Scarborough Bluffs, a picturesque neighborhood along the eastern edge of Toronto, offers urban living and natural beauty. With its stunning cliffs overlooking Lake Ontario, lush parks, and vibrant community life, Scarborough Bluffs has become a sought-after destination for those looking to invest in real estate or find their dream home.
Scarborough Bluffs has gained popularity in recent years for its diverse range of real estate options. From charming single-family homes to modern condos with lake views, the neighborhood caters to various preferences and budgets. As we head into 2024, potential buyers and sellers want to understand the market dynamics that could influence their decisions. This blog will delve into the current real estate prices, trends, and forecasts for Scarborough Bluffs, providing valuable insights for those looking to make informed investments in this desirable area.
A snapshot of the Scarborough Bluffs housing market in 2024
As we move through 2024, the Scarborough Bluffs housing market continues to display robust growth, reflecting the area's increasing appeal and the overall resilience of the Toronto real estate market. In June 2024, the median sold price in Scarborough Bluffs reached $882,000, a rise from $745,725 six months earlier. The increase underscores the neighborhood's growing desirability as more buyers seek the perfect balance of natural beauty and urban convenience.
Compared to broader market trends, Scarborough Bluffs is an attractive option. While the median home price across Canada was CAD 719,400 in April 2024, Scarborough Bluffs remains well above this national average, highlighting its status as a prime location within the Greater Toronto Area. However, it is worth noting that the median home price in Toronto itself hit $1,300,000 in the second quarter of 2024, positioning Scarborough Bluffs as a more accessible alternative to some of the city's more expensive neighborhoods.
Compared to broader market trends, Scarborough Bluffs is an attractive option. While the median home price across Canada was CAD 719,400 in April 2024, Scarborough Bluffs remains well above this national average, highlighting its status as a prime location within the Greater Toronto Area. However, it is worth noting that the median home price in Toronto itself hit $1,300,000 in the second quarter of 2024, positioning Scarborough Bluffs as a more accessible alternative to some of the city's more expensive neighborhoods.
The housing supply in Scarborough Bluffs
As of mid-2024, the Scarborough Bluffs real estate market presents a varied and dynamic range of housing options. Currently, 1,028 homes are available for sale, offering ample opportunities for those looking to purchase property in this desirable neighborhood. These homes typically stay on the market for a median of 20 days.
Condos in Scarborough Bluffs are listed at a median price of $597,976 and tend to sell relatively quickly, with a median market time of just 15 days. This quick turnover indicates strong interest in these more affordable options, especially among first-time buyers and investors.
Townhomes offer space and convenience and have a median list price of $916,377. These properties are highly sought after, often spending just 13 days on the market before finding new owners. Their popularity can be attributed to their appeal to families and those seeking more room without sacrificing the benefits of living in a vibrant community.
The median list price for single-family homes is $849,827, and they typically remain on the market for around 21 days. This slightly longer market time suggests steady demand, particularly among buyers who value the additional privacy and space that single-family homes provide.
Condos in Scarborough Bluffs are listed at a median price of $597,976 and tend to sell relatively quickly, with a median market time of just 15 days. This quick turnover indicates strong interest in these more affordable options, especially among first-time buyers and investors.
Townhomes offer space and convenience and have a median list price of $916,377. These properties are highly sought after, often spending just 13 days on the market before finding new owners. Their popularity can be attributed to their appeal to families and those seeking more room without sacrificing the benefits of living in a vibrant community.
The median list price for single-family homes is $849,827, and they typically remain on the market for around 21 days. This slightly longer market time suggests steady demand, particularly among buyers who value the additional privacy and space that single-family homes provide.
Exploring nearby markets
The real estate landscape in Scarborough Bluffs is shaped by its market dynamics and trends in nearby areas. Understanding how neighboring markets perform can provide valuable insights for potential buyers and investors considering Scarborough Bluffs as their next move.
Just to the north, Markham continues to be a popular choice, with a median sold price of $1,102,584 in mid-2024. It represents a modest increase from $1,091,333 just six months earlier, indicating steady growth in this suburban hub known for its strong community ties and excellent amenities. Markham's real estate market remains robust.
To the west, Brampton offers a slightly different story. The median sold price in Brampton is currently $999,896, down from $1,049,900 six months ago. This slight decrease suggests a cooling in the market, which may present opportunities for buyers seeking more affordable options within the Greater Toronto Area. Brampton's appeal lies in its access to various amenities.
To the east, Oshawa's market has seen significant growth, with the median sold price rising to $797,750 from $739,900 six months ago. This upward trend highlights Oshawa's increasing popularity, particularly among buyers looking for more affordable alternatives to Toronto's pricier neighborhoods. Oshawa's ongoing development and proximity to Lake Ontario make it an attractive option for those seeking value without compromising location.
Just to the north, Markham continues to be a popular choice, with a median sold price of $1,102,584 in mid-2024. It represents a modest increase from $1,091,333 just six months earlier, indicating steady growth in this suburban hub known for its strong community ties and excellent amenities. Markham's real estate market remains robust.
To the west, Brampton offers a slightly different story. The median sold price in Brampton is currently $999,896, down from $1,049,900 six months ago. This slight decrease suggests a cooling in the market, which may present opportunities for buyers seeking more affordable options within the Greater Toronto Area. Brampton's appeal lies in its access to various amenities.
To the east, Oshawa's market has seen significant growth, with the median sold price rising to $797,750 from $739,900 six months ago. This upward trend highlights Oshawa's increasing popularity, particularly among buyers looking for more affordable alternatives to Toronto's pricier neighborhoods. Oshawa's ongoing development and proximity to Lake Ontario make it an attractive option for those seeking value without compromising location.
A landlord's perspective
For those looking to invest in real estate in Scarborough Bluffs, the rental market offers promising opportunities, particularly for landlords seeking to generate steady income. Although the average rent for a two-bedroom home in the area has decreased slightly — currently at $2,572 — down 5% from last year, the demand for rental properties remains strong, supported by the desirable location and amenities.
When considering specific neighborhoods within Scarborough, it's essential to understand the rental dynamics in nearby areas as well. In Bendale, for instance, the average rent for a two-bedroom home is $2,197, making it an attractive option for tenants looking for affordability without sacrificing convenience. In Woburn, rents are slightly higher, with a two-bedroom home averaging $2,688 monthly, reflecting the area's appeal to those seeking a more upscale living experience.
It's also worth noting that Toronto, as a whole, has a substantial rental market, with 47% of homes occupied by renters. This high percentage indicates a strong demand for rental properties, making it a favorable environment for real estate investors. With its proximity to downtown Toronto and access to natural beauty, Scarborough Bluffs presents an ideal location for landlords to invest in properties that appeal to a broad range of tenants.
When considering specific neighborhoods within Scarborough, it's essential to understand the rental dynamics in nearby areas as well. In Bendale, for instance, the average rent for a two-bedroom home is $2,197, making it an attractive option for tenants looking for affordability without sacrificing convenience. In Woburn, rents are slightly higher, with a two-bedroom home averaging $2,688 monthly, reflecting the area's appeal to those seeking a more upscale living experience.
It's also worth noting that Toronto, as a whole, has a substantial rental market, with 47% of homes occupied by renters. This high percentage indicates a strong demand for rental properties, making it a favorable environment for real estate investors. With its proximity to downtown Toronto and access to natural beauty, Scarborough Bluffs presents an ideal location for landlords to invest in properties that appeal to a broad range of tenants.
Timing your investment
As potential investors consider entering the Scarborough Bluffs real estate market, it's crucial to weigh the current economic conditions and market trends that could impact buyers and sellers. One of the key factors influencing the market today is the prime mortgage rate, which is 6.7%. Inflation in Canada has eased to 2.7%, signaling some stabilization in the broader economy. Additionally, a slight decrease in mortgage rates, by approximately 0.01%, is forecasted, which could provide some relief to buyers soon.
Despite these economic indicators, the real estate market is experiencing decreased sales volumes. This drop is expected to continue into 2024, mainly due to the higher borrowing costs associated with elevated interest rates. For sellers, this means that properties may take longer to sell unless they are willing to adjust their pricing to reflect the current market conditions. On the other hand, buyers could find opportunities if they are patient and strategic, especially as interest rates show signs of potential decline.
For investors, this presents a mixed landscape. While the higher mortgage rates may deter some from jumping into the market immediately, the prospect of rate decreases and potential price adjustments make this an opportune time to plan for future investments. By keeping a close eye on market movements and being ready to act when conditions are favorable, investors could capitalize on the evolving market in Scarborough Bluffs.
Despite these economic indicators, the real estate market is experiencing decreased sales volumes. This drop is expected to continue into 2024, mainly due to the higher borrowing costs associated with elevated interest rates. For sellers, this means that properties may take longer to sell unless they are willing to adjust their pricing to reflect the current market conditions. On the other hand, buyers could find opportunities if they are patient and strategic, especially as interest rates show signs of potential decline.
For investors, this presents a mixed landscape. While the higher mortgage rates may deter some from jumping into the market immediately, the prospect of rate decreases and potential price adjustments make this an opportune time to plan for future investments. By keeping a close eye on market movements and being ready to act when conditions are favorable, investors could capitalize on the evolving market in Scarborough Bluffs.
Partnering for success
In a dynamic and evolving real estate market like Scarborough Bluffs, working with an experienced local real estate agent is essential to achieving your investment goals. Professionals from Digalakis Real Estate help clients attain their unique versions of success, no matter the market conditions. By partnering with Digalakis Real Estate, you can feel confident, supported, and educated throughout the process, knowing that you're making informed decisions with the guidance of experts who have your best interests at heart.
