Where to buy real estate in 2020: City of Toronto

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Rank	Area	Province	Neighbourhood	Area average price 2019	Value	Momentum	Average price vs. area	Average price vs. metro district	Average price vs. greater city area	1-Year price change	5-Year price change	Final star rating
1	Toronto W06	ON	Alderwood	$1,012,359	68.23	98.32	150.4%	128.8%	120.0%	65.4%	97.7%	★★★★
2	Toronto C08	ON	Moss Park	$1,509,796	50.49	99.43	173.5%	221.6%	206.5%	80.9%	98.2%	★★★★
3	Toronto E01	ON	Blake-Jones	$1,241,262	60.86	92.39	117.9%	123.8%	115.4%	45.6%	94.6%	★★★
4	Toronto C10	ON	Mount Pleasant East	$1,594,740	51.87	94.85	137.5%	185.5%	172.9%	37.7%	95.1%	★★★★
5	Toronto C02	ON	Yonge-St. Clair	$2,095,964	47.70	86.82	159.7%	283.3%	263.9%	19.5%	87.7%	★★★★★
6	Toronto C02	ON	Wychwood	$2,095,964	50.60	95.55	93.8%	166.3%	155.0%	39.6%	96.4%	★★★★
7	Toronto E03	ON	Crescent Town	$1,069,340	67.31	99.72	142.9%	129.3%	120.5%	106.7%	99.7%	★★
8	Toronto C04	ON	Lawrence Park North	$1,819,957	50.09	86.80	111.7%	172.1%	160.3%	29.2%	84.6%	★★★★
9	Toronto C03	ON	Oakwood-Vaughan	$1,672,260	45.48	98.79	89.9%	127.1%	118.5%	65.1%	98.5%	★★★
10	Toronto C09	ON	Rosedale-Moore Park	$3,008,096	42.60	86.02	127.5%	324.6%	302.4%	24.2%	90.5%	★★★★★
11	Toronto E10	ON	West Hill	$790,226	58.75	97.71	137.7%	92.1%	85.8%	56.4%	97.9%	★★★
12	Toronto C01	ON	Trinity-Bellwoods	$1,648,312	61.74	77.64	111.6%	155.6%	145.0%	7.7%	91.5%	★★★★
13	Toronto C03	ON	Yonge-Eglinton	$1,672,260	58.34	58.04	105.6%	149.4%	139.2%	9.9%	65.6%	★★★★★
14	Toronto C01	ON	Palmerston-Little Italy	$1,648,312	58.79	63.18	106.6%	148.6%	138.5%	1.2%	63.1%	★★★★
15	Toronto W06	ON	New Toronto	$1,012,359	45.92	90.46	103.5%	88.6%	82.6%	25.7%	90.0%	★★★
16	Toronto W08	ON	Eringate-Centennial-West Deane	$1,184,223	46.13	90.97	99.1%	99.3%	92.6%	34.5%	92.3%	★★★★
17	Toronto C02	ON	Annex	$2,095,964	43.66	64.86	121.3%	215.1%	200.4%	-1.4%	77.7%	★★★★★
18	Toronto E11	ON	Rouge E11	$722,209	63.56	96.38	164.4%	100.4%	93.6%	52.9%	95.9%	★★★
19	Toronto E02	ON	East End-Danforth	$1,316,352	40.82	81.48	90.7%	101.0%	94.1%	17.6%	90.3%	★★★
20	Toronto W03	ON	Weston-Pellam Park	$843,633	46.10	83.23	110.2%	78.7%	73.3%	20.0%	87.2%	★★
21	Toronto W05	ON	York University Heights	$828,052	56.57	86.73	130.6%	91.5%	85.3%	30.5%	85.6%	★★
22	Toronto C01	ON	Little Portugal	$1,648,312	45.84	59.50	90.8%	126.6%	118.0%	-0.2%	84.1%	★★★★
23	Toronto E04	ON	Clairlea-Birchmount	$761,729	46.24	77.52	115.8%	74.7%	69.6%	20.3%	80.5%	★★★
24	Toronto W01	ON	Roncesvalles	$1,526,647	47.13	56.85	94.6%	122.2%	113.9%	1.2%	71.3%	★★★★
25	Toronto W05	ON	Humber Summit	$828,052	46.17	83.75	111.5%	78.1%	72.8%	19.8%	76.7%	★★
26	Toronto E01	ON	Greenwood-Coxwell	$1,241,262	34.15	64.50	83.3%	87.5%	81.5%	7.5%	69.0%	★★★★
27	Toronto E04	ON	Kennedy Park	$761,729	38.37	81.30	104.4%	67.3%	62.7%	18.4%	80.8%	★★
28	Toronto E11	ON	Malvern	$722,209	52.74	96.89	131.7%	80.5%	75.0%	48.9%	97.4%	★★
29	Toronto W03	ON	Keelesdale-Eglinton West	$843,633	38.76	81.67	102.2%	72.9%	68.0%	17.2%	82.1%	★★
30	Toronto W03	ON	Rockcliffe-Smythe	$843,633	37.36	85.14	100.3%	71.6%	66.7%	20.7%	87.9%	★★
31	Toronto E02	ON	Woodbine Corridor	$1,316,352	34.23	60.34	80.1%	89.2%	83.1%	5.6%	59.7%	★★★★
32	Toronto C10	ON	Mount Pleasant West	$1,594,740	53.37	31.12	100.1%	135.1%	125.8%	-10.1%	40.3%	★★★★
33	Toronto W05	ON	Glenfield-Jane Heights	$828,052	42.65	86.09	106.6%	74.7%	69.6%	19.0%	83.8%	★★
34	Toronto W05	ON	Humbermede	$828,052	35.95	79.98	99.8%	69.9%	65.1%	15.5%	70.5%	★★
35	Toronto C13	ON	Banbury-Don Mills	$1,187,598	66.64	34.76	135.8%	136.4%	127.1%	1.1%	38.5%	★★★
36	Toronto W06	ON	Mimico	$1,012,359	34.69	50.52	92.7%	79.4%	74.0%	3.5%	36.2%	★★★★
37	Toronto W04	ON	Briar Hill-Belgravia	$850,365	43.58	59.40	106.9%	76.9%	71.6%	2.6%	63.3%	★★
38	Toronto C15	ON	Hillcrest Village	$1,193,437.50	41.64	54.75	94.7%	95.7%	89.2%	16.9%	48.2%	★★★
39	Toronto C01	ON	Dufferin Grove	$1,648,312	39.84	44.07	79.8%	111.3%	103.7%	-1.8%	21.8%	★★★★
40	Toronto W05	ON	Humberlea-Pelmo Park W5	$828,052	48.88	67.73	115.2%	80.7%	75.2%	19.8%	65.1%	★★
41	Toronto E09	ON	Bendale	$727,426	38.16	63.26	105.3%	64.8%	60.4%	9.9%	65.4%	★★★
42	Toronto W03	ON	Corso Italia-Davenport	$843,633	44.62	48.17	108.1%	77.2%	71.9%	2.0%	46.2%	★★★
43	Toronto C13	ON	Victoria Village	$1,187,598	34.23	57.93	85.9%	86.3%	80.4%	12.3%	65.9%	★★★
44	Toronto E03	ON	Broadview North	$1,069,340	39.43	48.36	96.0%	86.9%	81.0%	6.0%	40.0%	★★★
45	Toronto E06	ON	Oakridge	$857,438	26.17	67.06	86.6%	62.8%	58.5%	12.7%	67.4%	★★
46	Toronto W02	ON	High Park North	$1,252,811	44.59	24.80	96.5%	102.4%	95.4%	-6.9%	22.3%	★★★★
47	Toronto W03	ON	Caledonia-Fairbank	$843,633	38.61	58.63	102.1%	72.9%	67.9%	1.9%	67.9%	★★
48	Toronto W04	ON	Humberlea-Pelmo Park W4	$850,365	43.88	55.48	107.2%	77.1%	71.9%	14.3%	77.4%	★★
49	Toronto E03	ON	Danforth Village-East York	$1,069,340	32.10	34.93	87.2%	78.9%	73.5%	-5.2%	44.4%	★★★★
50	Toronto W05	ON	Downsview-Roding-CFB	$828,052	38.92	62.65	102.5%	71.8%	66.9%	11.0%	60.3%	★★
51	Toronto W05	ON	Black Creek	$828,052	29.43	71.65	92.9%	65.1%	60.7%	11.2%	82.8%	★★
52	Toronto E06	ON	Birchcliffe-Cliffside	$857,438	42.03	42.90	105.3%	76.4%	71.2%	-5.2%	61.0%	★★★
53	Toronto E10	ON	Rouge E10	$790,226	62.19	23.86	149.3%	99.8%	93.0%	0	0.0%	★★★
54	Toronto E01	ON	North Riverdale	$1,241,262	51.83	24.63	103.9%	109.2%	101.7%	-8.9%	20.8%	★★★★
55	Toronto E03	ON	Woodbine-Lumsden	$1,069,340	26.66	43.22	78.9%	71.4%	66.5%	-2.0%	51.8%	★★★
56	Toronto W04	ON	Mount Dennis	$850,365	34.35	56.78	97.7%	70.3%	65.5%	0	95.6%	★★
57	Toronto E02	ON	The Beaches	$1,316,352	39.32	16.42	88.3%	98.4%	91.7%	-17.2%	20.0%	★★★★★
58	Toronto E07	ON	Agincourt South-Malvern West	$831,826	44.84	46.92	109.6%	77.1%	71.9%	7.0%	34.6%	★★
59	Toronto C01	ON	Kensington-Chinatown	$1,648,312	21.30	38.11	43.8%	61.0%	56.9%	0	6.9%	★★★
60	Toronto C13	ON	Parkwoods-Donalda	$1,187,598	39.56	34.86	92.1%	92.6%	86.3%	2.9%	31.8%	★★★
61	Toronto E04	ON	Ionview	$761,729	36.49	44.32	102.3%	65.9%	61.4%	0	73.6%	★★
62	Toronto W01	ON	High Park-Swansea	$1,526,647	37.90	16.13	80.1%	103.5%	96.4%	-20.3%	19.7%	★★★★
63	Toronto E01	ON	South Riverdale	$1,241,262	32.79	23.73	81.1%	85.2%	79.4%	-16.2%	27.4%	★★★★
64	Toronto C02	ON	Casa Loma	$2,095,964	45.12	3.48	83.3%	147.7%	137.6%	0	10.8%	★★★★
65	Toronto W02	ON	Runnymede-Bloor West Village	$1,252,811	30.73	18.43	77.3%	82.0%	76.4%	-17.7%	17.4%	★★★★
66	Toronto W10	ON	West Humber-Clairville	$739,999	32.28	43.73	98.3%	61.6%	57.4%	-1.1%	45.6%	★★
67	Toronto W02	ON	Dovercourt-Wallace Emerson-Junction	$1,252,811	30.09	25.52	76.4%	81.0%	75.5%	-11.0%	29.7%	★★★
68	Toronto C11	ON	Leaside	$1,694,183	35.09	10.81	68.2%	97.8%	91.2%	-26.4%	12.6%	★★★★★
69	Toronto E05	ON	Tam O'Shanter-Sullivan	$884,020	32.09	40.74	94.6%	70.8%	66.0%	4.5%	36.9%	★★
70	Toronto C07	ON	Newtonbrook West	$1,263,135	34.61	21.71	83.2%	88.9%	82.9%	-6.4%	25.9%	★★★★
71	Toronto C04	ON	Lawrence Park South	$1,819,957	40.46	8.80	76.9%	118.4%	110.3%	-28.6%	15.1%	★★★★
72	Toronto C15	ON	Pleasant View	$1,193,437.50	33.08	29.52	83.6%	84.4%	78.7%	-0.4%	29.0%	★★★
73	Toronto E07	ON	Agincourt North	$831,826	32.00	34.74	95.9%	67.5%	62.9%	2.3%	23.1%	★★★
74	Toronto E03	ON	Playter Estates-Danforth	$1,069,340	38.68	9.77	95.4%	86.3%	80.4%	-33.4%	13.1%	★★★
75	Toronto W10	ON	Thistletown-Beaumonde Heights	$739,999	30.55	47.74	97.1%	60.8%	56.6%	1.3%	53.8%	★★
76	Toronto E03	ON	Danforth	$1,069,340	41.14	38.57	97.4%	88.2%	82.2%	-6.0%	47.4%	★★★
77	Toronto E03	ON	East York	$1,069,340	28.04	16.37	80.9%	73.2%	68.2%	0	26.7%	★★★★
78	Toronto W06	ON	Long Branch	$1,012,359	37.38	15.23	95.6%	81.9%	76.3%	0	0.0%	★★★★
79	Toronto C03	ON	Humewood-Cedarvale	$1,672,260	33.93	16.71	66.1%	93.6%	87.2%	-21.6%	20.5%	★★★
80	Toronto E10	ON	Centennial Scarborough	$790,226	37.18	31.28	102.3%	68.4%	63.7%	-3.8%	32.6%	★★★
81	Toronto E04	ON	Dorset Park	$761,729	44.64	38.45	112.0%	72.2%	67.3%	0	81.5%	★★
82	Toronto C15	ON	Don Valley Village	$1,193,437.50	32.82	19.43	83.4%	84.2%	78.5%	-9.5%	21.5%	★★★
83	Toronto C15	ON	Bayview Woods-Steeles	$1,193,437.50	35.27	16.00	86.6%	87.4%	81.5%	-12.8%	18.7%	★★★★
84	Toronto W02	ON	Junction Area	$1,252,811	27.01	18.38	71.2%	75.5%	70.4%	-17.5%	24.9%	★★★
85	Toronto E09	ON	Woburn	$727,426	27.26	38.74	93.0%	57.2%	53.3%	-0.2%	42.3%	★★
86	Toronto C01	ON	University	$1,648,312	25.46	15.85	52.1%	72.6%	67.7%	-50.9%	8.5%	★★★★★
87	Toronto W04	ON	Brookhaven-Amesbury	$850,365	32.52	30.14	95.8%	69.0%	64.3%	5.9%	37.9%	★★
88	Toronto E07	ON	Milliken	$831,826	28.71	27.51	91.8%	64.6%	60.2%	-2.6%	22.8%	★★★
89	Toronto E05	ON	L'Amoreaux	$884,020	32.95	21.97	95.4%	71.4%	66.5%	-2.9%	22.1%	★★
90	Toronto W02	ON	Lambton Baby Point	$1,252,811	25.49	9.82	67.5%	71.5%	66.6%	-32.6%	11.5%	★★★★
91	Toronto C08	ON	Cabbagetown-South St. James Town	$1,509,796	22.38	6.53	50.3%	64.3%	59.9%	-42.7%	7.2%	★★★★
92	Toronto W04	ON	Maple Leaf	$850,365	28.10	12.85	90.6%	65.2%	60.8%	0	0.0%	★★
93	Toronto E08	ON	Guildwood	$808,092	33.56	0	98.2%	67.1%	62.6%	0	0.0%	★★★
94	Toronto W04	ON	Rustic	$850,365	28.95	10.09	91.4%	65.8%	61.3%	0	0.0%	★★
95	Toronto C08	ON	Church-Yonge Corridor	$1,509,796	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
96	Toronto C03	ON	Forest Hill South	$1,672,260	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★★
97	Toronto C04	ON	Forest Hill North	$1,819,957	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
98	Toronto W08	ON	Kingsway South	$1,184,223	(22.35)	0.10	0.0%	0.0%	0.0%	0	0.0%	★★★★
99	Toronto C10	ON	Flemingdon Park	$1,594,740	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★★★
100	Toronto W08	ON	Islington-City Centre West	$1,184,223	(22.35)	0.09	0.0%	0.0%	0.0%	0	0.3%	★★★★
101	Toronto C15	ON	Bayview Village	$1,193,437.50	(22.35)	0.09	0.0%	0.0%	0.0%	0	0.3%	★★★★★
102	Toronto C04	ON	Bedford Park-Nortown	$1,819,957	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★★
103	Toronto C08	ON	Regent Park	$1,509,796	(22.35)	0.04	0.0%	0.0%	0.0%	0	0.0%	★★★
104	Toronto C07	ON	Willowdale West	$1,263,135	(22.35)	0.26	0.0%	0.0%	0.0%	-100.0%	0.3%	★★★★
105	Toronto W07	ON	Stonegate-Queensway	$1,225,390	(22.35)	0.04	0.0%	0.0%	0.0%	0	0.0%	★★★★
106	Toronto W08	ON	Edenbridge-Humber Valley	$1,184,223	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
107	Toronto C12	ON	Bridle Path-Sunnybrook-York Mills	$2,408,769	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
108	Toronto C04	ON	Englemount-Lawrence	$1,819,957	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
109	Toronto C14	ON	Newtonbrook East	$1,529,290	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
110	Toronto W08	ON	Princess-Rosethorn	$1,184,223	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★★
111	Toronto W08	ON	Etobicoke West Mall	$1,184,223	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★★
112	Toronto W08	ON	Markland Wood	$1,184,223	(22.35)	0.26	0.0%	0.0%	0.0%	-100.0%	0.3%	★★★★
113	Toronto W01	ON	South Parkdale	$1,526,647	(22.35)	0.26	0.0%	0.0%	0.0%	-100.0%	0.3%	★★★
114	Toronto C14	ON	Willowdale East	$1,529,290	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★★
115	Toronto C01	ON	Niagara	$1,648,312	(22.35)	0.11	0.0%	0.0%	0.0%	0	0.3%	★★★★
116	Toronto C06	ON	Bathurst Manor	$1,089,948	(22.35)	0.06	0.0%	0.0%	0.0%	0	0.0%	★★★★
117	Toronto C12	ON	St. Andrew-Windfields	$2,408,769	(22.35)	0.09	0.0%	0.0%	0.0%	0	0.3%	★★★★
118	Toronto C15	ON	Henry Farm	$1,193,437.50	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
119	Toronto C07	ON	Lansing-Westgate	$1,263,135	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
120	Toronto C07	ON	Westminster-Branson	$1,263,135	(22.35)	0.26	0.0%	0.0%	0.0%	-100.0%	0.3%	★★★
121	Toronto W09	ON	Kingsview Village-The Westway	$902,203	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
122	Toronto W09	ON	Humber Heights	$902,203	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★
123	Toronto C06	ON	Clanton Park	$1,089,948	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
124	Toronto W04	ON	Yorkdale-Glen Park	$850,365	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
125	Toronto E03	ON	O'Connor-Parkview	$1,069,340	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★★
126	Toronto E04	ON	Wexford-Maryvale	$761,729	(22.35)	0.04	0.0%	0.0%	0.0%	0	0.0%	★★★
127	Toronto E08	ON	Cliffcrest	$808,092	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★
128	Toronto W09	ON	Willowridge-Martingrove-Richview	$902,203	(22.35)	0.16	0.0%	0.0%	0.0%	0	0.3%	★★★
129	Toronto E08	ON	Scarborough Village	$808,092	(22.35)	0.06	0.0%	0.0%	0.0%	0	0.0%	★★
130	Toronto E08	ON	Eglinton East	$808,092	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★
131	Toronto E05	ON	Steeles	$884,020	(22.35)	0.16	0.0%	0.0%	0.0%	0	0.3%	★★
132	Toronto W10	ON	Rexdale-Kipling	$739,999	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★
133	Toronto W04	ON	Beechborough-Greenbrook	$850,365	(22.35)	0.06	0.0%	0.0%	0.0%	0	0.0%	★★
134	Toronto E10	ON	Highland Creek	$790,226	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
135	Toronto E09	ON	Morningside	$727,426	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★
136	Toronto W10	ON	Elms-Old Rexdale	$739,999	(22.35)	0.05	0.0%	0.0%	0.0%	0	0.3%	★★
137	Toronto C01	ON	Waterfront Communities C1	$1,648,312	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
138	Toronto C08	ON	Waterfront Communities C8	$1,509,796	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★★
139	Toronto W04	ON	Weston	$850,365	(22.35)	0.26	0.0%	0.0%	0.0%	-100.0%	0.3%	★★
140	Toronto C08	ON	North St. James Town	$1,509,796	(22.35)	0	0.0%	0.0%	0.0%	0	0.0%	★★
141	Toronto W10	ON	Mount Olive-Silverstone-Jamestown	$739,999	(22.35)	0.11	0.0%	0.0%	0.0%	0	0.3%	★★

Value: Measures how affordable the neighbourhood is compared to the surrounding area and the region overall
Momentum: Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation

For more, please see our complete methodology

The spring market came early to Toronto this year, only to be squashed by a black swan event that no hindsight could predict.

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The City of Toronto was poised for one of the strongest spring selling seasons this past March. The average sale price (for all property types) by the end of March 2020 was just over $1,050,650—a 27% year-over-year increase from March 2019. This is a big increase but there was the potential for prices to push even higher this year. Before the COVID-19 pandemic really made an impact, there was only a slight year-over-year increase in the number of sold properties during the month of March (1.1%), but a significant reduction in the number of properties for sale (24%). This combination would’ve made this year an excellent opportunity for sellers looking to get top-dollar.

But then we began to really feel the impact of the coronavirus pandemic.

According to the Canada Mortgage and Housing Corporation (CMHC), housing sales across the country fell by 15% in March, before falling to their worst April on record in 36 years. (If you recall, the early 1980s was marked by a recession, high inflation and double-digit interest rates.)

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At present, average selling prices have remained fairly flat, but this is unlikely to continue. Given market conditions and the current uncertainty about a vaccine, CMHC analysts are now predicting a nationwide recession that will suppress residential sales activity until at least 2022; this reduced market activity will force prices down 9% to 18%, during this time period.

Problem is, these predictions are being made within a vacuum; analysts are still trying to assess how long the economy will remain stagnant and how quickly businesses can bounce back from the imposed shutdown that began in mid-March.

For now, then, Toronto home buyers shouldn’t anticipate dramatic price declines, at least not for this year. Prior to the pandemic outbreak, pent-up demand had pushed market activity to exceptional levels, with a 15% year-over-year price increase in February 2020. According to TRREB, this strong start to 2020 will help prop up the GTA market and keep prices near 2019 levels.

When buyers do return, agents and brokerage will be waiting. And even if average prices end up dipping a bit due to lack of activity and consumer confidence, seasoned agents know demand in the City of Toronto will return.

Just ask Steve Liu, a Zolo agent and broker for Real Estate Made Simple (REMS). Liu started his career just when the U.S. housing market collapsed in 2008. Building his business and his knowledge during such a tough time gave this real estate professional valuable insight: a home is as much a personal decision as it is a financial acquisition.

Those who consider the purchase of a home as part of their longer financial goals while meeting their immediate personal needs may still consider a single-family house in the City of Toronto as a sound investment. Again, some strict caution needs to be applied. Overstretching your budget to take on debt, even if it is backed by a higher-value asset, isn’t smart. But buying within your means is prudent. Why? Because the federal government is willing to spend a lot in order to stimulate the economy and these measures, combined with Toronto’s market fundamentals prior to COVID-19, will enable the city to emerge from this pandemic poised to grow.

All six of Canada’s big banks went on record in late March and early April to report significant economic losses for the second quarter of 2020—as much as a 25% decline in economic output. That’s bleak, but all six banks also predict economic growth in the third quarter, as much as a 30% increase. Their theory is that pent-up demand for goods and services will kick start the nation’s economy starting in and around July 2020.

The desire for a single-family home in the City of Toronto will be part of that pent-up demand. Buyers who want to prepare would be wise to do their homework now.

Start by examining this year’s top three Toronto neighbourhoods:

1. Alderwood, Toronto

On the west side of the City of Toronto, just north of Long Branch, is the neighbourhood of Alderwood. The name comes from a First Nations word meaning, “a meeting place where the alder trees grow.” Most of those trees are now gone, but in their place is a bustling inner-suburban community with easy access to public transit, major highways and Toronto’s downtown hub.

Given its proximity to Toronto’s financial district, the Alderwood area is going through a lot of redevelopment. This means buyers can find everything from original post-war bungalows to modern two-storey homes, to larger family homes and, possibly, McMansion type houses.

The development isn’t limited to residential housing. The local mall is Sherway Gardens, a 40-year-old regional commercial hub that serves as a focal point for retail space in the area. In order to remain competitive, owners of the mall decided to invest $350 million in its renovation and expansion. This investment is certain to help increase property values for neighbourhoods nearby, which benefit from added jobs, closer proximity to amenities and a greater sense of community among residents and desirability from would-be home buyers.

Buyers looking for a little help with paying the mortgage will be happy to learn that 21% of the residents in this community rent—more than enough to keep rental rates competitive, but also give you the chance to vet and select the right tenants.

Prior to the pandemic and market slowdown, homes typically sold within 21 days in Alderwood.

Average Single-Family Home Price (2019): $1,522,226

2. Moss Park, Toronto

You’ll need deep pockets to buy a home in this year’s second-place top neighbourhood of Moss Park. Despite the steep price tag, residents in this area will attest to the community’s rags-to-riches story.

Almost 10 years ago this neighbourhood was a“black sheep” community in downtown Toronto, explains REMS broker Liu. It was known for strange home renos (completed decades earlier, prior to zoning enforcement), dilapidated houses and an over-abundance of rooming houses, which often attracted rougher elements to the area. But the community’s proximity to downtown, it’s abundance of public transit hubs and the opportunity to rejuvenate the old Victorians to their former glory were big draws for developers with deep pockets.

“We need to give Daniels Homes a big round of applause,” says Liu, “as they invested heavily into this neighbourhood’s transformation.”

Turns out, we also saw the potential. Back in 2013, we flagged this hood in the Moneysense Where to buy now ranking. At that time, we were alerted to its potential by savvy realtors who could see what was happening in the area, even before it happened. Back then, we were impressed by the 12.5% year-over-year appreciation for home sale prices. Fast-forward to 2019 and the year-over-year appreciation was 81%, and the 10-year appreciation rate for this area is a staggering 618%.

Buyers looking to purchase a property with a mortgage-helper rental suite will like Moss Park, given that just under half of the residents in this neighbourhood (42%) are tenants.

Prior to the pandemic and market slowdown, homes typically sold within 14 days in Moss Park.

Average Single-Family Home Price (2019): $2,619,427

3. Blake-Jones, Toronto

This east-end neighbourhood wasn’t the first choice for many buyers years ago, but over the last decade, the astronomical growth in the city’s average housing prices has prompted buyers to take a look at neighbourhoods with homes that may require a bit of work to update, but with strong fundamentals. This is exactly how realtors would describe the Blake-Jones neighbourhood.

“This community is known as the more affordable pocket east of the Don and west of the Beach,” says Melanie Piche, blogger and owner of the BREL Team, a Toronto brokerage known for its no-nonsense approach to real estate. According to the BREL Team, this neighbourhood is an eclectic mix of long-standing residents and newbies, with lots of economic and cultural diversity. These days, it’s a popular community for young families looking for starter homes as well as urban professionals who want updated, move-in-ready, fully renovated houses close to the downtown core.

As a result, this neighbourhood skyrocketed up our “Where to buy 2020” ranking to its current No. 3 spot, from a position of No. 49 last year.

Buyers looking to purchase a property with a mortgage-helper should also consider Blake-Jones since 45% of residents in this community are renters.

Prior to the pandemic and market slowdown, homes typically sold within nine days in Blake-Jones.

Average Single-Family Home Price (2019): $1,463,613

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Comments Cancel reply

Jack Young says:

August 24, 2020 at 10:52 am

Thanks for your Insight into the real estate market. MONEYSENSE has always tried to be objectiv and helpful.

Reply
Shiang says:

October 16, 2020 at 1:37 pm

Thanks a lot for this. It appears data is missing for a number of neighborhoods as they show up with 0% for everything

Reply
1. MoneySense Editors says:
  
  January 11, 2021 at 3:25 pm
  
  Thanks for letting us know. We will update this as soon as we can. Our goal is to have the most up-to-date information. We do our best to fact check all our content before it gets published and make updates regularly, but some things may get missed. We would like to remind our readers to do their own fact checking before making any personal finance decisions.
  
  Reply