Scarborough is home to a vast number of amenities, scenic beauty, and some of the most sought-after properties in the Greater Toronto Area. It’s a winning combination of suburbia and inner-city convenience comprised of multiple neighbourhoods including Guildwood, which we’ve covered previously in great detail. It’s also a richly diverse area, offering a huge array of culinary offerings and a variety of shops, artistic offerings, and much more. In fact, Scarborough is often praised for having the finest collection of ethnic restaurants in the GTA.
Real estate in Scarborough has been experiencing rapid growth and interest for some time now. In the last year alone, Medallion Capital Group has added several local properties to our management portfolio and we’re currently reviewing multiple Scarborough development opportunities. With that said, let’s explore some of the up-and-coming neighbourhoods in the area, both in terms of value and general appeal.
With an average home price of $864,733 and an average rent of $1,500 for a studio apartment, West Hill offers many of the conveniences found in downtown Toronto but at slightly lower prices. What you’re paying for is easy access to everything from the sprawling University of Toronto’s Scarborough campus, the shores of Lake Ontario and its many parks, excellent schools and healthcare options, and more. The Guildwood GO Station is also located on the West Hill border for those who need to commute downtown.
Looking for a family-friendly neighbourhood with streamlined access to local parks, playgrounds, and handy amenities? Historic Woburn is an excellent choice thanks to its markedly lower rental prices. At a whopping 18 percent lower rental rate on average compared to the rest of Toronto, it’s no wonder that we’ve seen a spike in folks looking to settle down in this scenic, charming area. The average home price is also lower, at approximately $750,000 in 2019.
Looking for a bargain on a bigger home? You might want to consider the Oakridge area which, according to Moneysense.ca, sits at a very competitive $712,802 average home value. This means there are more options available at lower prices, accommodating families who need to keep their budgets under control while also enjoying a scenic, inviting neighbourhood rich in conveniences, including nearby Danforth Village shops and plenty of public transit options. In fact, Oakridge is renowned for offering a large selection of affordable housing options along with rental rates of around $1,500 for a one-bedroom unit.
Situated just off Highway 401 and home to a number of shops and restaurants at Scarborough City Centre, Malvern offers plenty of indulgences along with ample greenspace for those who yearn for a natural retreat. The Toronto Zoo is nearby as well, so families with little ones are sure to enjoy the experience it provides. Rental rates aren’t bad either, currently sitting around 13 percent lower than the Toronto market average. Basement apartments and other affordable units in detached homes converted into duplexes and triplexes help bring down the average rent in Malvern. As for home prices, there’s good news there as well; modest homes are typically available below the $700,000 mark.
Dominated by the sprawling urban oasis that is Kennedy Park, the Scarborough Junction area is ideal for those wishing to settle down near the rail line and major arteries in a small-town atmosphere. Laid-back and serene, it’s home to many apartment complexes and detached homes, the former of which can be had for as low as $1,300 per month or so depending on availability. Home values are currently at around $730,000 based on data from Moneysense.ca, making it a middle-of-the-road choice offering plenty of options at a decent value.
Just a short distance from sprawling beaches and lakeside parks, you’ll find Eglington East, but you don’t have to go down to the lake to enjoy the great outdoors. McCowan Park and the Pringdale Ravine snake through the neighbourhood, offering a backdrop of natural beauty amidst a generous selection of local schools, shops, and more. The real shocker for many, however, is just how much lower renting in the area can be – up to a head-turning 53 percent lower compared to the GTA average! In fact, we saw some three-bedroom units priced lower than one-bedroom units in other Scarborough neighbourhoods, so if you’re looking for an affordable apartment in a welcoming Scarborough neighbourhood, this is your best bet by far. Home prices are just as surprising – the average from Moneysense.ca is currently at $631,198 at time of writing, so you can expect tremendous value in choosing a property here.
What are your favourite neighbourhoods in Scarborough? Are you looking to settle down in the area?
You can check our rental listings to see what we have available in Scarborough. Or, if you are looking to capitalize on the lower purchase prices in the area, our Mortgage Agent can work with you to figure out what you can afford and to find you a great interest rate on your mortgage.
If you have any other questions about living or investing in this area, don’t hesitate to contact us today!