Toronto’s Most Underrated Neighbourhoods With Best Value for Your Money

In a vast city like Toronto, it’s nearly impossible to understand the characteristics and nuances of every neighbourhood. But dig deep enough and you’ll uncover some hidden gems, especially when it comes to those neighbourhoods where you can get the best value for your money.

Right now, Strata.ca data shows the average price of a house in Toronto is just over $1.5M. And for condos, it’s $742,300 or roughly $904 per square foot (PSF). Although real estate values bottomed out in December after a series of interest rate hikes — prices are creeping back up in time for the spring market, following eight months of pent-up demand.

We’ve uncovered Toronto’s most underrated neighbourhoods, where your real estate dollars can stretch the furthest. After all, you may want to consider these areas before the rest of the city discovers their potential, too!

Birch Cliff-Cliffside

Price Compared To City Average

• Houses: 30% Cheaper
• Condos: 5% Cheaper

Located along Toronto’s southern shoreline — this Scarborough neighbourhood is known for its charming, family-friendly community and close proximity to the lake. Gentrification is happening quickly, especially along Kingston Road, as trendier shops and boutique condos creep further east from The Beach. Some may be worried about transportation in Birch Cliff-Cliffside. But for those who drive, the downtown core is easily accessible by simply travelling west along Kingston Road until it connects to Dundas.

The reason why real estate prices might be lower in this area is simply due to a lack of awareness. But note that houses here are still in demand among those ‘in-the-know’, meaning you may face some competition from both traditional buyers and investors. On average, people are paying about 3% above the asking price.

1247 Kingston Rd | $1,270,000

145 Kalmar Ave | $769,900

22 East Haven Dr, Unit 925 | $627,700

Richview

Price Compared To City Average

• Houses: 7% Cheaper
• Condos: 32% Cheaper

This Etobicoke neighbourhood may not be as popular as The Kingsway or Mimico. But for those willing to venture further north, Richview offers a peaceful environment surrounded by tons of greenspace. The area is becoming increasingly popular for both young families and elderly couples, looking for a good mix of urban and suburban characteristics.

We can reasonably expect real estate values in Richview to inch closer to the city’s average, given the neighbourhood’s close proximity to major highways including the 401 and 427. There have been many changes to this area in recent years, including new condos, shopping malls and some infrastructure improvements. It’s hard to say whether these changes have furthered gentrification. But one thing’s for certain — there are many homes here worth considering, given Richview’s lower-than-average property values.

132 Widdicombe Hill Blvd, Unit 310 | $699,900

389 The Westway, Unit 1 | $949,900

15 Sabrina Dr | $1,479,999

Caledonia-Fairbank

Price Compared To City Average

• Houses: 30% Cheaper
• Condos: N/A

If there’s any reason to consider this York-Crosstown neighbourhood, it’s the potential that could come from the new Eglinton Crosstown LRT. After all, Strata.ca data has shown that properties along this new transit system have surged in value by up to 135%.

Despite that, real estate prices near Caledonia station, and the wider neighbourhood, are still cheaper than the city’s average. Also, this is where the new LRT and the GO Barrie line intersect. So there’s potential for this area to become a prominent transportation hub, bringing more development to the general community.

If you’re looking for a condo, however, Caledonia-Fairbank isn’t the place for you as most of the options available are houses and townhomes.

262 Nairn Ave | $1,499,900

328 Gilbert Ave | $1,498,888

Flemingdon Park

Price Compared To City Average

• Houses: N/A
• Condos: 26% Cheaper

Flemingdon Park, known for its high-rise rentals, is starting to see more development take shape. Anyone looking for a condominium should consider this North York neighbourhood as real estate values here have not yet surged like they have in other parts of the city. For example, it’s still possible to get a well-sized 3-bedroom unit for under $700,000.

Although Flemingdon Park still has a long way to go for gentrification, its location is quite convenient. Situated near the Don Valley Parkway, drivers can easily get downtown in under 15 minutes. For those taking public transit, Don Mills station is within walking distance from various points within the neighbourhood.

Detached homes are not prevalent in Flemingdon Park. So if you’re looking for a freehold, you may have to consider the other neighbourhoods mentioned above.

6 Sonic Way, Unit N2408 | $669,888

5 Shady Gfwy, Unit 507 | $679,900

215 Wynford Dr, PH3001 | $1,035,000

Eringate-Centennial-West Deane

Price Compared To City Average

• Houses: 25% Cheaper
• Condos: 7% Cheaper

Spanning quite a large stretch of Toronto’s northwest corner, this Etobicoke neighbourhood includes several communities where property values are still below the city’s average. Being a well-established area, you’ll find a good mix of single-family homes, as well as townhouses and low-rise buildings. One of the biggest advantages of living in Eringate is that residents are surrounded by plenty of greenspace, thanks to both West Deane and Centennial parks.

Public transit isn’t as easily accessible, which could explain why real estate is relatively cheaper here. But for those who drive, Eringate’s close proximity to the 401 and 427 could be considered a big draw.

714 The West Mall N, Unit 1201 | $709,900

26 Hardwick Crt | $788,800

24 Triburnham Pl | $1,188,000