Cheap Condos for Sale Toronto
If you’re looking for the cheapest neighbourhoods in Toronto to buy a condo, Zoocasa has got you covered. They recently compared average condo apartment lease rates with sold prices for condos in 35 neighbourhoods across the city and found that there are still some areas where one can realistically save up for a down payment on a condo in less than a year.
Many people are tired of paying exorbitant rent prices in Toronto and rare eady to invest in a condo. Rent prices are on the rise and the average selling price for homes in Toronto is now over $1 million. Many residents are considering buying a condo as an affordable solution. According to Zoocasa, condo sales in the Greater Toronto Area are up 34% with selling prices steadily increasing.
Where Are The Most Affordable Neighbourhoods?
The most affordable neighbourhoods are primarily located on the edges of the city in places like Scarborough Village, Yorkdale-Glen Park Weston, West Hill, Rouge, Thorncliffe Park, and Black Creek.
While it would take as much as 7.5 years of withholding rent payments to secure a condo down payment in Toronto’s most expensive neighbourhoods, 12 of the 35 neighbourhoods studied had prices that could be matched within a single year.
Here are the top five Toronto neighbourhoods with the shortest down payment savings timeline as of early 2023:
- West Hill, Centennial Scarborough
- Rexdale-Kipling, West Humber Clairville
- Black Creek, York University Heights
- Willowridge-Martingrove-Richview
- Scarborough Village, Guildwood
Of course, saving up for a down payment on a condo can still be a challenge. In the City of Toronto, an average renter would need to save the equivalent of 16.5 months of rent to come up with the minimum $46,052 down payment necessary to purchase the average Toronto condo apartment unit. However, Zoocasa’s report provides hope for those looking to get into the Toronto housing market without breaking the bank.
Buying a home in Toronto can seem very daunting. Condos remain an especially attractive option for first-time buyers and newcomers to Canada. By doing some research and exploring the more affordable neighbourhoods with an expert Toronto realtor, you may be able to save up for a down payment on a condo in just one year.
