These Are The Best Neighbourhoods To Buy Real Estate In Toronto & The Spots To Avoid
Good luck house hunting!🏡
CN Tower. Right: Mildenhall Road in Toronto.
If you're looking to find your dream home in Toronto's notoriously expensive real estate market, why not look for a place in one of the city's best neighbourhoods?
On June 3, MoneySense dropped their "Where To Buy Real Estate In Canada" report, where they collaborated with Zoocasa to figure out which neighbourhoods are the best and worst to buy a home in Toronto.
Neighbourhoods throughout the 6ix were ranked by their benchmark prices in 2021, how much the property will increase or decrease in value (over the course of one, three, and five years), and how many kids live in each household in the area. The report also factored in a few characteristics for each area (like if you're getting the most value for your money and how accessible it is to travel by public transit, for example) to the ranking, which they scored on a scale from one to five.
So, which spots came out on top?
Mildenhall was named the "hottest neighbourhood" to buy real estate in Toronto due to its central location and proximity to good schools. It's not cheap to land a home here though, as the average selling prices in this neighbourhood reached over $3 million by the end of 2021 which was a 74% price jump from what it was in 2020.
Thorncliffe Park ranked second because of its accessibility, and Highland Creek snagged the bronze medal for its "small-town feel" and popularity among families.
As for the spots to avoid, Malvern ranked 50th (a.k.a. dead last) out of all the neighbourhoods considered in the report. Agincourt North was second last, and Steeles was third last.
Here are the top 10 neighbourhoods to buy real estate in Toronto with their benchmark prices in 2021:
- Mildenhall, $3,024,167
- Thorncliffe Park, $645,224
- Highland Creek, $1,270,089
- Mallow, $1,727,985
- Duncairn, $1,524,413
- Port Union Village, $1,164,543
- Fairlawn, $1,895,254
- Centennial (west Rouge), $1,197,842
- Orchard Grove, $1,998,947
- The Queensway, $909,039
The future of Toronto's real estate
MoneySense also briefly forecasted the real estate trends for the 6ix, and determined that Toronto is currently a seller's market.
As of February 2022, average house prices in Toronto were going for $1,219,889, according to the report, and for the first time ever, detached houses were going for over $2 million on the market.
Since transactions were also going up, MoneySense forecasts that Toronto could be heading into a more balanced market within the next few months.
This article's cover image was used for illustrative purposes only.