First-Time Home Buyer Edition
For first-time homebuyers in Toronto, finding an inexpensive yet oh-so-hip neighborhood is no easy feat. Let’s be honest, the hottest neighborhoods in Toronto such as Trinity Bellwoods and Leslieville have already witnessed their boom. As a result, it’s not exactly a walk in the park to nail down a house in these neighborhoods for under a million.
So, what’s a first-time homebuyer to do in such a competitive market?
At the end of the day, the goal is to locate a home in an area that has yet to witness it’s official boom. This means moving into a neighborhood and establishing your home before the area is considered to be Toronto’s next go-to neighborhood for first-time buyers.
To give you a head start, we’re showcasing the three best neighborhoods in Toronto to purchase a home. This edition is specifically created for first-time homebuyers looking to get into the housing market.
Located in Toronto’s west end, The Junction is an up and coming area of the city that has become recently popular with first-time homebuyers today. The Junction is bordered by St. Clair West to the north, Annette Street to the south, Runnymede Road to the west and Keele Street to the east.
Until even a few years ago, this area of Toronto was heavily industrial. Nowadays, The Junction has some of the city’s best furniture shops, art studios, cocktail bars and coffee shops. With thanks to MOMA, the area has been graced with an artistic flare that has influenced a number of artists and creatives to flock to the area.
While the area is getting lots of attention, it’s still a great time to explore the housing market in this area without having to pay an arm and a leg.
Also known as Greektown, Danforth Village is bordered by Milverton Street to the north, the railway to the south, Greenwood Avenue to the west and Victoria Park Avenue to the east.
When most people think of Danforth Village, they think of an area that is located in the North East end of the city. In actuality, Danforth Village is no further north than Bloor Street and also a short commute to the downtown core. In twenty-five minutes, you can reach Union Station from most areas of the Danforth Village.
In the last few years, the East Side of toronto has exploded in the real estate market. While Danforth Village was once incredibly attainable, prices have since increased. In recent years, more young families are moving into the area, modernizing their homes and driving property prices up.
The good news? It’s not too late to get into this area as a first-time homebuyer. Even though property prices are on the up, it’s still considered to be a reasonable neighborhood for first-time homebuyers. This is as compared to similar neighborhoods such as Leslieville, Riverdale and Trinity Bellwoods.
Located directly south of Cabbagetown, the boundaries of Regent Park are Gerrard Street East to the north, Shuter Street to the south, River Street to the east and Parliament Street to the west. In terms of proximity to the downtown core, Regent Park is really only a hop, skip and a jump away from all of the action.
Even a few short years ago, Regent Park wasn’t exactly at the top many homebuyer’s list of neighborhoods. To be perfectly fair, Regent Park was a rough neighborhood for many years. As a result, both condo and freehold home properties were generally inexpensive. At that time, even cheap real estate couldn’t bring enough buyers to the area to change its reputation.
Fortunately, all of this began to change for the better in recent years. Nowadays, Regent Park is in the midst of a significant gentrification process that is providing the area with a whole new identity. This has transitioned to the neighborhood from one that was once avoided by most to one that is now up-and-coming. Both commercially and residentially, a number of reputable developments are popping up in the area and giving the area a facelift.
This is a great time to get into the area whilst prices are still affordable. In a few years, prices in this area are expected to skyrocket. Time is certainly of the essence when it comes to Regent Park.
At The End of the Day…
Finding a neighborhood in Toronto that’s trendy and affordable can feel impossible at times. While these neighborhoods are gaining more widespread attention, they’re still priced under competitive neighborhoods that carry similar features and demographics.
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