Four Grangeway condos sold on Grangeway Avenue in September 2016. The number of condos listed at 68 and 88 Grangeway remain scarce. The high demand McCowan and Ellesmere condos experienced price growth as condos around the Scarborough Town Centre area have become very attractive for first time buyers.
A one bedroom plus den sold for $275,000.
Two 2-bedroom plus den condos sold from $348,000 to $395,000.
A two bedroom plus den at the newer 88 Grangeway sold for $415,000.
Availability of condos for sale remain tight. 88 Grangeway had a few listed for sale. 68 Grangeway condos listed for sale immediately sold in less than a week of being on the market.
Grangeway condos offer great value
Grangeway condos and Scarborough condos in general present such a great value amidst the increasing home prices throughout Toronto. Scarborough is becoming an attractive choice for many first time buyers, particularly those priced out of the Toronto core.
Residents in Scarborough (myself included) have known how valuable our properties are. McCowan and Ellesmere, as a location, is very accessible to many amenities that you can’t even access if you live downtown. First time buyers, down-sizers and those moving out of downtown Toronto are quickly realizing how much Scarborough has to offer.
The Scarborough Condo Team has led the way in Grangeway condo sales this year. This is mainly due to our close relationship with the residents of both 68 and 88 Grangeway, and the number of buyers we have lined up constantly seeking available condo units here.
Is now the best time to sell?
Residents at 68 Grangeway don’t seem to want to sell their units. With maintenance fees remaining the same this year, it’s hard to let go of a condo in such a well managed building. Meanwhile, it seems 88 Grangeway is undergoing a normal level of turnover. Since prices were high from the builder to begin with, the main difference between 68 and 88 Grangeway is the price point.
Recent mortgage rule changes will continue to drive condo sales up. First time buyers have to qualify under stricter criteria. The lack of home inventory on the market is pushing buyers towards condos. We will see generous price increases for condos in the next few months, and perhaps until next year.