Looking to buy a condo in Toronto? A new report from Strata.ca might just help you in your search. Although recent data has shown that overall condo values have increased over the past 60 days, there are still a few GTA neighbourhoods hanging in the lower price range. If you’re looking to buy, these are the spots you’ll find lower average price tags around the city.
But first, a little background info. So recent trends have shown a 9% increase in Greater Toronto Area condo prices over the past 60 days. Right now, the GTA average price sits at $669,000. However, 5 neighbourhoods still have places available that sit below that number.
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Where, you ask? Let us tell you. The neighbourhoods with below average pricing on condos at the moment are as follows:
- Old East York – East York (Average Sale Price: $495,000)
- Flemingdon Park – North York (Average Sale Price: $495,000)
- West Mall – Etobicoke (Average Sale Price: $550,000)
- Dixie-Applewood – Mississauga (Average Sale Price: $599,000)
- Thornhill – Markham (Average Sale Price: $639,000)
There are a number of reasons why the average prices in these areas may be what they are. But one that Strata.ca points out is the pandemic’s impact on immigration.
These softer prices provide a great opportunity for prospective homebuyers to shop around. But don’t wait too long! As the Strata.ca real estate agent Nathaniel Hartree-Hallifax says, “the closer we get back to pre-COVID times, the quicker these dynamics will revert.”
You can read the full report right here.