With Toronto’s unpredictable real estate market, buying a property in the best suburbs of Toronto can leverage your investment. It’s no secret that house prices in Toronto are high. However, that doesn’t mean all Toronto suburbs have increased their home prices.
The good news is that house prices are lower in some Toronto suburbs. Besides, they offer a vast range of family-friendly amenities to make homeowners’ lives comfortable. You can take advantage of low home prices in suburban areas by investing right now.
7 Best Toronto Suburbs for Families
Here are some of the best suburbs of Toronto with affordable houses fit for investment.
1. Eglinton West
Eglinton West is an incredible neighborhood with affordable property deals, including the famous Eglinton Flats located in Mount Dennis. Bordered by a rail line to the east and Humber River to the west, Mount Dennis’s strategic location is overwhelming.
Residents in this neighborhood will quickly access the city using the new Crosstown LRT when it opens in 2021. Mount Dennis also boasts many breathtaking amenities, such as shopping centers, restaurants, recreation centers, hospitals, soccer fields, and a library.
What makes Mount Dennis outstanding is its fantastic attractions. By investing in the neighborhood’s property, you’ll get an opportunity to explore the charming Topham Pond, Humber River, Black Creek Valley, Westlake Memorial Park, and Pearen Park.
Located in the Durham region, Pickering is a small suburban town that has recorded an incredible growth in the real estate sector. The number of modern condo proposals has increased, and we expect to see many new property developments in the future.
The small town of Pickering provides access to major free freeways to nearby cities, including Toronto City. That makes it a perfect place for families working in Toronto City. You can quickly commute from Pickering to Toronto downtown in about 30 minutes.
Despite Pickering’s proximity to Toronto City, the house prices here are relatively lower than in other suburbs. According to Zolo Canada, the average house price in Pickering was CA$698,000 as of May 2020, making residences in Pickering more affordable.
Located north of Toronto, Markham is home to over 350,000 residents. This suburb has hundreds of corporate offices, high tech companies, and science-based companies. It has gained a reputation in technology and urban development, attracting many investors.
Markham’s proximity to Toronto City makes it a perfect place to buy a house. Commuters can quickly get to the city in about 40 minutes by boarding a train at Unionville GO station or by car using Highway 404. Some people who live in Markham work in Toronto City.
If you’re looking for a fast-growing suburb to start an investment, you should count on Markham. The town’s real estate market is experiencing unprecedented growth as many investors build thousands of luxury condominium units and corporate offices.
As one of the most affordable suburbs near Toronto, Oakville is home to about 194,000 people. With the increasing population, the demand for houses has risen steadily, giving investors a perfect opportunity to start property investments.
As of May 2020, the average house price of houses in Oakville was CA$1 million. A two-bedroom detached house costs around CA$994,000, while a three-bedroom one costs about CA$1.1 million. Townhouses and condos in Oakville are also affordable.
Oakville Town boasts a plethora of attractions, including its picturesque harbors, active arts community, and vibrant shopping districts. Besides, it also has two GO stations that help commuters access their workplaces, both in the town and Toronto City.
Rated as one of the best places to live in GTA, homes in Vaughan have become sought-after by many real estate investors. The city’s rapid growth in population has increased the demand and supply of residential units.
Vaughan’s rate of urbanization is impeccable. Its new subway station offers a direct route that allows commuters to travel seamlessly into the city. Also, it boasts high-scale office buildings that attract investors from various parts of the Greater Toronto Area.
With the countless developments in Vaughan, this Toronto suburban will most likely be a cosmopolitan center soon, and property prices may increase. So, the right time to invest in Vaughan is now. You’ll spend more on investments if you wait.
As one of the best Toronto suburbs for families, Etobicoke has become a destination for most families living in the GTA. This small town has a vast range of amenities, such as restaurants, shopping centers, top-rated schools, and many transportation options.
Thankfully, Etobicoke boasts a high level of accessibility from various parts of the area, including Toronto City. The town has major highways, subways, GO Transit stations, and bus transportation services to move commuters. Homes in Etobicoke are affordable.
Etobicoke’s real estate market has expanded incredibly, giving you a perfect opportunity for property investors. But before you invest in the town’s real estate market, you need to know where you’ll get new and fascinating developments, like the shores of Lake Ontario.
Located northwest of Toronto City, Brampton is one of the fastest-growing suburbs in GTA. We’ve witnessed developments like educational institutions, innovation centers, and transportation facilities. However, we still expect more developments in the future.
As developments in Brampton continue to sprout, more real estate investors are shifting their focus to this small city. Some of the latest developments in Brampton are Uptowns and Northside Condos. You can invest in such property now before the prices increase.
House prices in Brampton are relatively lower than that of the neighboring Toronto. According to Zolo, the average home price in Brampton is CA$790,000, while that of Toronto is CA$916,000. You can buy a house more easily in Brampton than in Toronto.
As house prices continue to rise in Toronto City, many Torontonians are now moving to the best suburbs of Toronto that have relatively low home prices. That provides numerous investment opportunities to people who wish to invest in real estate markets of Toronto suburbs. However, you should research the markets before investing in them.