It says a lot about the pace of development in Toronto that any Toronto realtor can find you a condo in just about any neighborhood you choose. The closer you get to the city center the more houses are replaced with condos until there are none left. What this means for you as a condo buyer is that you have a lot of options. If you want to buy into a neighborhood that is full of other similarly-minded condo buyers, there are a number of areas you should focus on in your condo search. We'll talk a little bit about the most popular ones here.
Bloor West Village
The Bloor West Village neighborhood is where the hip condo buyers like to live. This area encompasses all the trendiest clothing and specialty stores as well as hot new cafes and restaurants in the most exclusive shopping district in Canada. Buying Bloor West Village real estate also gives you convenient access to the nearby High Park. A standard two bedroom condo in this area will run you an average of $320,000, while a luxury model will cost closer to $520,000.
While most of downtown Toronto is clogged with office towers, moving north to Midtown you'll find an exclusive residential area with access to trendy shops, parks, and restaurants. Toronto condos in this area belong to the neighborhoods of Yonge and Eglington, Davisville Village, Rosedale, and Forest Hill, some of which are among the most desirable addresses in the GTA. A standard two bedroom condo in Midtown will cost you around $451,000 while luxury models average out at a whopping $895,000.
If you're looking to upgrade your address from Junction Triangle to one of the most desirable areas of the city, start looking at the waterfront. Though there aren't many shops and businesses in this area yet, many old warehouses and commercial facilities are being converted to trendy shops and condo complexes, plus there's the convenient access to water-based activities and the beautiful water views. To secure property here will cost about $445,000 for a standard two bedroom and just about $1,015,000 for a more luxurious unit with a view.
As you can see, it's not always easy to find affordable condos and lofts. Toronto's neighborhoods are now so exclusive that all but the wealthiest are priced out of owning decent sized property. Your best option for finding affordable property within easy commuting distance is to buy in Mississauga, which doesn't have the same access to entertainment but is convenient to outlet and big box malls. A standard Mississauga two bedroom condo costs around $225,000 while you can get a luxury unit for $379,000 on average, which is a comparative steal.
Image of Toronto neighbourhoods is provided by CentralToronto.net - Royal LePage Real Estate Services Ltd.