There’s a reason they say location is so important when buying a home. Finding the right location for your perfect home is almost, if not more important than finding the perfect home itself. A good area will give you access to the best parts of the city, the best schools, shops, restaurants, and sights. But with a city like Toronto that’s constantly growing and incredibly diverse, different neighbourhoods are going to heavily affect your choice of home and potentially your budget.
Although most people just see Toronto as one city, it is made up of dozens of different neighbourhoods each offering their unique perspective on life in Toronto. Some are incredibly expensive, while others are more up and coming neighbourhoods. We’re going to break down which neighbourhoods give you the best value based on price, access to the city, and amenities.
Best Toronto Neighbourhoods for Appreciation
Scarborough is fast becoming an incredibly desirable area for people who want to live closer to the city without the downtown price tag. Scarborough has a rich depository of resale homes, as well as dozens of new condo developments. The increase in new condo developments will bring an influx of new residents, and new businesses as a result. Meaning that in the next few years Scarborough can see a boom in popularity.
Currently, the average house price in Scarborough, Ontario sits at $719,266 and for detached homes is $1.2 million.
In terms of location, Scarborough is super close to the city, easily accessible by transit to Toronto, and close to other municipalities like Vaughan and Richmond Hill. KNown for the beaches and the Scarborough Cliffs, Scarborough has a ton of nature trails and outdoor experiences to offer residents.
The Junction is another great, quickly changing neighborhood in Toronto that has yet to see sky-high prices.
Hosting and an array of semi-detached homes and fully detached properties, the Junction is currently receiving attention from homebuyers for its proximity to the city and several new developments in the area that …….Within the Junction area by St. Clair, new condo developments are popping up, new transit lines that make the short commute into the downtown core even easier, and new shopping centers such as the Stock Yards Village.
The average listing price for The Junction sits just under the 1 million mark at $977, 801. The prices are steadily starting to climb, with a 10.8% increase over the last year.
For detached homes the average price is $1.3 million, Freehold townhomes $1 million, Condo townhomes are averaged at $848,646, and condos at $712,198.
Another fastly developing neighborhood that sits just outside the city, Mimico offers proximity to the core with the peace of the lakeshore and nature trails. Homes here average at $1.1 million with detached homes averaging at $1.3 million and condos at $900,000.
Don Valley Village
Known for larger homes this neighbourhood is also up and coming for its plethora of condo developments. Close to perks like Don Mills Shops this Toronto neighbourhood is in high demand and gives residents the feel of city life without being too close to the hustle and bustle of the downtown core.
Average home prices here are $972,303 with a fully detached home going for $1.4 million.
Although all parts of one city, each neighbourhood in Toronto offers its unique features and benefits for its residents. Whether that might be a lower price tag with great investment options or a higher listing price with fantastic amenities, Toronto’s diverse neighbourhoods offer different lifestyle options for every resident. IF you’re looking for a return on your purchase East and West Scarborough will give you the best options. If you want to live in a more established neighbourhood, Roncesvalles has many luxury homes but they come with a luxury price tag.
The average home price for this Toronto neighborhood is $1.3 million.
To break that average price down further, here’s how Roncesvalles ranks for each type of home style:
Condo townhomes and Freehold Townhomes average $1.4 Million while Detached homes average $1.6 million.
The popularity of this neighborhood is unwavering meaning that the prices of these properties won’t be going down anytime soon. Additionally, the older, more historic style of the homes lend to it’s higher price tag as those types of homes are in great demand.
Most Expensive Neighbourhoods in Toronto
The Bridle Path
The most expensive neighbourhood in Toronto will be The Bridle Path. Known for its sprawling mansions that draw celebrities from all over, the average home price here is $2.8 million with a detached home averaging $3.8 million.
The second most expensive neighbourhood would be Forest Hill, with huge homes averaging $1.3 million and detached homes averaging $2.28 million.
Toronto’s real estate districts are vast and offer so many different housing options. As Toronto grows and becomes more of a global staple, the demand for housing in the city will drive up housing prices. Currently, the most affordable Toronto neighbourhoods without straying too far from the core are the Junction areas and East Scarborough. If you’re looking to have your investment appreciate quickly those areas will be the ones to watch. Established neighbourhoods in the city go for premium prices like the Bridle Path and Forest Hill making them the most expensive neighbourhoods in Toronto.
Of course, the farther out you look from the core, the lower the prices will be. Ask yourself what you’re looking for as you search for homes. Is it a place to live? Do you need to commute? Or just investment purposes? You may want to invest in a farther out property at a lower price to build equity.
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