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These Are the Best Toronto Neighbourhoods for 1- and 2-Bedroom Condo Appreciation

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These Are the Best Toronto Neighbourhoods for 1- and 2-Bedroom Condo Appreciation
2 min. read

By: Penelope Graham, Zoocasa

In the City of Toronto, where prices for detached homes for sale remain stubbornly above the $1-million mark, condo demand has grown steadily; with traditional types of “move-up” housing now out of budget, many buyers looking for an upgrade are simply up-sizing to a unit with more bedrooms rather than take the financial plunge for a house.

That’s led to a year-over-year condo price appreciation of 8.6 per cent, which pushed the average in the 416 to $585,355, according to the latest data from the Toronto Real Estate Board – higher than any other home type. 

Real Estate at the Local Level

However, while condos appear to be Toronto’s hottest commodity, that isn’t necessarily the case in every corner of the city; proximity to the downtown core, transit, neighbourhood infrastructure and other amenities all impact demand for condos within a particular area; the neighbourhood might also dictate the condo’s value appreciation over the long term.

To determine which parts of Toronto saw the greatest annual appreciation for condos, Zoocasa analyzed sold data from the local real estate board and calculated the average year-to-date price (January 1 to August 28, 2018) in 95 neighbourhoods across the city, based on postal code. This amount was then compared to the year-to-date price over the same time frame in 2017 to identify the level of price appreciation, as well as the average price for condos for sale in Toronto, to see how they stack up in terms of affordability.

2-Bedrooms in Higher Demand

The study also compared how values for one-bedroom units appreciate versus two-bedroom units. The findings reveal that while one-bedroom units are appreciating at a generally faster pace than two-bedrooms, at a year-over-year rate of 11 per cent compared to 7 per cent, there is a greater number of neighbourhoods within Toronto where two-bedroom units have appreciated to a price that’s higher than the city average of $641,056; there is a total number of 43 two-bedroom units, versus 30 cases where one-bedroom units have appreciated more than the average of $473,800.

The Best Toronto Neighbourhoods for Condo Price Appreciation

According to the data, the best five Toronto neighbourhoods for one-bedroom condo price appreciation are:

1 – M1W: L’Amoreaux, Corinthian
2018 Price: $268,400
2017 Price: $182,000
+47%

2 – M5P: Forest Hill, Midtown Toronto
2018 Price: $496,222
2017 Price: $342,923
+45%

3 – M9R: Richmond Gardens, Willowridge, Kingsview Village
2018 Price: $270,000
2017 Price: $197,433
+37%

4 – M6G: Wychwood, Palmerson – Little Italy
2018 Price: $577,167
2017 Price: $456,161
+27%

5 – TIE M4N: Lawrence Park
2018 Price: $661,500
2017 Price: $535,875
+23%

5- TIE M3C: Flemingdon Park
2018 Price: $443,486
2017 Price: $359.442
+23%

The neighbourhoods where two-bedroom condos saw the greatest value appreciation include:

1 – M1M: Cliffside, Cliffcrest, Scarborough Village
2018 Price: $386,265
2017 Price: $266,966
+45%

2 – M8W: Alderwood, Long Branch
2018 Price: $587,940
2017 Price: $435,250
+35%

3 – TIE M3L: Downsview West
2018 Price: $226,625
2017 Price: $170,000
+34%

3 – TIE M6C: Humewood – Cedarvale
2018 Price: $800,000
2017 Price: $598,715
+34%

4 – TIE M3C: Flemingdon Park
2018 Price: $642,995
2017 Price: $484,671
+33%

4- TIE M4B: Woodbine Gardens, Parkview Hills, Topham Park
2018 Price: $395,000
2017 Price: $298,000
+33%

5 – M4V: Deer Park, South Hill, Summerhill, Rathnelly
2018 Price: $1,295,685
2017 Price: $1,016,906
+27%

 

Check out the infographic below for the full picture on how condos prices have appreciated in 2018 across the city of Toronto:

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