In Scarborough’s West Hill area, the most affordable neighbourhood in the 416, a condo costs $325,223 on average, and saving up for a down payment would take the equivalent of 7.7 months’ worth of rent in that area.
There are still neighbourhoods in Toronto where condos are affordable to first-time buyers — but they’ll have to move far from the nearest subway station, or urban shopping street.
Zoocasa has released a survey of condo prices in 35 Toronto neighbourhoods, comparing them to rental rates in those areas. It found that, in the northeast and northwest corners of the city — those farthest by transit from the city’s major employment hubs — condos are still quite affordable.
Areas in green denote relatively affordable neighbourhoods, while those in red indicate extremely unaffordable ZOOCASA
Areas in green denote relatively affordable neighbourhoods, while those in red indicate extremely unaffordable areas.
In 13 of the 35 areas, condos sell for around $450,000 or less, which is within affordability range for the average-earning household in Toronto.
In Scarborough’s West Hill area, the most affordable neighbourhood in the 416, a condo costs $325,223 on average, and saving up for a down payment would take the equivalent of 7.7 months’ worth of rent in that area.