New Condos for Sale in Scarborough

Scarborough Real Estate Market Overview

Scarborough is becoming a hot spot for homebuyers and investors looking for new condos. With ongoing condo developments, it’s a more affordable option compared to downtown Toronto.

The Scarborough real estate market offers a wide range of residential condos from high-rise to boutique projects for all budgets and lifestyles.

The condo market in Scarborough has been growing steadily driven by the demand for urban living. New condos are situated near major transit hubs making them perfect for professionals and families.

Investors find value in pre-construction condos as the average price is lower than in other parts of Toronto. With the expansion of transit projects like the Scarborough Subway Extension, connectivity will get even better and real estate values will increase.

Scarborough residents enjoy proximity to attractions like the Toronto Zoo and Scarborough Bluffs, enhancing the area’s appeal. With ongoing new condo developments, the average condo price remains competitive.

Scarborough offers affordability without sacrificing urban amenities, and its location near Lake Ontario adds to its charm, making it a desirable choice for homebuyers.

Why Invest in Scarborough Pre-Construction Condos

Investing in pre-construction condos in Scarborough has many advantages making it a long-term investment. Buyers can get a unit at today’s price before they go up and benefit from the appreciation.

Many condos for sale in Scarborough have modern amenities, concierge services and recreational facilities, like swimming pool and tennis court, making life more enjoyable for residents.

Scarborough neighbourhoods are seeing a surge of master-planned communities that integrate residential condos with green spaces, retail and dining options. New condos are coming soon near Kennedy Station and Scarborough Centre Station making accessibility a major selling point.

The area is also home to many educational institutions, including Centennial College, making it attractive for students and young professionals.

With the influx of new developments, condos in Scarborough are still competitively priced and affordable without sacrificing urban conveniences.

The location of these condo developments near transit hubs and amenities means promising investment potential. Scarborough’s urban landscape is evolving and attracting investors and homebuyers looking for value and connectivity.

What’s the Average Condo Price in Scarborough?

Condo prices in Scarborough are more affordable than downtown Toronto, making it a great option for buyers. The average condo price in Scarborough varies depending on location, amenities and stage of development.

Pre-construction homes have lower entry costs while resale units in high-demand areas can command higher prices. Currently, the average price of a condo in Scarborough is between $600,000 to $750,000 depending on the building and amenities.

New condos in Scarborough near transit hubs or waterfront areas like Scarborough Bluffs Park are priced higher. For buyers looking for affordable options, areas near Victoria Park Avenue and Steeles Avenue East have competitive pricing with good investment potential.

The Scarborough LRT is a big consideration for buyers as properties near this transit line will see increased demand and higher prices. New developments along this route are particularly appealing as they offer urban amenities and reduced commute time.

And areas around Victoria Park Ave are seeing a rise of condo developments providing modern living spaces with access to shopping and dining. These are the reasons why Scarborough real estate market is a promising investment opportunity.

Accessibility/Getting Around

Scarborough has multiple transit options making it easy for residents to commute within the city and beyond. The Scarborough Centre Bus Terminal is a major hub connecting to key routes that go directly to downtown Toronto and surrounding areas.

With the upcoming Scarborough Subway Extension, connectivity will get even better and travel times will be significantly reduced.

For those who prefer to drive, major highways like 401 and Don Valley Parkway make it a quick access to various parts of Toronto and GTA.

Train stations and subway stations for future expansions will make Scarborough even more attractive to potential residents and investors.

Additionally, new pre-construction condo projects are incorporating cycling and pedestrian-friendly developments catering to eco-conscious residents who prioritize sustainable living.

These features will promote a healthier lifestyle and reduce car dependency aligning with the trend of urban living.

Scarborough’s location and transit infrastructure make it an attractive choice for homebuyers and investors looking for accessibility and connectivity in the competitive real estate market.

Popular Neighbourhoods in Scarborough

• Scarborough Town Centre – Prime location for urban living with a mix of new condo developments, shopping and dining. Home to the popular Town Centre Mall and a transit hub for Scarborough RT and upcoming subway extensions.
• Scarborough Bluffs – Known for its natural beauty this waterfront area attracts buyers looking for condos with lake views. Residents have access to outdoor activities, green spaces and walking trails.* Rouge National Urban Park – A peaceful area for nature lovers this combines city living with hiking trails, wildlife and recreational activities. Condos here cater to those looking for a quieter lifestyle with urban amenities.
• Highland Creek – A neighbourhood with a mix of detached homes and new condos popular among families and students due to its proximity to the University of Toronto Scarborough campus.

FAQs

What’s the Minimum Down Payment for a Condo in Scarborough?

For most condos in Scarborough the minimum down payment depends on the purchase price. If the condo price is under $500,000 the minimum is 5%. For condos priced between $500,000 to $1 million, it’s 5% on the first $500,000 and 10% on the remaining amount. Properties over $1 million require 20% down payment.

What Are the Closing Costs for Condos in Scarborough?

Closing costs vary but typically include land transfer taxes, legal fees, development charges and HST for new condos. Buyers should budget 3-5% of the purchase price for these costs. Some pre-construction condo projects may offer incentives like capped development fees or rebates to reduce expenses.

What Are the Typical Maintenance Fees for Scarborough Condos?

Maintenance fees depend on the building’s amenities and age. New condos often have fees ranging from $0.50 to $0.80 per square foot. Buildings with premium features like swimming pool, recreational facilities and concierge services may have higher fees. Buyers should review these costs when considering different condo developments.