeking an urban lifestyle with the convenience of a central location.
2. Agincourt
- Highlights: A bustling community with a mix of residential and commercial areas, known for its Asian cuisine.
- Perfect For: Foodies and those looking for a vibrant community feel. The dynamic environment attracts those looking for condos for sale in Scarborough.
3. Bendale
- Highlights: A culturally diverse, middle-income neighbourhood conveniently located near TTC and GO Transit lines, making it accessible for commuters. Landmarks include the Scarborough Town Centre, the Scarborough Civic Centre, and the Scarborough General Hospital. Also home to the historic Thomson Memorial Park and the Scarborough Museum.
- Perfect For: Those looking for a community with a rich history, diverse culture, and convenient access to both urban amenities and green spaces.
Scarborough East
Scarborough East offers a blend of historic charm and natural beauty, making it a desirable location for new developments in Scarborough. The area offers proximity to educational institutions, healthcare facilities, and scenic parks. The ongoing townhome developments in Scarborough, in this area, further enhance its appeal as a vibrant and evolving community.
1. West Hill
- Highlights: Proximity to the University of Toronto Scarborough campus.
- Perfect For: Students and outdoor enthusiasts.
2. Highland Creek
- Highlights: Historic village atmosphere and annual Highland Creek Heritage Festival.
- Perfect For: Those who appreciate a small-town vibe within the city.
3. Morningside
- Highlights: Close to Morningside Park, Scarborough Centenary Hospital
- Perfect For: Healthcare professionals and nature enthusiasts
Scarborough North
Scarborough North offers a blend of suburban tranquillity and urban convenience, making it an attractive location for pre-construction projects in Scarborough. Known for its family-friendly neighbourhoods, cultural diversity, and strong sense of community, this area is perfect for those looking to invest in pre-construction homes in Scarborough.
1. L’Amoreaux
- Highlights: Known for its mature trees, well-maintained new homes in Scarborough, and family-oriented environment, L’Amoreaux offers a tranquil suburban experience within the city.
- Perfect For: Those looking for a suburban feel with a strong sense of community and cultural diversity.
2. Malvern
- Highlights: Began as a farming community and has evolved into a vibrant residential area, Malvern is characterized by a mix of housing styles, many parks and recreational facilities, such as the Malvern Recreation Centre.
- Perfect For: Those looking for a diverse and active community with affordable housing options and good amenities.
3. Brookside
- Highlights: Appreciated for its strong sense of community and good quality of life. The neighbourhood also benefits from good employment opportunities and a relatively low crime rate, making it a safe and economically stable place for new developments in Scarborough.
- Perfect For: Families and professionals looking for a suburban lifestyle with easy access to urban conveniences.
Pros of Living in Scarborough
- Diversified Culture: Scarborough is one of Toronto’s most ethnically diverse regions, encompassing cultures from around the world. Its welcoming spirit makes it simple for new inhabitants to integrate and build meaningful relationships.
- Ample Green Space: Known as Toronto’s greenest borough, Scarborough possesses abundant parklands and natural preserves, enabling plentiful opportunities for leisure and relaxation. Examples include Rouge National Urban Park—Canada’s very first national urban park—covering almost 80 km², as well as the iconic Scarborough Bluffs stretching alongside Lake Ontario’s shores.
- Well-Connected Hub: Scarborough is well-positioned within the GTA, with easy access to downtown Toronto, employment hubs like Markham and North York, and major highways like the 401. This accessibility enhances the appeal of new developments in Scarborough.
- Robust Employment Market: Due to continuous growth, Scarborough enjoys a flourishing job market, hosting prominent companies like IBM, Toyota Financial Services, and Bell Media.
- Safety and Community: Despite misconceptions, Scarborough stands out for its security, with Toronto ranking as the fourth safest among 34 Canadian cities, based on metrics like police-to-resident ratio and crime resolution effectiveness. The area is home to many excellent schools, further enhancing its family-friendly reputation.
- Long-Term Investment Potential: Scarborough’s real estate market shows strong potential for long-term investment. New developments in Scarborough and infrastructure projects are driving up property values. For instance, the completion of the Scarborough Subway Extension is expected to boost property prices and attract more businesses and residents to the area. Additionally, the demand for rental properties remains high due to the region’s growing population and employment opportunities.
Cons of Living in Scarborough
- Public Transit Challenges Scarborough’s public transit system, while extensive, can be less frequent and slower compared to downtown Toronto. This can make car ownership more of a necessity, especially in neighbourhoods further from the TTC subway line.
- Traffic Congestion
- With only Highway 401 running east-west through Scarborough, traffic congestion can be significant, especially during rush hours. This can lead to longer commute times for residents travelling to other parts of Toronto.
- Lack of Vibrant Nightlife: Scarborough is often perceived as having a subdued entertainment and nightlife scene compared to downtown Toronto, despite its multicultural dining options and family-friendly activities.
- Development and Construction: Scarborough is experiencing revitalization in some areas, while others retain a more established character. Construction zones and noise levels associated with new developments in Scarborough could be a factor in some neighbourhoods, particularly in areas with active new builds in Scarborough.
FAQs About New Condos and Homes in Scarborough
New condos in Scarborough typically offer a range of modern amenities designed to enhance urban living. These include state-of-the-art fitness centers, swimming pools, rooftop terraces, co-working spaces, concierge services, and secure parking. Additionally, many condos incorporate eco-friendly features, high-speed internet, and smart home technology.
Buying a new condo in Scarborough in 2024 offers several advantages:
- Affordability: Compared to downtown Toronto, Scarborough provides more affordable housing options without compromising on quality.
- Strong Market Demand: With ongoing infrastructure projects like the Scarborough Subway Extension, the area is becoming increasingly desirable.
- Proximity to Nature: Scarborough is home to several parks and natural attractions offering a blend of urban and natural environments.
The rental market for condos in Scarborough is healthy, with average rental rates currently around $1,925. With a growing population and limited new rental supply, demand is expected to remain strong, making condo units a potentially reliable source of income for investors.
Scarborough boasts excellent public transportation connectivity, including several GO Transit stations and numerous TTC bus routes. Major projects like the Scarborough Subway Extension and the Eglinton Crosstown LRT are set to significantly improve transit options.
Some of the top neighbourhoods in Scarborough include:
- Port Union: Known for its family-friendly atmosphere and proximity to the waterfront.
- Cliffside: Offers stunning views of Lake Ontario and a mix of residential and commercial properties.
- Guildwood: Features lush green spaces and a strong community vibe.
Yes, Scarborough is home to several highly-rated schools, making it an attractive area for families. Notable schools include Sir John A. Macdonald Collegiate Institute and Agincourt Collegiate Institute. Additionally, the University of Toronto Scarborough offers higher education opportunities within the region.
Scarborough’s economy is on the rise, with a focus on key sectors like manufacturing, healthcare, and information technology. The ongoing revitalization efforts are attracting businesses and creating new employment opportunities.
Future development plans for Scarborough include the expansion of public transit with the Scarborough Subway Extension and the Eglinton Crosstown LRT, as well as several new residential and commercial projects. Furthermore, Plans are underway to revitalize Scarborough’s waterfront, creating new parks, public spaces, and potentially mixed-use developments along the lakefront.
The condo market in Scarborough has seen an appreciation rate of approximately 12.6% over the past ten years.
The minimum down payment for a condo in Scarborough is 5% for properties priced at $500,000 or less, 10% for the portion of the price between $500,000 and $999,999, and 20% for properties priced at $1 million and above.
Yes, condos are selling well in Scarborough. The demand remains strong with a low vacancy rate of 1.6%, indicating that the market is active and competitive.
Yes, it is a good time to sell a condo in Scarborough. The Sales-to-New-Listings Ratio (SNLR) of 48.3% indicates a balanced market, where there is a healthy equilibrium between supply and demand. This balance suggests that there is sufficient buyer interest to absorb new listings without causing significant price drops.
Condos in Scarborough tend to maintain higher prices due to supply limitations, land constraints, construction materials, labor costs, and increased competition among developers leading to premium product offerings. Additionally, growing demand driven by migration patterns, investment interests, and gentrification contributes to rising condo prices in Scarborough.
To stay informed about new condo developments in Scarborough, consider subscribing to our real estate newsletters and following our real estate blogs. At Platinum Condo Deals, we provide regular updates and insights into the real estate market, including new listings and upcoming projects.
Related Blog
The Down Payment Playbook For Canada’s Housing Market
For most people, especially first-time home buyers, terms like down payment, mortgage, loan insurance, and other housing market jargon can
8 Reasons to Invest in Pre-construction Condos
You may be wondering if a pre-construction condo is a good investment, or perhaps you’re asking, ‘Are condos a good
The Well Toronto: Fusion of Shopping, Dining, & Living in Downtown
It’s quite hard to miss The Well Toronto, a huge new mall in Downtown Toronto with seven buildings. This massive
Everything You Should Know about Interim Occupancy in Canada
So you’ve just received the keys to your brand-new pre-construction condo—exciting times! But you’re probably confused about how interim occupancy
Your 2024 Guide to Condo Maintenance Fees
While buying a condo in Canada is surely exciting, it also comes with responsibilities that go beyond just paying your
Top 14 Condo Developers in Toronto
So, you’re on the hunt for a condo in Toronto? With so many options out there, it’s totally understandable if
Awards & Achievement
Awards & Achievement