As Canada’s largest (and let’s be honest, best) city, Toronto is an expensive place to live — more and more so, it seems, as demand for housing grows while supply remains limited enough to keep average home prices well above the $1 million mark.
A real estate brokerage called The Canadian Home recently crunched a whole whack of numbers to find out which specific communities in the city are still relatively affordable, compared to the average, for first-time home buyers specifically.
“In 2022, the real estate market experienced volatility, but is now seeing a rebound in sales numbers as a result of the Bank of Canada’s recent decision to put a hold on interest rates at 4.5%,” wrote the brokerage when releasing its ranking of the 10 most-affordable communities in Toronto.
“The Canadian Home analyzed data from over 150 communities in Toronto to map out the average selling price and the number of properties sold in the last six months.”
It’s important to note that this analysis focused on condo apartments, as opposed to houses, which go for much higher on average than condos do.
The firm thus concluded that these are currently the most-affordable communities in which to buy a home (not a house, but a condo) in The 6ix for those who don’t already own property:
Kingsview Village-The Westway
Average Sold Price: $445K
“Kingsview Village is an established community where families can choose from a wide range of housing options, including ranch and modern bungalows, split-level homes, and brand-new two-story homes,” reads the new report, as released earlier this week.
“Residents of this close-knit neighbourhood have their pick of several different types of dwellings, including a slew of high-rise apartment complexes on Dixon Road and other high-rise buildings and homes on Islington Avenue.”
Average Sold Price: $492K
“Scarborough is a diverse community with something to offer everyone. Investing in a condo in Scarborough is a wise financial decision, as prices for units of all sizes are rising,” writes The Canadian Home.
“Additionally, many new developments are in progress with a thriving condo renovation market. This is supported by various infrastructure improvements already underway or in the planning stages.”
Average Sold Price: $503K
“Many different nationalities are represented in the residents of Dorset Park, a middle-class, family-friendly neighbourhood. A new group of young families with children is slowly displacing the older first-generation Dorset Park residents, and the district, are undergoing a period of transition right now,” reads the report.
“This is an ideal area for newlyweds or homebuyers looking to start a family.”
Average Sold Price: $522K
Hailing this multicultural community for its many shopping, dining, recreational and fitness options, The Canadian Home notes that apartment buildings dominate this area.
“Young families, including recent immigrants to Canada in search of a diverse and welcoming area, will find what they’re looking for in this vibrant and inexpensive neighbourhood,” reads the report.
Average Sold Price: $521K
“This expansive, culturally diverse neighbourhood takes up a large portion of the far northwest corner of Toronto, featuring an eclectic mix of vast parklands, spectacular religious sites, entertainment facilities, and educational campuses,” say the analysts who compiled this ranking.
“West Humber-Clairville is close to the airport and major highways, making it a convenient location for commuters. West Humber-Clairville has several parks and green spaces, including the Humber Arboretum, Claireville Conservation Area, and West Humber Parkland.”
Average Sold Price: $527K
The Canadian Home notes in its report that this neighbourhood has been undergoing significant redevelopment in recent years, driving up property values and demand.
“Purchasing a home in Yorkdale-Glen Park now could result in a solid return on investment in the future,” notes the report. “Additionally, the neighbourhood is close to major transportation routes, making it easy to commute to downtown Toronto or other parts of the Greater Toronto Area.”
Average Sold Price: $537K
“Canadian families love Flemingdon Park. This area has affordable homes near grocery stores and shops as well as excellent play structures and sports spaces,” writes The Canadian Home.
“Flemington Park has many big green spaces and is only a 20 minute to drive downtown.”
York University Heights
Average Sold Price: $543K
“York University Heights, or Northwood Park as it is more commonly known, is a stunning area where buyers will find many brand-new homes in Toronto,” reads the report. “By Toronto standards, this is a relatively young neighbourhood, with nearly 20 per cent of the people falling within the age range of 18 to 24.”
Analysts highlight the “relaxed atmosphere,” in this area, crediting the large number students who live there and “enjoy spending sunny days lounging on the lawns and in parks.”
Average Sold Price: $545K
“Located in northern Etobicoke, this dense residential area spans the western tributary of the Humber River and is home to three distinct municipalities,” reads the report.
“Houses in this Toronto suburb vary from modest bungalows and Victorian mansions to large apartment buildings and luxury high-rises, providing a lot of variety to those first-time buyers who are looking for something different.”
Agincourt South-Malvern West
Average Sold Price: $578K
Lastly, but still with average condo prices under $600,000, is Agincourt South-Malvern West.
“First-time homebuyers may find the community’s wide selection of reasonably priced single-family homes, townhomes, and condos enticing,” reads the report, which also highlights the many roads, highways, and public transit routes that pass through the community and provide convenient access to other parts of the city.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)