Affordable Neighbourhoods in the Greater Toronto Area
Toronto is a beautiful city that has a number of great opportunities for both home buyers and sellers. Although Toronto is famous for its downtown core, it is important to remember that there are quite a few neighbourhoods that are ripe for growth and future development. Unfortunately, these neighbourhoods have been overlooked in the past, but there is currently great potential in all of these areas.
Top 5 GTA Neighbourhoods for Price Appreciation
There are a number of neighbourhoods in the GTA that have seen a large amount of growth in the past few years. Many of these neighbourhoods have appreciated in value, making them great investments for the current owners. The top 5 neighbourhoods in the GTA for price appreciation are Palmerston-Little Italy-Trinity-Bellwoods, Brock, The Beaches, Edenbridge/Humber Valley/ Islington and Georgina. All of these communities have seen an appreciation of 10% or more in the past 2 quarters.
Top 5 Most Affordable Neighbourhoods in the 416
These GTA neighbourhoods are not only the most affordable in the area, but they are also filled with opportunity for growth in the near future. The 5 most affordable neighbourhoods in the GTA are West Humber-Clairville-Rexdale-Kipling-Thistletown-Beaumond Heights, Bendale-Woburn-Morningside, Malvern-Rouge, Rockcliffe-Smythe, Keelesdale-Eglinton West-Weston, and Downsview-Roding-Glenfield-Jane Heights-Black Creek. A detached home in these neighbourhoods can cost anywhere from $732,854 to $859,215.
Top 5 Most Affordable Neighbourhoods in the 905
For those who are willing to venture closer to the outskirts of the GTA, there are a number of great options in the 905 area. Due to their distance from the city, they are slightly cheaper than the detached homes in the 416. The 5 most affordable neighbourhoods in the 905 are Essa, Oshawa, Brock, Clarington, Georgina. In these neighbourhoods, a detached home can range from about $547,970 to $590,255. This is considerably cheaper than the detached homes in the 416.
What is interesting about this is that Georgina is on both the price appreciation and affordability list. This is a good piece of information for anyone interested in purchasing a detached home in Georgina.
Regions such as Durham Region, Simcoe County and Dufferin County are becoming hotspots for detached homes. They offer a comparably cheaper alternative to areas close to the city. However, it is important to remember that living in an area such a Durham Region will add to commute costs and add to the wear of your vehicle. This is important to remember when looking for a detached home in the GTA.
Toronto is a beautiful city that is filled with wonderful and unique neighbourhoods. Although the city has a reputation for being expensive, there are a number of great, affordable areas in the GTA. Areas such as Durham Region are set to see a lot of growth in the near future. For more information on finding an affordable neighbourhood in the GTA, contact RE/MAX Hallmark. We are always extremely happy to help you find your dream home.
