Looking ahead to the new year, what can we expect when it comes to real estate? One sure bet is that the demand for housing in the GTA will still be high. It might be time to get creative and to start recognizing some of the neighbourhoods that are hidden gems. Read on to learn more about why Scarborough real estate will be in demand in 2022.
Affordability
Scarborough is one of the most affordable neighbourhoods in the city, making it a great place for first-time buyers, young professionals, families, and seniors. There’s something for every demographic to enjoy here. Many who were raised in Scarborough are moving back; they’re keen to raise their kids in a place that feels familiar but is also changing, growing, and modernizing. Others like its proximity to the urban centre of Toronto; it is within easy commuting distance, yet boasts multiculturalism, an abundance of greenspace, and is rich in amenities.
It’s A Good Investment
Condominiums in particular are seeing high appreciation rates, which makes investing in a condo in Scarborough a smart financial decision. Prices for units of all sizes are rising, there are several new developments in the works, and the condo renovation market is booming. This is all helped along by infrastructure improvements that are planned or are already underway, including the Eglinton Crosstown LRT, the Scarborough Subway Extension, and the redevelopment of the Scarborough Town Centre and adjacent lands.
Its Reputation As A Culinary Hub
It’s not just that Scarborough is home to a wealth of great restaurants, this growth is ongoing. There has long been delicious food and a variety of world cuisines represented here, but more and more are opening by the day. Unassuming strip malls are often home to some of the city’s best, most coveted dishes, so don’t judge a book by its cover here. Food writers cover the Scarborough beat regularly, making it easy to stay up to date on all of the latest developments.
It’s A Cultural Hotspot
The arts are thriving in Scarborough and in many respects the younger generations are leading the way, building upon several long-standing traditions. Look no further than Scarborough Arts, The Art Guild of Scarborough, Scarborough Village Theatre, the Scarborough Theatre Guild, and Guild Festival Theatre for inspiration and entertainment close to home. Several big-name artists hail from the area and often give back, hoping to inspire local emerging talent to follow their dreams. Rumour has it new stars will be awarded in 2022 for the Scarborough Walk of Fame.
Home To Scenic Greenspace
When you need to get away from it all, Scarborough has that covered too. Home to the largest urban park in North America, Rouge Park stretches for miles and offers changing landscapes at every turn. The rock cliffs of the Scarborough Bluffs are legendary for their beauty; you’d never know you were on the shores of Lake Ontario, let alone just miles from bustling downtown Toronto. Get active here and run, walk, or bike; learn to swim or sail; picnic with your family in the summer; and enjoy winter walks along the shores in the colder months.
These are just some of the reasons that Scarborough real estate will be in demand in 2022. You’re sure to discover several of your own favourite hotspots and attractions. Thanks for reading and don’t forget to follow the Gemterra blog for more great information about welcoming communities in the GTA.