While first-time buyers have long looked to condos as a relatively affordable choice in the expensive GTA housing market, prices have been moving steadily upwards for years.
The average price for a GTA condo currently sits at $602,804 but, according to a new report from Zoocasa, there are still affordable condos to be found in the city — you just have to know where to look.
“Condo affordability has been steadily eroding for years — condo prices have more than doubled in the last five years,” Zoocasa managing editor Penelope Graham tells Livabl. “But looking at average prices taken from aggregate data doesn’t tell the whole story, so we wanted to look at condo prices from a neighbourhood perspective.”
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Zoocasa compared the average price of a condo in 35 Toronto neighbourhoods against the city’s average, to find the most affordable GTA neighbourhoods for would-be condo buyers.
West Hill, Centennial Scarborough topped the list, with an average condo price of $253,822, followed by Malvern, Rouge ($332,969), Rexdale-Kipling, West Humber-Claireville ($346,796), Black Creek, York University Heights ($348,797) and finally Dorset Park, Kennedy Park ($346,466).
“There are some common themes we see when we look at the most affordable neighbourhoods,” says Graham. “They’re outside of the downtown core, and not located on the subway line, as developers cast their nets wider in terms of where they’re looking to build.”
In contrast, some of the city’s most expensive neighbourhoods to buy a condo can be found in the downtown core, in areas like Yorkville with established luxury home communities.
“The places that are the most affordable aren’t exactly hotspots,” says Graham. “They’re less built up, and are farther away from denser areas.”
For a closer look at the most affordable neighbourhoods to buy a condo in the GTA, check out Zoocasa’s infographic below.