The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
According to the Toronto Real Estate Board (TRREB), condo apartments have emerged as the most sought-after and transacted property type in the Toronto market. In August alone, a staggering 1,365 condo apartments changed hands, surpassing all other property categories in sales volume.
Condo apartments enjoy widespread popularity among Toronto buyers, attributable to several compelling factors. They tend to be more budget-friendly compared to alternative housing options like detached or semi-detached homes. Additionally, they often boast strategic locations, with proximity to public transportation and essential amenities. Another pivotal factor in their favour is their robust investment potential. Notably, the average price of condo apartments in Toronto exhibited a remarkable year-over-year increase of 11.9% in August 2023. This noteworthy growth makes condo apartments an attractive choice for investors seeking to generate income from rental properties.
In light of these compelling reasons, The Canadian Home presents this blog to assist you in identifying some of Toronto's most promising neighbourhoods where investing in a condo can deliver exceptional value for your money.
Flemingdon Park, with an average condo selling price of $566,500, is an attractive choice for condo buyers in Toronto. Nestled in East York, this neighbourhood offers both affordability and convenience. Its proximity to the Don Mills subway station makes commuting a breeze, and residents can enjoy a diverse community with a mix of cultures. With shopping centres, parks, and the educational Ontario Science Centre nearby, Flemingdon Park provides a balanced lifestyle for those looking for value in the Toronto condo market.
Thorncliffe Park, with an average condo selling price of $615,000, stands out as a central and family-friendly neighbourhood in Toronto. Its strategic location near major highways and downtown accessibility makes it an excellent choice for urban professionals. The neighbourhood features beautiful parks like Thorncliffe Park, perfect for outdoor activities. With schools and childcare facilities in the vicinity, Thorncliffe Park caters to families seeking affordable and comfortable condo living.
The Church-Yonge Corridor, with an average condo selling price of $690,000, offers the quintessential downtown Toronto experience without breaking the bank. Situated in the heart of the city, it provides access to a multitude of restaurants, shops, and cultural attractions, including the Royal Ontario Museum and the University of Toronto. Excellent public transit options, including multiple subway lines and streetcars, make daily commuting hassle-free for residents, enhancing the overall value of condo living in this vibrant neighbourhood.
Rockcliffe-Smythe, with an average condo selling price of $950,000, combines suburban tranquillity with urban proximity. Located in the western part of Toronto, this neighbourhood offers access to the natural beauty of the Humber River and nearby parks. Its strong sense of community and local events create a welcoming atmosphere. Rockcliffe-Smythe provides a compelling option in Toronto's condo market for those seeking a balance between city and nature.
With an average condo selling price of $963,000, Keelesdale-Eglinton West presents an enticing investment opportunity in Toronto. Situated in the city's west, this neighbourhood is undergoing revitalization, making it a potential growth area for property value. The upcoming Eglinton Crosstown LRT project is set to enhance transit connectivity, attracting commuters and investors alike. Affordable prices and future development plans make Keelesdale-Eglinton West a value-for-money choice for condo buyers looking for long-term potential in the Toronto market.
These neighbourhoods represent just a glimpse into the diverse options available in Toronto's condo market. As you walk on your condo-buying journey, consider your priorities and long-term goals. Whether you're a first-time buyer looking for an affordable home, an investor seeking rental income, or someone aiming for future property appreciation, Toronto has a condo neighbourhood that can offer exceptional value for your money. Make sure to do your research, consult with local experts, and explore these neighbourhoods to find the perfect fit for your needs. Happy condo hunting!
