Which area has the most affordable condos?
If you’re in the market for a condo in or around the Toronto area, you’re probably well aware of where the most expensive units are hiding – in the Downtown Core, of course!
Today we’re going to shift our focus away from the sought after and expensive locales of central Toronto and look north, east and west towards other, more affordable pockets of the Greater Toronto Area.
What keeps attracting hordes of condo buyers to the outlier neighbourhoods is the fact that many of these areas still rest on transit lines that connect you to the whole city, plus highway connections in all the right spots.
Let’s get started.
Average condo prices
For the purposes of this article, we’ll be detailing the neighbourhoods where condo prices fall below the average for a condo unit in the City of Toronto. The 2016 census found that the average price of a Toronto condo reached $602,804, but thanks to some real estate slowdowns, Financial Post found that the average price had fallen to around $560,000 in 2018.
To get into the affordable territories of the northern GTA, you’re going to have to cross Highway 401 and head a bit east of Yonge into North York or west of it, towards Bathurst Manor.
North York neighbourhoods that fall below the average prices include Newtonbrooke East, Willowdale East, Hillcrest and Bayview Villages, Steeles and L’Amoreaux.
If you head west of Yonge along the city’s northern borders you’ll land in affordable condo neighbourhoods like Bathurst Manor, Clanton Park, Black Creek and York University Heights.
Average condo prices in these locales run between $350,000 and $590,000.
Since all of Toronto’s southern portion is essentially downtown Toronto or adjacent to the Downtown Core, you won’t find affordable condo units here, at least not affordable when compared to the average price of a condo in the GTA. If you can sacrifice on space, you'll find Toronto's most affordable downtown neighbourhoods by way of the Distillery District, Fort York and City Place. Still, these affordable downtown units will be above the city's average.
You can definitely find below-average condo prices in neighbourhoods east of the city’s core, including the popular neighbourhoods of East York and Danforth Village. Plus, pockets of Scarborough are also going vertical, offering up spectacular recreational opportunities thanks to the area's proximity to Toronto’s historic Scarborough Bluffs. Dorset Park, Kennedy Park, Morningside, Woburn, Bendale, Scarborough Village and Guildwood are all worthwhile areas to check out.
Condo prices east of the city core range from $364,400 to just under $500,000.
West of the city you’ll find the popular Etobicoke neighbourhoods that are constantly adding condo options to the GTA’s west end. Most of these busy Etobicoke neighbourhoods will have ready access to TTC and GO Transit options, and if you’re a frequent flyer, Pearson International.
Areas in Islington-City Centre West, Mimico, Alderwood, Willowridge, Martingrove and Richview see prices range below average, from $384,042 to $593,619.