Home hunters in Toronto have their work cut out for them, and even with the help of a great real estate agent, you have to think about not just what kind of home you want, but where you want to live, and what you can afford. So what’s the best neighbourhood in the city?
MoneySense created an exhaustive comparison of all the best neighbourhoods in Toronto, based on two of the most important factors: affordability, and momentum. And the winner? Rockcliffe-Smythe, where the average price on a home was just 63.03% versus the average price of homes sold around Toronto, with a five-year price change of 79%.
“Not a millionaire? Want to own a detached home close to downtown? Take a look at this year’s No. 1-ranked Toronto neighbourhood: Rockcliffe-Smythe,” Romana King wrote in the piece.
“Why did this way-under-the-radar neighbourhood make it to the top spot? The homes here have ample yards and almost every one comes with dedicated parking. (Not many Toronto ‘hoods can boast the same.) It’s super-close to the newly built Stock Yards Village, a buzzy outdoor shopping mall at St. Clair Avenue and Weston Road, with a Roots, Winners and Nations, a grocery store that bonuses busy parents with a play area, games room and arcade.”
After Rockcliffe-Smythe, Humber Summit came in at number two, with Glenfield-Jane Heights in third.
“The Rockcliffe-Smythe neighbourhood is now more accessible by the Eglinton LRT line to Keele, while the Humber Summit neighbourhood is great for car commuters relying on Finch Avenue, Steeles Avenue, Weston Road, Highway 400 and Highway 401. Perhaps the most surprising inclusion on this year’s list is our No. 3 neighbourhood: Glenfield-Jane Heights, which includes the notorious Jane & Finch ’hood. The big draw for this neighbourhood is that housing prices are so much cheaper, and this is gradually attracting families and investors looking for value. Plus, with an already large immigrant base—mostly Spanish-, Italian- and Vietnamese-speaking residents—this neighbourhood is a natural draw for recently-landed immigrants who want to put down roots in Toronto by purchasing property.”
Read the full story on MoneySense.ca to compare what each neighbourhood has to offer.
