If you’re planning on buying a home in Toronto soon, the numbers aren’t exactly in your favour. The average detached home price is currently over $1.6 million, and while condos — at an average price of $753,520 — may seem like the more affordable answer, the market says otherwise. Condo sales were down 29 per cent from June to July in the city, and buyers may be second-guessing entering the current turbulent market. But a new study analysing condo prices in neighbourhoods across Toronto compared to the current average condo price shows that it might not all be bad.
The study from Zoocasa mapped the average condo price in 35 neighbourhoods across the city to see where you can buy one below the city’s average condo price of $753,520. Unsurprisingly, neighbourhoods to the east, west and north topped the list of most affordable neighbourhoods. West Hill and Centennial Scarborough, with an median condo price of $46,167, had the largest discrepancy under the city’s average condo price. Malvern and Rouge, Willowridge-Martingrove-Richview, East York and Danforth Village, Black Creek and York University Heights also placed in the top five most affordable neighbourhoods.
As for least affordable, well, look to the centre — with a median condo price of $2,303,200, Rosedale and Moore Park are $1,549,680 above the average condo price in the city. York Mills, Bridle Path and Hoggs Hollow are a close second with a median condo price of $2,270,000. In these neighbourhoods, the average condo would cost you more than the average price of a house in Toronto! Bedford Park-Nortown, Lawrence Park and Forest Hill North and Yorkville, Annex and Summerhill all have median condo prices just above $1 million, a far cry from the Toronto average. And The Beaches and Upper Beaches take the number five least affordable neighbourhood spot, with a median condo price of $888,580.
The good news is that there are 23 neighbourhoods in Toronto with condo prices below the Toronto average, meaning the dream of owning a place isn’t dead just yet! Generally, it seems going east or west are your best bets for getting a foot into the real estate market.
The most affordable neighbourhoods to buy a condo in Toronto:
- West Hill, Centennial Scarborough
- Malvern, Rouge
- East York, Danforth Village
- Black Creek, York University Heights
- Rexdale-Kipling, West Humber-Claireville
- Dorset Park, Kennedy Park
- Milikin, Agincourt North
- Morningside, Woburn, Bendale
- Yorkdale-Glen Park, Weston
- Steeles, L’Amoreaux, Tom O’Shanter Sullivan
- Bathurst Manor, Clanton Park
- Scarborough Village, Guildwood
- Parkwood, Don Mills, Victoria Village
- Rockcliffe-Smythe, Keelesdale-Eglinton West
- Islington-City Centre West, Eringate-Centennial-West Deane
- High Park North, Junction, Runnymede
- Hillcrest Village, Bayview Village
- Leaside, Thorncliffe Park, Flemingdon Park
- Willowdale West, Lansing-Westgate
- Roncesvalles, Parkdale, High Park-Swansea
- Regent Park, St. James Town