Watching the news or reading headlines about the Toronto real estate market may feel like being on an amusement park ride (preferably not the one that got stuck upside down for half an hour last summer.) It’s up, it’s down, sales are happening at an unprecedented speed and for well above asking price, and then… nothing.
If you’re even thinking about buying or selling a home, it can be challenging to know what to do next. Some people dive in, knowing that the market will generally increase over the long term. Others are tempted to hesitate and wait for things to turn around, or at least show some signs of stabilizing.
Through it all, one question is burning at the back of everyone’s mind: is West Toronto real estate still valuable? In this post, we’ll explore the ups and downs of our favourite city.
What The Numbers Say
At the time of this writing, the average value of a detached home anywhere in Toronto is inching closer and closer to $2 million. That’s pretty valuable in our books, especially compared with nearly every other city. In Canada, only Vancouver is more expensive.
Fortunately, there are slightly more accessible options for those searching for a home in Toronto. If you’re looking to get into the market, condos and even townhouses come with a slightly lower price tag. With a little creativity, you might be able to own a home faster than you realize.
If you’re looking to break into West Toronto real estate for the first time, the resources below can give you a head start:
- 5 Questions to Ask About a Home Before Making an Offer
- Could a Cosmetically Imperfect Home Be the Best Choice in Toronto?
- Buying an Older Home In Toronto’s West End
Where Are Prices Going?
High housing prices aside, the true value of Toronto real estate is not so much where it currently stands, but where it is going. If prices rise, you will have made a solid investment no matter what the starting point.
If prices fall, it’s a different story. You can lose equity and purchasing power until the market rebounds. This is where that roller coaster comes in. West Toronto real estate skyrocketed in value for years and reached an unprecedented high during the pandemic. Since then, the average price of a house has fallen, then risen, and fallen again.
This cycle can be discouraging to anyone looking for temporary housing or a short-term investment. There’s nothing worse than buying a house only for real estate prices to drop shortly afterwards, especially considering all of the closing costs and other expenses involved with the purchase. If you’re looking for a long-term solution and a place to put down roots, real estate in West Toronto is a fantastic investment.
No one knows whether prices will rise or fall a week or a month from now. Experts can make their best predictions, but there are too many factors that affect people’s decisions to buy or sell.
One thing we can count on is that housing prices in Toronto, particularly the West End, will rise over the long term. The population is growing rapidly, and more newcomers are arriving in Canada and looking to settle in the GTA. This growing demand will continue to put upward pressure on prices, even if things appear to be at a standstill at the moment.
The Intangible Value of West Toronto Real Estate
Buying a house in Toronto isn’t just a sound, long-term financial investment. Think of the many benefits of living here, whether you’re searching for a place for your family, as a single professional, a retiree, or a new immigrant. Toronto living may come at a price, but it offers an incredible standard of living that is the envy of the world.
The dining scene is phenomenal, with cuisine from every corner of the world available within a short walk, subway ride or drive away. Toronto is also the only Canadian city to feature a two-star Michelin restaurant.
Families will find some of Canada’s top schools right in the city, many of which rank very highly with the Fraser Institute. It’s hard to name the “best” part of living in Toronto’s West End because the benefits are endless. That said, one of the things we love the most about our corner of the city is the breathtaking parks and green spaces where you can experience the beauty of nature without leaving your neighbourhood.
The West End is home to the second largest park in the city, as well as numerous trails and playgrounds, splash pads and pools. It’s the perfect place for the young – and the young at heart.
Why do we love living in Toronto’s West End so much? You’ll find just a few of the reasons in the posts below:
- Why We Love Bloor West Village
- 5 Kid-Friendly Ways to Spend a Day in Roncesvalles
- Why Do Families Love Rockcliffe-Smythe?
What to Look for When Buying Toronto Real Estate
The best way to capitalize on your investment when buying a home in the West End is to know what constitutes a great deal. If you can find something structurally sound in a desirable neighbourhood, you can potentially buy the home for under market value. Often, these under-valued gems only need minor improvements, such as a fresh coat of paint or a yard cleanup.
A local real estate agent with a pulse on the neighbourhood can help you keep your options open. With a little guidance, you are sure to find a property that will be a great home and investment in one of the top cities in Canada!
Do you want to talk more about your options in West Toronto Real Estate? Our knowledgeable and helpful team members are happy to help. Reach out today to info@sidorovainwood.com or call 416-769-3437 to start a conversation.
