Toronto condos have long been seen as the last bastion of affordability in our real estate market.
Single-family homes are often too expensive for aspiring home buyers. So condos, while certainly still expensive ($602,804 the average price for a Toronto condo apartment this year), are often more affordable.
READ: This Toronto Condo Developer Plans To Sell Units For $2,500 Per Square Foot
Of course, real estate prices vary across different Toronto neighbourhoods. And value can still be found.
To identify the Toronto neighbourhoods with the greatest condo affordability, Zoocasa compared the average price in each area (sourced from the Toronto Real Estate Board) to the city’s average, as well as the median income earned in Toronto households.
Not surprisingly, home affordability is a far greater possibility for those in dual-or-more-income households.
According to the 2016 Census, the median take-home pay is $96,294. Assuming a 20-per-cent down payment, this would qualify this household for a maximum mortgage amount of $591,347 — attainable in 18 of the 35 examined neighbourhoods.
Top 5 Most Affordable Toronto Condo Neighbourhoods
1. E10: West Hill, Centennial Scarborough (Average condo price May 2018, $253,822, $40,547 income required to afford condo)
2. E11: Malvern, Rouge (Average condo price May 2018, $332,969, $53,189 income required to afford condo)
3. W10: Rexdale-Kipling, West Humber-Claireville (Average condo price May 2018, $346,796, $55,397 income required to afford condo)
4. W05: Black Creek, York University Heights ((Average condo price May 2018, $348,797, $55,717 income required to afford condo)
5. E04: Dorset Park, Kennedy Park (Average condo price May 2018, $364,466, $58,220 income required to afford condo)
Top 5 Least Affordable Toronto Condo Neighbourhoods
1. C09: Rosedale, Moore Park (Average condo price May 2018, $966,133, $154,332 income required to afford condo)
2. C12: York Mills, Bridle Path, Hoggs Hollow (Average condo price May 2018, $898,788, $143,574 income required to afford condo)
3. C02: Yorkville, Annex, Summerhill (Average condo price May 2018, $872,506, $139,376 income required to afford condo)
4. E01: Leslieville, Riverside, Little India (Average condo price May 2018, $768,234, $122,720 income required to afford condo)
5. W07: Stonegate, Queensway (Average condo price May 2018, $720,800, $115,143 income required to afford condo)
