You do not necessarily have to be a genius to understand how it works. Big cities like Toronto come with a widely diversified real estate market. Some neighborhoods are safer than others, have better schools and more amenities. Some others are still developing, so they make excellent choices for investors who want the value of their properties to grow over time. Now, when not sure where to buy a home, a bit of research will lead you in the right direction.
But before considering prices…
Make sure you know why you want a condo. If you’re going to live in it, the outskirts of Toronto provide excellent value for money. You will have to drive or use public transportation every day, yet there are many amenities around there, too. If you want to live in the condo, downtown may not be that cost-efficient, but at least you are close to everything. You are in the middle of everything, and there are lots of jobs going on downtown.
Downtown is also suitable for investors because renting prices are incredibly high. Get a condo there and rent it out straight away. It will pay for itself in no time.
As you can see, different people have different needs and expectations. Now, suppose your financial status is above average, and you want to surround yourself with wealthy people and extra safety. In that case, chances are you want to know more about the most affluent neighborhoods in Toronto. Here is everything you need to know.
Richest neighborhoods in Toronto
Condos in Lawrence Park are less likely to be cheap because this is one of Toronto’s first communities built around gardens. In 2011, it was the wealthiest neighborhood in Canada, and it has been an aristocratic area for more than 100 years. With all these, condo prices are under $1,000,000 for most units, whether you want a single bedroom or a couple of bedrooms. Even newly furnished condos come with reasonable prices. Houses are more expensive and will easily exceed the million mark.
Forest Hill condos are not to be overlooked either if you want wealth and safety. House prices average around $3 million, and the focus on safety and education is high. This is one of those places with a real sense of community. Condos are more affordable and go way under the million mark. It depends on the surface and number of bedrooms. You can fetch a nice modern condo in Forest Hill for less than $500,000.
Condos in Casa Loma are worth some attention, too. There are lots of options there. If you have a large family, you can get two bedrooms, three bathrooms, and over 1,500 square feet for $1.3 million. If you are single, a single-bedroom condo will do and can cost around $600,000.
Before deciding on any of these three wealthy areas, you should know that Toronto has more options for wealth, security, and education. The Upper College Canada area is quite wealthy and rich in people with extraordinary careers. Sunnybrook has a rich history and is smaller, meaning the sense of community is tighter in this area. Finally, Bridle Path and York Mills are just as expensive and safe.
In the end, these are some of the most affluent neighborhoods in Toronto. Prices are pretty high, so they are mainly aimed at wealthy individuals or families. Proportionally, condos are more affordable, and the value for money is excellent. Houses tend to determine the high prices of the area, but condos come at great deals. Deciding on the right property requires more research and should also depend on your financial goals in the long run.