October 23, 2009 -- With Greater Toronto Area resale housing activity continuing at a strong pace, some homebuyers may view a condominium purchase as their only launching point into the market. While condo living is an excellent choice, there are also many untapped desirable neighbourhoods where great prices on single detached homes can still be found.
One such example is the area around Wilmington Park in North York. Located south of Finch Avenue and West of Bathurst Street, ‘50s era bungalows and side-splits on wide lots are prevalent in this area, which has an abundance of greenspace. Here you can find a home that is still close to central Toronto and you’ll save several thousands of dollars by not paying the premium associated with the Yonge Street corridor. In recent months detached homes in this neighbourhood have sold for $549,635 on average, that’s compared to $865,467 in central Toronto.
Along the eastern border of North York, but also still centrally located you’ll find Parkwoods - an area dominated by 60s and 70s era detached homes that are currently selling for $503,040 on average. Parkwoods runs east of the Don Valley Parkway between Highway 401 and Lawrence Avenue, offering residents the natural beauty of the Don River Valley at a lesser price than you would pay in Don Mills. Although it has a suburban feel, its proximity to the Don Valley Parkway means that you’re only minutes away from city life as well.
Offering even easier access to downtown Toronto is East York, which runs long O’Connor Drive between Pape and Woodbine Avenues. Established in 1924, East York’s growth occurred primarily between 1946 and 1961 when its housing stock nearly doubled in size. Known as Canada's only Borough (until 1998), this area features well-loved brick bungalows, increasingly being left behind by seniors and snapped up by young professionals. In recent months, a detached home in East York could be found for approximately $493,870.
The southwest section of downtown Toronto is also a popular option. Beaconsfield Village, named after former British Prime Minister Benjamin Disraeli, who was given the title of Lord Beaconsfield by Queen Victoria, has undergone extensive gentrification in recent years. This area, along with neighbouring Little Portugal, is popular with Toronto's arts community, which has gradually migrated west along Queen Street. Immediately north of this area is Dufferin Grove, a community that has been completely revitalized by improvements to its focal point, the 14-acre Dufferin Grove Park. You’ll find even greater affordability just west of this area in Brockton Village where detached homes have recently sold for $496,911. Throughout these neighbourhoods you’ll find a variety of single and semi-detached homes, which offer a fair price in exchange for some elbow grease.
Further west, in Etobicoke, you can find another gem of a neighbourhood in New Toronto. Originally planned in the 1890s as a working town near the rail lines, this area has begun to attract young professionals thanks to its proximity to both downtown and most significantly, the waterfront. Petite detached homes and cottages, currently selling for $382,750 give this neighbourhood a cozy feel.
These are just a few examples of neighbourhoods that offer affordability all within reach of downtown Toronto. By working with a REALTOR®, you’re certain to find many more that are tucked away. For more information please visit www.TorontoRealEstateBoard.com
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