These are the most affordable neighbourhoods to buy a condo in Toronto
When it comes to owning property in Toronto, condos have always been the more affordable option.
Especially as single-family homes continue to remain above financial reach for many aspiring home buyers, with the average detached house costing $1,339,618 in May, according to the Toronto Real Estate Board.
But while skyrocketing condo prices always feel like the norm in Toronto, real estate prices can vary greatly by neighbourhood, with some pockets of the city offering much greater value than others.
For those considering where to buy a condo, full-service real estate brokerage Zoocasa has revealed what Toronto neighbourhoods offer the greatest condo affordability.
To identify these neighbourhoods, Zoocasa compared the average price in each area (sourced from the Toronto Real Estate Board) to the city’s average, as well as the median income earned in Toronto households.
What’s not surprising is home affordability is a far greater possibility for those in dual-or-more-income households.
“According to the 2016 Census, the median take-home pay was $96,294. Assuming a 20-per-cent down payment, this would qualify this household for a maximum mortgage amount of $591,347, which can in 18 of the 35 examined neighbourhoods,” wrote Zoocasa in the report.
Whether you earn less or more, these are the most and least affordable neighbourhoods to buy a condo.
Zoocasa
Top 5 Most Affordable Toronto Condo Neighbourhoods
1) E10: West Hill, Centennial Scarborough (Average condo price May 2018, $253,822, $40,547 income required to afford condo)
2) E11: Malvern, Rouge (Average condo price May 2018, $332,969, $53,189 income required to afford condo)
3) W10: Rexdale-Kipling, West Humber-Claireville (Average condo price May 2018, $346,796, $55,397 income required to afford condo)
4) W05: Black Creek, York University Heights (Average condo price May 2018, $348,797, $55,717 income required to afford condo)
5) E04: Dorset Park, Kennedy Park (Average condo price May 2018, $364,466, $58,220 income required to afford condo)
Top 5 Least Affordable Toronto Condo Neighbourhoods
1) C09: Rosedale, Moore Park (Average condo price May 2018, $966,133, $154,332 income required to afford condo)
2) C12: York Mills, Bridle Path, Hoggs Hollow (Average condo price May 2018, $898,788, $143,574 income required to afford condo)
3) C02: Yorkville, Annex, Summerhill (Average condo price May 2018, $872,506, $139,376 income required to afford condo)
4) E01: Leslieville, Riverside, Little India (Average condo price May 2018, $768,234, $122,720 income required to afford condo)
5) W07: Stonegate, Queensway (Average condo price May 2018, $720,800, $115,143 income required to afford condo)