In the midst of heightened borrowing costs and extreme home prices, buyers in Toronto may be feeling the squeeze when it comes to purchasing a home. Despite prices declining in July, a detached home still costs $1,641,045.
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Because of this, buyers may be gravitating towards a more affordable home option, namely condo apartments. Despite condos being the only property type to see a price increase last month, they’re still vastly more affordable than other options with an average price of $753,520.
In order to find out where buyers may be able to find a condo apartment for less than the average price, we analyzed each Toronto neighbourhood to find out where prospective buyers would get the most bang for their buck in the city.
Good News for Buyers: 23 Neighbourhoods are Hovering Below the Average Price
With all the doom and gloom news about house prices, it may be surprising to learn that there are plenty of options for condos below the average price. The eastern and western side of Toronto are vastly more affordable while the central part of the city appears to be the most expensive. 23 neighbourhoods have condo prices with an average below that of the city total.
The most affordable neighbourhood is E10 (West Hill, Centennial Scarborough), where the average price of a condo is $462,167, nearly $300,000 more affordable than the Toronto average. The only other neighbourhood below $500,000 is E11 (Malvern, Rouge), where the average price is $491,173, just over $260,000 cheaper than the average in Toronto.
Many of the Most Sought Markets are Well Above the Average Price
In terms of neighbourhoods more expensive than the average, there are 12 neighbourhoods where the average condo price is higher than the Toronto average. Of those 12, the most expensive is C09 (Rosedale, Moore Park), where the average price of a condo is currently $2,303,200, over $1,500,000 higher than the city average. In C12 (York Mills, Bridle Path, Hoggs Hollow), the average price is a staggering $1,500,000 higher than Toronto’s average, with a condo costing an average of $2,270,000. Condos in these neighbourhoods are actually more expensive than the average cost of a detached home in the city.
The average condo price in C14 (Newtonbrooke East, Willowdale West) is just $21,489 more than the city average, at $775,009, suggesting it might be easier to find a condo for lower than the average in this market than it would in the other 11.
If you’re looking to purchase a condo in Toronto this year, give us a call to discuss your goals and start the home-buying process.
