It’s no secret that Toronto is one of the most sought-after markets in Canada. Even as some real estate prices weaken, it’s still a region that’s high in demand. The price of a typical Canadian home reached a new high in March, according to Business Insider — hitting a benchmark of $652,400.
While Toronto real estate prices are actually falling in a lot of areas, it’s still a very expensive place to try to live. It’s especially difficult for many to find a home in one of the Greater Toronto Area’s more popular neighborhoods.
But what makes a neighborhood in Toronto popular? What makes a certain neighborhood more attractive to buyers than others? It’s actually a combination of factors.
It can be based on value and price momentum — that would make the Bowmanville neighborhood one of the most popular, as of April 2018. But it was closely followed by Stroud, Lisle, Angus, and Blackstock, based solely on the numbers.
Popular neighborhoods can also be based on commute times. CityNews Toronto reported in November that Ajax, Pickering, Whitby, Maple, Vaughan and Port Perry all have great commute times to downtown Toronto. Prices per square foot were still factored into that scoring system, and it mostly had to do with where you could get the best commute for your buck. That outlet scored Milton, Oshawa, Oakville, Keswick, Georgina, and Burlington at the bottom of its list.
Sometimes, the character of a neighborhood can come into play when it comes to how popular it is for buyers. Heritage neighborhoods in Toronto can be very attractive on that front.
A lot goes into what makes a particular neighborhood popular in the GTA real estate market. And sometimes, the choices buyers make can be a complete mystery, even to the most seasoned real estate experts.