Owning a house in Toronto may be something reserved for a financially privileged few given the cost of real estate in the city, but in the present downturn, ebbing market activity in this inflationary environment has meant more of a buyer’s market.
For those who are able to buy a home, there’s a good chance you’ll be able to nab one for less than the asking price as some owners, their homes sitting on the market for longer now than ever and their mortgage payments rising, are getting desperate to sell.
With all of this in mind, here are some of the best Toronto neighbourhoods to buy a house in right now for first-timers:
Starter homes may not really exist in Canada anymore, but the closest thing in T.O. is likely found in the city’s cheapest pocket for houses: the Rexdale-Kipling, West Humber-Claireville area.
Sure, it may not be the most desirable part of the metropolis, but according to reports from last month, it has the cheapest average price for a detached home out of any other neighbourhood: $962,389, compared to the city’s average price of a whopping $1,724,007.
At the other end of the city (but same end of the price spectrum) is the Malvern area in Scarborough, which on top of having better prices than the rest of the city, is close to nature in the form of the Scarborough Bluffs and Rouge Urban National Park — ideally for those with kids, or who want to feel out of the city without having to stray far.
This community not only has houses priced at far less than the city average, but has also been named one of the handful of Toronto locales where it’s more financially responsible to buy than rent — paying off a mortgage rather than a rent bill here could save you more than $1,000 per month.
Like Rexdale, the Rockcliffe-Smythe and Keelesdale-Eglinton West region of the city is extremely cheap compared to everywhere else, though it is a little further out of the core.
Earlier this year, it was, with Rexdale, one of only two neighbourhoods where one could nab the typical house for less than a million.
Much closer to downtown than anywhere on this list so far, this part of the city has been named one of the most strategic places to buy real estate in given its price growth over time and value for money. The area is also rated well for its accessibility, as well as income and education levels.
While it doesn’t have the lowest prices in the city, you can look to adjacent quarters such as East York proper, and Parkwood-Don Mills-Victoria Village are adjacent quarters for slightly lower average prices and the same feel.
The Danforth is considered one of the coolest parts of Toronto to live in, as it is a tight-knit community that is across the highway from the bustle of the entertainment district and the city centre, but feels very urban all the same.
There are countless restaurants, bars, shops, gyms, food markets and more in the area, as well as ideal access to transit via the Bloor-Danforth subway line.
The side streets off the main strip mean tons of houses in the area (versus somewhere like Liberty Village or CityPlace), all with great walk scores and fantastic access to any amenity you could want. And even if homes aren’t exactly inexpensive, they’re cheaper than the usual for Toronto.
Royal LePage Estate Realty, Brokerage via Strata.ca