Nicole Harrington in Home Buying
Feeling Priced Out? What Options do New Home Buyers Have in the Toronto Market?
With houses selling for hundreds of thousands of dollars over asking price, and most dwellings calling for multiple offer situations, many buyers are feeling priced out of the Toronto housing market. This contagion is spreading onwards and outwards in every direction; many GTA neighborhoods are also experiencing a similar type of frenzy. Many people are wondering where this leaves them in the midst of the craziness that we call the Toronto real estate market – but even though it may not seem like it, there are still more affordable options for first time home buyers in the condominium and housing market (yes, single family homes).
MOVE A FEW BLOCKS OUT
Although it may seem like houses in Toronto are out of reach for many, this is not entirely true – even though stories in the news would have you believe otherwise. We all know that the selling price of a home changes based on location, but what many might not know is that within Toronto’s 240 different neighbourhoods, price fluctuates a lot. In addition, moving your search one or two streets in any direction can have a large impact on price, and can be the perfect spot for first time home buyers. And if you’re stuck on a very particular subsection of Toronto, being ok with attributes like a busier street or being situated a little further from the main strip, opens you up to many more possibilities.
Let’s take Leslieville as an example - streets in the southwest part of the neighbourhood closer to Queen Street, such as homes on Coady Ave or Bertmount Ave, will traditionally command a higher price than those a couple of blocks northeast. If you travel just 1.5KM to the neighbourhood of Little India, you could possibly save thousands on your home purchase. Areas like Little India are up and coming and are currently going through the gentrification process. What do we mean by gentrification? It is classified by Marriam Webster Dictionary as the process of renewal and rebuilding, or more or less; out with the old, in with the new. This is something to look for when you’re searching for a good investment opportunity, and can in part be seen by change in shops on Gerrard St just east of Greenwood. We’re seeing this area become a lot more walkable for residents, and with many Torontonians forgoing car ownership, it makes this neighbourhood that much more desirable.