Toronto is a city of many neighborhoods, but not all neighborhoods are created equal. While some struggle with crime and graffiti, others are able to command top dollar in the real estate market because everyone wants to sell their current condo and move there. If you're new to Toronto and you want to live in a popular neighborhood, this article should give you some idea of which neighborhoods are in demand right now as well as what to expect when you try to buy a home in a popular neighborhood.
Which neighborhoods you will end up looking at depend on your lifestyle and the type of real estate you want to buy. If your dream is to own a harbourfront condo, you'll likely be looking into the Beaches neighborhood in south Toronto. If you're looking for a historic home close to downtown, then Bloor West Village, Leaside, or High Park will be your choice. Whereas if you've got a family and you want some space to spread out, you'll be joining the masses in looking for homes in Burlington, Markham, Oakville, or Richmond Hill.
One thing you'll need to keep in mind when you're shopping for your highly sought after real estate is that you have to be prepared to pay in excess of twice as much as what you would have to pay to buy a home in a less desirable neighborhood. A unit at on Queens Quay W for example, could cost you as much as half a million dollars while houses in High Park, Leaside, and Richmond Hill cost between $750,000 and a million dollars. The cheapest of the in-demand neighborhoods is Burlington, where the average detached home price is $500,000.
Buying into an in-demand neighborhood is a situation where you will really want the help of a knowledgeable realtor. In any situation where a home is available in a desirable area, there will be buyers coming out of the woodwork to make offers, which can drive the price into the stratosphere unless you've got a savvy realtor who is able to offer the sellers something that catches their eye. Even so, be prepared to make an offer on the same day you see the house or you could lose it to the next family who comes along.
If you just didn't get enough from the sale of your old property to afford a home in a desirable neighborhood that's ready to move into, consider looking at homes that need a little work. Most are simply outdated and you can renovate them as your finances allow. There are many opportunities like this in areas undergoing revitalization, such as Leaside and High Park. Not so much in newer suburbs like Burlington.or Milton. Great deals are to be had if you invest in a 'fixer-upper'.
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