So, you are finally ready to make the big step and purchase your first property. You have been renting for years, and you have decided – Toronto is your forever home. At this point, renting is no longer an option. It is just money down the drain. You no longer need the flexibility associated with it. You have saved up for a deposit, and you are ready to settle down. You go around checking various websites, and you realize that some condos cost up to five times more than others.
Like in every other big city in the world, there are certain areas where buying is better than renting. The rent is too high, and the price for a condo outweighs the necessity to rent. Then, there are also parts of a city where renting is a better choice because condos are overpriced. The same rule applies to Toronto. What are the best places to look when interested in buying, and what are the ones to avoid at all costs then?
Where not to buy a condo in Toronto?
Generally speaking, city centers are overpriced, and Toronto follows the same rule. From this point of view, downtown Toronto condos are not worth investing in. Sure, downtown is excellent for renting – much more cost-efficient than buying, but purchasing a property, there is a no-no. A neighborhood like C02 – Summerhill, Annex or Yorkville – and C08 – Corktown, St. James Town, and Regent Park – offer better opportunities for those who like to rent.
The same rule applies to York Mills, Hoggs Hollow, and Bridle Path, located in C12 – and Rosedale and Moore Park – situated in C09. Renting in these areas is the better choice. If you are interested in buying, do not even bother checking. The same goes for Leslieville – Leslieville condos provide no value for money at the moment.
Now that you know what areas to avoid when buying, where should you look instead? While you can find good deals pretty much everywhere, specific neighborhoods are ideal for investing or just moving. Some other places are in between, though – such as condos in Forest Hill, which can go in any direction.
Are you purchasing a condo in the west?
The west side of Toronto is worth a lot of attention due to numerous opportunities. W05 is one of your top priorities – keep an eye on York University Heights and Black Creek. Buying here is more cost-efficient than renting. The same rule applies to W10 – always keep an eye on the market in West Humber-Claireville and Rexdale-Kipling. You will find some excellent opportunities.
Purchasing a condo in the east
The east side of Toronto can take even more development, meaning deals at the moment are even better. E03 is your primary choice out there – check the Danforth Village or East York. At the same time, E10 is just as attractive for investors and those seeking value for money – West Hill and Centennial Scarborough. As you keep exploring the area, you will find good deals in E11 too. Keep in mind that E11 is a little unusual – some deals are incredibly good, while others are not worth it. Places like Rouge and Malvern are the best to look at.
Bottom line, Toronto is the type of city with high gaps between one neighborhood and another. Some places are ideal for investors, while others are suitable for buying a property and settling in. Like everywhere else, there are specific neighborhoods with overpriced properties – especially condos, which are not ideal for such a long-term investment.