These are the best Toronto neighbourhoods to buy and rent a condo

Aug 26 2020, 5:05 pm

The COVID-19 pandemic has deeply impacted the real estate market, especially when it comes to condo rentals in Toronto.

According to a recent report by Zoocasa, the pandemic resulted in a “staggering increase” in the supply of available condo rentals in the city.

Using data from the  Toronto Regional Real Estate Board (TRREB), Zoocasa compared the price-to-rent ratio (PTRR) for 35 neighbourhoods across Toronto to highlight where it may be better to rent a condo apartment, and where it may be better to buy.

The report shows that on average the purchase price of a condo is equal to 22 years of rent. With the average condo price of $661,458 and the average monthly lease rate of $2,501, the price-to-rent was 22.

Of the 35 neighbourhoods included in Zoocasa’s analysis, 22 had a PTRR of at least 21 years, indicating that overall, renting a condo apartment may currently offer more value than purchasing one in the majority of Toronto neighbourhoods.

Top 5 Neighbourhoods worth buying a condo: 

1.E03 – East York, Danforth Village

  • Condo purchase price: $434,196
  • Condo lease rate (monthly): $2,415
  • PTRR: 15

2. E10 – West Hill, Centennial Scarborough

  • Condo purchase price: $352,500
  • Condo lease rate (monthly): $1,933
  • PTRR: 15

3. E11 – Malvern, Rouge

  • Condo purchase price: $405,518
  • Condo lease rate (monthly): $2,024
  • PTRR: 17

4. W05 – Black Creek, York University Heights

  • Condo purchase price: $434, 340
  • Condo lease rate (monthly): $2,140
  • PTRR: 17

5. W10 – Rexdale-Kipling, West Humber-Claireville

  • Condo purchase rate: $438,047
  • Condo lease rate: $2,124
  • PTRR: 17

Zoocasa

Top 5 Neighbourhoods worth renting a condo: 

1.C09 – Rosedale, Moore Park

  • Condo purchase price: $1,307,658
  • Condo lease rate: $2,501
  • PTRR: 35

2. C12 – York Mills, Bridle Path, Hoggs Hollow

  • Condo purchase price: $1,257,600
  • Condo lease rate: $3,108
  • PTRR: 34

3. E01 – Leslieville, Riverside, Little India

  • Condo purchase price: $868,112
  • Condo lease rate: $2,202
  • PTRR: 33

4. C02 – Yorkville Annex, Summerhill

  • Condo purchase price: $1,119,482
  • Condo lease rate: $3,020
  • PTRR: 31

5. C08 – Regent Park, St. James Town, Corktown

  • Condo purchase price: $734,172
  • Condo lease rate: $2,239
  • PTRR: 27

Overall, when looking at condos in central Toronto neighbourhoods like downtown, midtown and North York, it may be better value to rent.

But, east and west end neighbourhoods offer a chance for renters to possibly own property. The two strongest cases being East York, Danforth Village and West Hill, Centennial Scarborough.

It’s important to note that looking at price-to-rent ratio is not the only factor to consider when deciding to buy or rent a property. These decisions are also strongly based on personal goals and desired lifestyle choices.

So while Toronto may seem unattainable for condo ownership, there are pockets in the city offering possibilities.

Clarrie FeinsteinClarrie Feinstein

+ Real Estate
+ Urbanized
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