Where is your home on the range?

…And this two-bedroom townhouse, at $118,000, was Scarborough’s least expensive. (Nino Meese-Tamuri // Scarborough Observer)

The highs and lows of Scarborough real estate

How much luxury can money buy in Scarborough? You have to visit the private neighbourhood overlooking the Scarborough Bluffs to find out.

Nestled among other million-dollar properties lies Scarborough’s most expensive home, or at least it was during a recent check. Priced at $2,995,000, the 9,000-square-foot home requires you to have a rather large piggy bank.

What do you get for that price?

The spacious house features six bedrooms with a matching number of bathrooms, six additional living areas, a fitness and games room, a state-of-the-art open-concept kitchen, a huge backyard, and a pool.

However, sitting on two acres of land right near the edge of the Bluffs, the view is the house’s true selling feature.

Scarborough and GTA housing stats

  • The average home in Scarborough stays on the market for 30 days before being sold or taken off the market.
  • The average home price in Scarborough is about $450,000.
  • The average home price in the GTA is over $530,000.
  • The average home price in the GTA has increased by 5% since last year.
  • Scarborough home prices, on average, are the least expensive in the GTA.

But real estate agent Peter Edwin Baker said that selling luxury properties in Scarborough can prove challenging because of the area’s reputation.

“When people hear Scarborough, they often don’t realize that there are $3-million houses here,” said Baker, who was charged with selling Scarborough’s top luxury home.

Another deciding factor is price. The home’s list price was recently reduced by $200,000 from its original price of $3,195,000.

“The sweet spot for top high-end properties in Scarborough is probably between $3,000,000 and $3,500,000,” Baker said. “The highest price that a home ever sold for in Scarborough was $3,500,000.”

Baker said he is certain that prices in Scarborough’s luxury market won’t rise to such levels any time soon, especially since demand is low.

About this article

By: Nino Meese-Tamuri
Posted: Apr 30 2012 1:36 am
Filed under: News