The City is in the midst of a transformation from a suburban community to a sustainable City and is projected to double its population and surge to 68,000 jobs by 2031. With over 9,600 acres of lands designated for a future airport, the world’s largest nuclear plant decommissioning project, the enviable economy of the City is driven by its advantageous location, an educated and skilled labour force, exceptional infrastructure for business and a supportive municipal government. Pickering has the highest diversity rate in Durham and continues to attract residents and businesses from all over the world. Filled with opportunity, captivating with natural beauty and small-town charm, alongside an emerging new downtown, the City of Pickering has something for everyone!
Currently a community of 90,000 residents, the city’s population is projected to double during that time. With the development of a new casino to anchor its mixed-use 240-acre Durham Live district, plans to intensify its core and create a new downtown within the City. Residents who have always made their way to downtown Toronto for work and entertainment will now enjoy all those amenities and lifestyle just steps away. With its new downtown, Pickering will become its own destination. Several other major projects are also under construction or in planning stages, the City of Pickering is a hotbed of activity.
Population growth in Durham will be primarily driven by the growing services-producing and goods-producing sectors, particularly sectors geared toward innovation and technology, the report declared. Growth will also be linked to continued immigration and intra-provincial migration from other areas of Ontario, such as other parts of the GTA.
GROWTH (by 2031)
95,000 New Residents
33,000 New Jobs
INDUSTRY
800 acres of prestige employment land
2,700+ Public & Panel Business
3.8 Million Residents within 50KM
HEALTH CARE
2 Prestige Medical Facilities
WATERFRONT
12.4 KMs of waterfront trails
7.6 KMs of Lake Ontario Waterfront
8 Unique waterfront parks
NATURE
220+ Hectares of open greenspace, 85 Parks, 4 Conservation Area
EDUCATION
5 Universities, 6 Colleges, 8 Private Schools, 19 Public Schools
Durham Live will become the premier entertainment and tourism district east of Yonge Street, and one of Ontario’s top destinations for fun and excitement.
Anchored by a resort casino and 5-star hotel, this unique destination will also include a boutique hotel, convention centre, amphitheatre, restaurants, cinemas, an indoor water park, performance venues, an office tower, and largest film studios in the Greater Toronto Area.
This 240-acre landmark project, located at the northwest corner of Church and Bayly Streets, will boast a dynamic mix of excitement, culture, nightlife, cuisine, and adventure that will cater to every whim and indulgence. The Durham Live site is directly connected to the GO station and will become a destination.
Not only for the promise of a new downtown, Pickering has also gained in popularity over the pandemic as many looked for homes outside of Toronto for larger spaces and more value as we adapted to the new work-from-home culture for the longer term. This movement in larger numbers, spiked Pickering and the broader Durham region’s real estate market.
The average cost per square foot (PSF) of a condo went from $440 in June 2020 to $614, resulting in the aforementioned 40% increase in summer 2021. In July 2021, the average price of a Pickering condo was $599,900, an increase from $489,000 a little over a year ago. This is still significantly cheaper than Toronto, where the average condo is about well into the $600s.
The City of Pickering offers the best of both worlds: affordable prices for properties, especially condominiums, and easy connectivity and accessibility to the city of Toronto through GO Transit or the 401/407.
Prices are still affordable right now, and will rise over the next few years because of all of the development planned and coming to the city. Pickering also has good schools, is a family oriented community and offers a nice quieter suburban lifestyle, with lots of outdoor space, including golf courses and public parks.
According to Strata.ca’s Broker of Record, Robert Van Rhijn, Pickering is one of the places best positioned to provide the biggest return on your investment. “You’re getting in on a housing market that’s about 17% cheaper than Toronto’s, says Van Rhijn. “And yet, Pickering condo owners have seen gains more than double that in just 12 to 13 months alone (2020-2021).”
As a city that has been recently developed, the City of Pickering offers a wide array of housing options. Its proximity to Toronto makes it an ideal location for commuters who want to live close to Toronto but avoid some of the main struggles associated with living in Downtown Toronto.
The cost of living here is significantly lower than anywhere else in Canada. This is mainly due to its development; there are still plenty of plots of land to be developed, and the City is expected to continue growing for years. As Pickering continues to grow, its influence as a desirable place to live will only increase. With numerous planned developments and an expanding transportation network, it has become a hub for those who want or need easy access into the City without having to sacrifice too much on their standard of living. This makes it one of the best places to buy a rental property in Ontario — especially for the target market of working-class citizens.
The city of Pickering is a great place to live, work and raise a family. With its diverse neighborhoods, excellent schools and abundance of recreational opportunities. Whether you’re a first-time home buyer or just looking for a place to settle in Pickering, there are a lot to offer.
Overall, Pickering is a wonderful city to live in, raise your family and it’s a great place to invest. With the expected population increase and planned development, Pickering’s new downtown will make the city a destination and the city’s real estate will appreciate in value. The time to invest in the City of Pickering is now.
