After spending months locked in fierce bidding wars, Toronto buyers may feel that it’s impossible to find any deals on homes these days. However, new research published this week by Strata.ca shows that there are a handful of city neighbourhoods where you can scoop up condo suites for below-average prices.
A recently published report by the Toronto-based condo brokerage indicates that the average price of a condo in the city has held steady at $740,000 for the past 30 days. But as competition lets up, a trend that has been playing out since April, Strata.ca reports that some Toronto neighbourhoods are now seeing falling condo prices as a result.
The brokerage compiled a list of three “unexpected” Toronto communities — popular neighbourhoods that average buyers assume will bust their budgets — where for-sale condos are available below the city’s $740,000 average price.
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In the eastern part of Toronto’s downtown region, the average price of a condo in Cabbagetown is currently $698,000, as per Strata.ca. Although the neighbourhood is well-known for its semi-detached Victorian homes, there are a number of condo listings available within Cabbagetown, says the report.
Here, the average price per square foot will cost you approximately $920. As many of the community’s buildings were constructed years ago, layout offerings tend to be more spacious, exemplified by L’Esprit Residences, where units can be as large as 1,400 square feet.
The neighbourhood’s central location and easy access to public transportation make it desirable, the report noted.
“Living here is all about getting that urban experience without being surrounded by glass highrises and office towers,” said Osman Omaid, a realtor with Stata.ca, in the report. “Not only is Cabbagetown good for young families, it’s also the ideal location for working professionals who want easy access to both east and west ends of the city.”
Offering a slightly better deal than Cabbagetown, the average price of a condo in Leaside-Thorncliffe currently sits around $684,000, according to Strata.ca. Last month, properties sold in the neighbourhood for 0.27 percent below list price, said Strata.ca broker Cliff Liu in the report.
“And that’s encouraging for people who were priced out of the market in April when condos were going for 3 percent above asking,” he said.
Proximity to Eglinton Avenue — plus greenspaces, schools and big-name retailers — make Leaside-Thorncliffe a desirable area for young families and working professionals, Strata.ca explains. The soon-to-be-completed Eglinton Crosstown LRT will be accessible in Leaside within the next year, making now an ideal time to invest in the popular East York neighbourhood before prices rise again, Liu pointed out.
“The Eglinton Crosstown will have three stations in Leaside, making it more accessible to the Yonge subway line,” he said. “So it’s worth considering this area while prices still remain below the Toronto average.”
Although it’s one of the city’s most affluent communities, condos in Bayview Village have been selling far below the average, with the neighbourhood’s average condo price currently at $642,200, Strata.ca says.
“This past month, we’re seeing condos in Bayview Village selling about 13 percent under the Toronto average as competition cools over the summer months,” said Anna Afkari, a real estate agent at Strata.ca, in the report. “With a bit of patience, you can find two bedrooms listed under $700,000.”
The North York neighbourhood lends access to the Bayview Village Shopping Centre and the North York YMCA, as well as a range of affordable condos, the report says.