Toronto Condo Prices Keep Dropping & These Are The Cheapest Neighbourhoods To Buy In
In Toronto, condos often come with a pretty hefty price tag. However, you don't have to throw away your dreams of becoming a homeowner just yet. According to a new report by Zoocasa, Toronto condo prices have dropped in April, and these are the cheapest neighbourhoods to buy in if you're looking for a new home.
If you think you need to drop $1 million to become a condo owner in the city, you might want to think again. Some neighbourhoods across the 6ix have properties selling for under $400,000.
Zoocasa states that since February 2020, the median price for a condo has fallen by $65,000, with an overall median price of $574,000 across the city.
Of course, how much an average unit goes for depends on the neighbourhood in which you are looking to buy in. According to a median condo price analysis by Zoocasa, the cheapest neighbourhood to buy a condo is in West Hill Centennial Scarborough. There, the median price of a unit is $343,500.The neighbourhood is in the eastern-most part of the city and is close to the Toronto Zoo.
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Another super cheap neighbourhood to buy in right now is also in Scarborough. The Dorset Park and Kennedy Park areas have condos going for $396,250 as a median. Home prices there have gone down 10% in just two months, with a median price drop of $45,750.
The Willowridge-Martingrove-Richview neighbourhood takes third place for the cheapest neighbourhood to buy a condo. It is on the west side of town right by Toronto Pearson Airport.
You can buy a unit there for a median price of $398,750.
Which areas do you want to avoid if you are looking at buying for cheap?
According to the report, one of the most expensive places to buy in the city is the Yorkville, Annex, Summerville area where the median condo price is $890,000.
However, condos aren't the only ones seeing price drops.
According to a study done by Toronto's Regional Real Estate Board in April, the average price of a detached Toronto home is down 9.1%.
Outside of Toronto, there are a number of municipalities that have homes for unbelievably affordable prices.
If you're willing to move outside of the GTA, you'll be able to find spacious multi-bedroom homes for as little as $83,000.
In charming little townships like Schrieber and Terrace Bay, Ontario, you could snap up a beautiful home for less than $100,000. And with all the cash you're saving, you could really fix it up.
So if you're looking to buy a new home, it may be time to start packing your bags!