These GTA Neighbourhoods Still Have Below-Average Condo Prices

In the Greater Toronto Area, overall condo values have gone up over the past 60 days, with the average sale price currently sitting at $669,000. But there are neighbourhoods throughout the GTA where condos are still selling below the regional average:

• Old East York - East York
• Flemingdon Park - North York
• West Mall - Etobicoke
• Dixie-Applewood - Mississauga
• Thornhill - Markham

Despite the anticipated activity of the upcoming spring market, homebuyers can expect to find value in these neighbourhoods. In Old East York and Flemingdon Park, for example, the average sale price of a condo is $495,000. In the Etobicoke neighbourhood of West Mall, condo values still remain down by nearly 4% in the past 60 days, with an average sale price of $550,000.

Neighbourhoods filled with ‘1st generation condos’

The above neighbourhoods are dominated by what the industry calls, ‘1st generation condos’. Built in the 70s and early 80s, these buildings offer some of the best price-per-square-foot value in the city. But according to Nathaniel Hartree-Hallifax, a real estate agent at Strata.ca, the pandemic’s impact on immigration is what’s driving prices down.

“The value found in 1st generation condos is enough to attract many first-time buyers, including new Canadians getting on the property ladder. But given there are fewer immigrants moving to the GTA at this time, I think it’s easy to see why prices are softening in these neighborhoods.”

Hartree-Hallifax says that homebuyers should take advantage of this shrinking demand, and explore what their options might be.

“In softer markets, you’re more likely to be able to negotiate a sale with beneficial conditions and a better price. For potential homebuyers locked out of hotter neighbourhoods, these areas might be a welcome change. But don't wait too long. The closer we get back to pre-COVID times, the quicker these dynamics will revert,” he adds.

Still though, homebuyers should always do their research before investing in a 1st generation condominium. Many of these units lack modern conveniences, and some older buildings simply do not have the infrastructure for future upgrades.

“Given the chance to build equity, many people will forgive the fact that there’s no ensuite laundry or central air conditioning. And they may think these things can be added later through renovations. But understanding which buildings can be improved, and which can't, is crucial. This will have an important impact on price and resale value,” says Hartree-Hallifax.

Suburbs still on fire, but deals to be found in certain pockets

Properties in the GTA suburbs have been a hot commodity since the start of the COVID-19 pandemic last March. In the past 12 months, Mississauga and Markham have both seen condo values soar by 9% and 14% respectively. But Robert Van Rhijn, Broker of Record at Strata.ca, says homebuyers on a budget can still find condos here for less than the GTA average.

“People who want to make the move to the suburbs can find pockets in Mississauga and Markham where condo prices are still relatively cheaper. In the Mississauga neighbourhood of Dixie-Applewood, for instance, the appreciation rate over the past 60 days remains modest at just 1%.”

Van Rhijn adds that while property values in Thornhill have seen a recent surge, that doesn’t mean homebuyers and investors should overlook the popular Markham community.

“For sure, property values in Thornhill are up a staggering 18% over the past two months alone. But we're still seeing condos selling slightly below the GTA average here,” he says.

Condo Listings in the GTA’s Most Affordable Neighbourhoods

Old East York

• 1048 Broadview Ave, Unit 1004 - $500,000
• 5 Massey Square, Unit 1717 - $449,900
• 2 Crescent Town Rd, Unit 404 - $475,000

Flemingdon Park

• 135 Leeward Glenway St, Unit 302 - $599,000
• 25 Sunny Glenway N, Unit 118 - $574,999
• 20 Edgecliff Gfwy, Unit 802 - $550,000

West Mall

• 625 The West Mall Cres, Unit 1211 - $549,000
• 6 Eva Rd, Unit 2510 - $519,000
• 6 Eva Rd, Unit 211 - $489,900

Dixie-Applewood

• 1333 Bloor St, Unit 1215 - $539,900
• 1300 Bloor St, Unit 2309 - $519,900
• 1333 Bloor St, Unit 1414 - $449,000

Thornhill

• 60 Inverlochy Blvd, Unit 1206 - $588,888
• 90 Porterfield Crescent - $699,000

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