Marina Homes

The Best Places to Buy a House in Toronto

The truth about Toronto’s 2023 real estate market

Ever thought about what the real estate market in Toronto is like this year? As most realtors would state – it’s volatile.

 

Soaring property prices, a sudden drop in sales, and housing crash predictions are all eventualities – some happen, and others, some predictions never come about, like the long-predicted housing crash in the Canadian real estate market. 

 

Even though these significant sudden changes have been a part of Toronto’s real estate history, buyer confidence has remained solid throughout the process. 

 

This is further fueled by high employment rates, rising income levels, GDP growth, lower interest rates, and an increasing population that contributes to the demand for property in Toronto. 

 

Since it’s one of the most significant investments you will make (on account of a larger down payment, land transfer taxes, and long-term mortgage payments), let’s get you the best out of your investment within the Toronto real estate market

Best places to consider when buying a house in Toronto 

Here’s our list of places to consider in Toronto and the Greater Toronto Area (GTA) – where rental properties are in high demand.

Yonge and Sheppard

Despite the suburban appearance, Yonge and Sheppard have a charming country-like vibe. This neighborhood has become a hotspot for rental properties, including condos and houses. This makes it one of the most sought-after addresses in North York, and the area experiences rapid development with significant property investments. 

As the population in Yonge and Sheppard continues to grow and the demand for income properties rises, this place is expected to become a prime real estate destination. The average value of an entry-level house stands at $1 million, while condos are priced around $400,000.

Liberty Village

Situated South of King Street West, Liberty Village has an artistic charm that makes it an exceptional neighborhood for investment. It is a prime location (just a short walk away from the trendy entertainment hub of King St. West), and accessing the financial core is effortless with the convenience of streetcars. 

Liberty Village has also become a top choice for renters seeking affordable and vibrant communities, and its main appeal lies in its diverse range of public amenities. The average condo prices in the real estate market are around $400,000, making it an attractive and accessible investment opportunity. 

King West

Once a district of abandoned warehouses and properties in the pre-construction days, King West has transformed into a hip and trendy neighborhood that epitomizes urban living. Located in downtown Toronto, it has become a favorite for young professionals who seek a vibrant lifestyle – with its thriving nightclubs and bars. 

This place offers a diverse range of residential options for investment, with condos as the most sought-after property type. As one of the city’s largest and busiest transit routes, King West attracts commuters who desire proximity to Toronto, making it a strategic choice for urban dwellers. The average entry-level condo price is $500,000, offering potential investors a compelling proposition in this evolving neighborhood. 

Yonge and Eglinton

For a long time, investing in the condo market meant investing in downtown Toronto. Today, however, a shift has occurred – with pocket neighborhoods emerging outside the downtown area that offer similar features and benefits. One such location is Yonge and Eglinton. Yonge and Eglinton boast essential elements that attract investors, offer excellent transit options, high real estate potential, top-notch infrastructure, and the promise of future property price appreciation as a bonus. 

Another thing that has drawn increased attention is the ongoing construction of the Eglinton Crosstown Light Rail Transit (ECLRT), set to be completed by 2031. Beyond improved transportation, the area is home to some of the best schools in Toronto – providing an ideal environment for raising children. The investment properties in Yonge and Eglinton have gained favor among buyers, with the average price for an entry-level house currently standing at $1.3 million and condos at an attractive price point of $500,000.

Yorkville

Located north of Bloor Street and West of Yonge Street, Yorkville has one of Canada’s most exclusive shopping districts– adding to the upscale restaurants and top-tier hotels. It is popular with boutiques like Burberry and Bulgari and its luxury hotels and has offices for international companies like IBM and Twentieth Century Fox. Therefore, it is no surprise that the average price for an entry-level condo is $740,000. Despite the prices, Yorkville investments will yield high returns. 

CityPlace

Located West of Bathurst Street, CityPlace is home to the canoe landing park. Its location (downtown Toronto) is considered one of its finest assets, given that it’s a few minutes away from Toronto’s financial district, and you can access it at pretty much any time of the day. This district has been one of the fastest growing over the years, marked by an increasing population and an influx of merchants and services. CityPlace is also close to King Street West and Liberty Village, making it popular with renters who must commute daily to Toronto’s financial district. 

The average entry cost for a condo investment is $400,000, so there are plenty of reasons to invest there right now – as the neighborhood continues to experience rapid growth and is gradually moving away from its old reputation. 

Bay St. Line

Bay St. Line is a highly sought-after neighborhood in Toronto’s bustling financial district. Its strategic location makes it a popular choice for renters, especially young professionals working in the financial sector who want proximity to their workplace. The area’s appeal also extends to medical professionals because of its closeness to nearby hospitals and educational institutions. 

With Ryerson University and the University of Toronto nearby, Bay St. Line has become a preferred residential area for faculty members and students – adding to its diverse community. The neighborhood’s nearness to Bay Street – the heart of Canada’s financial sector – creates more appeal as a prime location for real estate investment. With its central location and accessibility, the value of an entry-level condo in the area averages $500,000. 

Leslieville and the Beaches

Situated East of Queen Street, Leslieville, and the beaches have evolved into great communities with unique charm and appeal. Originally a working-class area, it has now transformed and welcomes a diverse mix of residents across various income levels. The neighborhood has a flourishing culinary scene, with restaurants and gourmet coffee houses enriching its character. 

The Beaches boast an enduring allure, drawing people in with unrestricted access to Lake Ontario. Beyond the natural beauty, top-notch schools and universities also serve these areas and provide an enriching environment for families and students. Queen Street East stands out as the shopping district in this region, with many shops and dining options. An entry-level house in this area commands an average price of $1.2 million, while condos are available at around $550,000. 

Yonge St. Line

Yonge Street, renowned as one of the longest streets in the world, offers many investment opportunities for office spaces and residential areas. One of its major attractions is its public transit system that is served by the eastern segment of Line 1 Yonge-University subway – and it connects all areas. 

With an additional supplementary bus route running along the street, this comprehensive public transit network is a significant draw for renters, providing easy access and efficient commuting options. The area’s popularity among renters is amplified by its connectivity to the subway and other transit options. An average entry-level condo price in this neighborhood is around $500,000 – making it an attractive investment opportunity for those who seek a well-connected place to call home. 

Queens Quay

A prominent street in Toronto’s Harborfront neighborhood, Queens Quay, has been revitalized in ten years. Previously dominated by commercial piers, it has now been transformed into upscale waterfront properties that add charm to the entire area. The area has diverse amenities, including parks, entertainment venues, and office spaces available for rent. 

With the convenience of two streetcar lines and various bus routes, residents in Queens Quay enjoy connectivity for their daily commutes. Presently, the average entry price for a condo stands at $460,000, reflecting the appeal and desirability of this district. 

The Annex

Located in Downtown Toronto and bordering the prestigious University of Toronto, it predominantly consists of residential properties. The area has classic Torontonian-style houses, which were highly sought-after by the elite in the nineteenth century. The area is well-served by public transit, including bus services and four TTC subway stations. This makes commuting a breeze for residents, adding to the overall allure of the neighborhood. 

Because it is a residential area, the buildings are primarily mansions with a few condos available here and there. The average price for an entry-level house in The Annex is $1.2 million. The area is rich in historical value and is well-located with an efficient transport system, making it an excellent investment. 

Danforth

Located further north of downtown, Danforth offers the perfect blend of suburban peace and convenient city access. The neighborhood offers connectivity to the city, making it an attractive choice – with a historical background lending it a unique character that sets it apart from most areas. Danforth offers many health and wellness establishments, and its ‘walkability’ is a significant advantage. The area provides ample parking space, making it practical for those with vehicles. Even though it is not situated directly on the main subway line, the TTC streetcars offer easy transportation options for the residents. 

The GTA’s real estate market has witnessed the emergence of mid-rise condo developments in Danforth and the surrounding Village area. Numerous houses in the area have undergone impressive renovation, particularly in Danforth Village, making them available at competitive prices. The average entry-level house price starts at $900,000 –a great investment opportunity in this charming neighborhood. 

The Bottom Line

Toronto’s real estate market in 2023 requires an understanding of its dynamic nature – characterized by soaring property prices, sales fluctuations, and housing crash speculations that remain ever-present, but the unwavering buyer confidence always defies these challenges with high employment rates, rising incomes, GDP growth, low interest and an ever-expanding population contributing to persistent demand for properties in the city. For this reason, all the highlighted neighborhoods hold immense promise for prospective buyers seeking rental income and long-term appreciation. In a market where uncertainty often mingles with opportunity, the key is approaching each investment decision with thorough research. As the city’s landscape evolves, these neighborhoods stand as a testament to the evergreen potential of real estate investment – promising financial gains and the prospect of contributing to the vibrant tapestry of Toronto’s communities.