Last Updated on October 24, 2023 by Ephraim Vecina
While the average price of a condo unit in Toronto is certainly veering towards the expensive side ($602,804 as of 2018), the latest analysis by real estate information portal Zoocasa showed that affordable condos still abound in many neighborhoods across the city.
Zoocasa’s analysis compared the average cost of a condo unit in each area (using price data from the Toronto Real Estate Board) to the city’s average and the median household income in each neighborhood. The study used TREB nomenclature in designating the areas.
“Not surprisingly, home affordability is a far greater possibility for those in dual-or-more-income households: according to the 2016 Census, the median take-home pay of which is $96,294,” Zoocasa wrote in the new study. “Assuming a 20% payment, this would qualify this household for a maximum mortgage amount of $591,347 – attainable in 18 of the 35 examined neighborhoods.”
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The Top 5 Toronto Neighborhoods in Terms of Condo Affordability
1. E10: West Hill, Centennial Scarborough
- Average condo price (May 2018) – $253,822
- Income required to afford condo – $40,547
2. E11: Malvern, Rouge
- Average condo price (May 2018) – $$332,969
- Income required to afford condo – $53,189
3. W10: Rexdale-Kipling, West Humber-Claireville
- Average condo price (May 2018) – $$346,796
- Income required to afford condo – $55,397
4. W05: Black Creek, York University Heights
- Average condo price (May 2018) – $$348,797
- Income required to afford condo – $55,717
5. E04: Dorset Park, Kennedy Park
- Average condo price (May 2018) – $$364,466
- Income required to afford condo – $58,220
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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