Discover Toronto’s Most Affordable Neighbourhoods for Condo Seekers

If you’re thinking about buying a home in Toronto soon, you might find the numbers a bit challenging. The average price for a standalone house has skyrocketed to over $1.6 million. While condos might seem like a more budget-friendly option, with an average price of $753,520, the current market reality tells a different story. Condo sales took a 29 percent hit from June to July in the city, making potential buyers think twice about diving into the turbulent real estate market. However, a fresh study that compares condo prices in various Toronto neighbourhoods to the current average condo price suggests that things might not be all doom and gloom.

Zoocasa conducted a study that looked at the average condo prices in 35 different neighbourhoods across the city to see where you could snag one for less than the city’s average condo price of $753,520. Unsurprisingly, neighbourhoods to the east, west, and north turned out to be the most budget-friendly. West Hill and Centennial Scarborough stole the show with a median condo price of $46,167, showcasing the biggest difference from the city’s average condo price. Other affordable neighbourhoods in the top five include Malvern and Rouge, Willowridge-Martingrove-Richview, East York and Danforth Village, and Black Creek and York University Heights.

On the flip side, if you’re looking at the pricier end, the spotlight shifts to the center of the city. With a median condo price of $2,303,200, Rosedale and Moore Park exceed the city’s average condo price by a whopping $1,549,680. York Mills, Bridle Path, and Hoggs Hollow follow closely behind with a median condo price of $2,270,000. In these areas, the cost of an average condo could get you a whole house in other parts of Toronto! Bedford Park-Nortown, Lawrence Park and Forest Hill North, as well as Yorkville, Annex, and Summerhill, have median condo prices just above $1 million, a far cry from the typical Toronto average. The Beaches and Upper Beaches secure the fifth spot among the least affordable neighbourhoods, with a median condo price of $888,580.

The good news is that there are 23 neighbourhoods in Toronto where condo prices fall below the city’s average. This means that the dream of owning a place isn’t out of reach just yet! Overall, it seems that aiming for the eastern or western parts of the city might be your best strategy for getting into the real estate game.

The most affordable Toronto neighbourhoods to buy a condominium:

1. West Hill, Centennial Scarborough
2. Malvern, Rouge
3. Willowridge-Martingrove-Richview
4. East York, Danforth Village
5. Black Creek, York University Heights
6. Rexdale-Kipling, West Humber-Claireville
7. Dorset Park, Kennedy Park
8. Milikin, Agincourt North
9. Morningside, Woburn, Bendale
10. Yorkdale-Glen Park, Weston
11. Steeles, L’Amoreaux, Tom O’Shanter Sullivan
12. Bathurst Manor, Clanton Park
13. Scarborough Village, Guildwood
14. Parkwood, Don Mills, Victoria Village
15. Rockcliffe-Smythe, Keelesdale-Eglinton West
16. Islington-City Centre West, Eringate-Centennial-West Deane
17. High Park North, Junction, Runnymede
18. Hillcrest Village, Bayview Village
19. Leaside, Thorncliffe Park, Flemingdon Park
20. Stonegate-Queensway
21. Willowdale West, Lansing-Westgate
22. Roncesvalles, Parkdale, High Park-Swansea
23. Regent Park, St. James Town

If you’re considering investing in a new condo, browse our now selling pre-con listings.