The average condo in Toronto will set you back a pretty penny — it cost $736,566 as of the third quarter of 2023 — but that sticker price is far from the only factor you should consider when making perhaps the most important purchase of your life.
Whether you’re a newcomer looking for a starter home, a parent downsizing, a condo investor or even a wealthy business tycoon, Toronto offers a range of options perfect for every type of potential home buyer.
Here are five of Toronto’s best neighborhoods in which to buy your first condo in Toronto.
The appendix
According to a recent ranking of The Annex as one of the most desirable neighborhoods in the world, you could call home one of the “coolest neighborhoods in the world” – specifically, the 38th coolest neighborhood.
Living in a condo near literary legend Margaret Atwood amid the architecture of Uno Prii will cost you a range from just under the citywide median price to multi-million dollar units.
Thanks to the nearby University of Toronto campus, the area is always in high demand, offering condo buyers the flexibility to rent out their units if their homes outgrow in the future.
Not every unit in this area is a starter home. Not close. However, it is one of the few desirable areas that offers at least some condos that are well below Toronto’s average price.
Crescent City
A bastion of affordability compared to the surrounding city’s out-of-control real estate prices, Crescent Town offers affordable real estate prices without sacrificing the benefits of living in one of the world’s most multicultural cities.
Home to a large South Asian and West Indian population, the area is rich in culture, while condo prices have buyers in the $350,000 to $500,000 range – with options far cheaper than even half the Toronto average.
Like any neighborhood where prices are less than half the local average, this area has its fair share of problems. However, Crescent Town’s lower cost of living and deep cultural roots make it an excellent neighborhood for newcomers looking to settle down with an entry-level home.
Flemingdon Park
Offering comparable entry-level condominium prices, many starting as low as $400,000, Flemingdon Park is also home to a large population of new Canadians, including established communities in South Asia, Southeast Asia, Eastern and Western Europe.
Flemingdon Park also offers tremendous investment potential thanks to the upcoming Ontario Line subway, which will include a stop at the current Ontario Science Center as well as connections to the soon-to-open Eglinton Crosstown LRT.
Condo buyers who invest in this neighborhood before the two transit lines open will have the opportunity to get in on the ground floor of a neighborhood on the doorstep of change.
Weston Mount Dennis
Like many other neighborhoods in the path of the upcoming Crosstown LRT, Weston-Mount Dennis’ relatively low real estate values — with prices for older condos in the low $500,000 range — could see a significant upward trend in the coming years.
Factors such as relative affordability, future transportation, a culturally diverse landscape and a multicultural dining scene that resembles a trip around the world make Weston-Mount Dennis an attractive neighborhood to locate in.
Scarborough town centre
Scarborough may have lost its RT, but a new subway extension on the horizon promises huge investment potential for the relatively affordable condos on the market in the heart of the former suburb.
Condos starting at $400,000 offer new homeowners a relatively affordable entry into the local real estate market, in an area poised for major change and the potential for meteoric property value appreciation.
The upcoming subway line, along with perks like Scarborough Town Center’s 250+ shops, offers the perfect mix of urban and suburban for condo buyers of all lifestyles.