Despite a month-to-month cooldown in GTA real estate, the average price of a Toronto condo has been holding steady the past 30 days at $740,000. But it’s still possible to find properties well below the average in certain pockets of the city.
Due to decreased competition since April, some neighbourhoods are now reporting lower condo prices. And the best part? They’re located in areas that homebuyers have typically assumed to be out of reach. So check out the top three unexpected neighbourhoods that offer unbeatable value...and the properties you can buy there!
Average Price: $698,000
This is one of the last areas downtown where you can buy a condo well below the Toronto average. Because the gentrification of Cabbagetown began in the 70s, the community is well-established and offers all the benefits of living in a centrally located area. Although the community is famous for its semi-detached Victorian homes, there are still a number of condos available here. And according to Strata.ca realtor Osman Omaid, Cabbagetown offers the best of both worlds.
“Living here is all about getting that urban experience without being surrounded by glass highrises and office towers. 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.”
Priced at about $920 per square foot (PSF), the neighbourhood features a number of older buildings and townhomes. Because many of these properties were built years ago, layouts tend to be more spacious. At the popular L’Esprit Residences, for example, units can range up to 1,400 sqft. But if Cabbagetown’s excellent value isn’t enough to sway you, it’s location might. The streetcar service can easily connect you to the Bloor subway line, and even west past the Humber.
225 Wellesley St E, Unit 704 | 1 bed, 1 bath | Asking price: $499,000
60 Homewood Ave, Unit 438 | 1+1 beds, 1 bath | Asking price: $499,000
15 Maitland Pl, Unit 1507 | 1+1 beds, 1 bath | Asking price: $649,900
Average Price: $642,200
One of Toronto’s most affluent neighbourhoods, Bayview Village is often overlooked by the average homebuyer. But Strata.ca data shows that in the past 30 days, condos here have been selling well below average.
“This past month, we’re seeing condos in Bayview Village selling about 13% under the Toronto average as competition cools over the summer months. With a bit of patience, you can find 2 bedrooms listed under $700,000,” says Anna Afkari, real estate agent at Strata.ca.
Affordable condominiums are surrounded by ranch bungalows, split-level properties, and Georgian Revival-style homes. Residents are anchored by some prominent landmarks, which include Bayview Village Shopping Centre and the North York YMCA. But despite the family-oriented amenities, Bayview Village is still suitable for younger professionals looking to escape the downtown hustle; while its trendy restaurants and upscale shopping offer access to a higher quality of life.
8 Rean Dr, Unit 501 | 2 beds, 2 bath | Asking price: $639,000
117 McMahon Dr, Unit 207 | 1+1 beds, 1 bath | Asking price: $649,900
1 Rean Dr, Unit 508 | 2 beds, 2 bath | Asking price: $699,000
Average Price: $684,000
If all goes as planned, the new Eglinton Crosstown LRT is set to roll through Leaside within the next year. And that’s why Strata.ca broker Cliff Liu says now is the time to invest in East York’s most popular neighbourhood, since prices will start picking up as the LRT nears completion.
“The Eglinton Crosstown will have three stations in Leaside, making it more accessible to the Yonge subway line. So it's worth considering this area while prices still remain below the Toronto average.”
Liu also notes that last month, properties here sold for about 0.27% below the list price.
“And that’s encouraging for people who were priced out of the market in April when condos were going for 3% above asking.”
Surrounded by greenspace and excellent schools, Leaside-Thorncliffe is attractive for both young families and working professionals alike. Big box stores and trendy dining options exist off Eglinton between Brentcliffe and Laird.
Eglinton Avenue also serves as a convenient throughway, connecting residents to major arteries. For example, you can head east to Don Mills and get downtown or to North York by connecting to the DVP. You can also make your way through Midtown by simply heading west towards Yonge.
21 Overlea Blvd, Unit 1401 | 2 beds, 1 bath | Asking price: $529,000
11 Thorncliffe Park Dr, Unit 507 | 2 beds, 2 bath | Asking price: $575,000
365 Mcrae Dr, Unit 207 | 2 beds, 2 bath | Asking price: $749,000
For journalists: If you’d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.