Weather is getting warmer, and coronavirus restrictions are slowly easing as things aim to get back to normal. People are getting back to work, and students restart their studies. While the pandemic has caused many people to struggle, many others have done better. The real estate market keeps moving on. Both buyers and renters are considering their next moves, but some opportunities seem to bring in more challenges than others.
Considering your next move requires proper attention. If you have spent the last years renting and you are after buying, chances are Toronto makes an excellent opportunity – lots of schools, universities, and jobs around. But just like in any large city, there are places and times where buying is better than renting. In general, renting is money down the drain, but it offers excellent flexibility. Now, certain parts of the city make it suitable for buying.
Whether you are interested in getting your own home, settling, or just investing, here is everything you need to know when looking for condos in Toronto.
Going east is a great choice.
The east side of Toronto is an excellent option for those who want to climb on the homeownership ladder. While buying downtown is not a great idea because renting provides better value for money, the eastern neighborhoods are suitable for those who want to buy.
At this point, the E03 is the best choice. You can find inexpensive condos for sale in East York, but the Danforth Village is just as attractive. At the same time, E10 – which is not too far from E03 – is worth some attention. Places like Centennial Scarborough and West Hill offer great opportunities, and people are selling. If you already rent in these neighborhoods, leaping into ownership is even easier, as you know the areas and are aware of the current facilities.
In both of these neighborhoods, the price of a condo equals about 15 years of rent, so buying is worth it.
Also, on the eastern side of Toronto, E11 – consisting of Rouge and Malvern – should be considered as well.
Going west is not too bad either.
The western side of Toronto is not to be ignored either. There are a few neighborhoods in there that ask for investors. People are selling, and prices are pretty low compared to the rent, so buying is the way to go. From this perspective, W05 is one of your best choices – with Black Creek and York University Heights dominating the market. W10 is just as attractive. Places like West Humber-Claireville and Rexdale-Kipling offer many opportunities for those interested in buying rather than renting.
The eastern side of Toronto is more diversified and provides more choices for potential buyers, but the west brings in some nice neighborhoods with many facilities. Furthermore, there is still plenty of room for improvement, so chances are all these places will appreciate over time. This is one reason why many investments seek opportunities in these areas rather than the overpriced central part of Toronto.
In the end, the outskirts of Toronto provide lots of reasonable solutions for those interested in buying. The market is slowly going up, and the outskirts still offer affordable prices where buying is better than renting. There are places where you should rent, rather than buy. However, those areas are mostly located in the central part of the city. Obviously, there are more aspects to keep in mind before making a final decision, but prices are always worth some attention.