As a first-time buyer, Toronto is an ambitious city to set your sights on. There are so many reasons to be excited about living here. The outstanding dining scene, fabulous shopping, and exciting nightlife are famous all over the country. It is also safe and family-friendly, with so much natural green space you might actually forget that you’re in a booming metropolis.
Perhaps best of all, Toronto offers one of the most robust career markets in Canada, with opportunities in health care, tech, and a variety of other professional fields. As such a desirable city to live in, the housing market can be competitive, which can make it challenging for a first-time buyer.
Fortunately, Toronto still has pockets that are still relatively affordable. In this post, we’ll talk about a few ways you can beat the odds and become a proud new homeowner in the best city in the world (in our humble opinion).
Set Your Sights to the West
What makes the West End so appealing? It’s a highly convenient location with superb public transit and easy highway access. That, however, is beside the point. The real reason is that the West End is full of incredible amenities where you can enjoy a lifestyle that is truly unmatched.
- For families, fantastic schools, parks, and daycares are readily available.
- For professionals, you will have easy access to downtown Toronto. No more commuting for hours getting to and from work!
- For retirees, a supportive network and community allows for an active and vibrant lifestyle.
However, almost no one benefits more from the West End than first-time buyers. It’s not just that you’ll find some of Toronto’s most affordable options here. It’s all of the benefits and pride of ownership that go along with putting down your roots in one of the most enviable neighbourhoods in the city.
Discover more valuable resources for first-time buyers in the posts below:
- A Guide To Buying Your First Home In Toronto
- Innovative Strategies To Make Toronto Real Estate More Affordable
- Should You Buy a Pre-Construction Condo?
Understanding Micro-Markets
Before we talk about specific neighbourhoods for first-time buyers, it may help to learn more about micro-markets. A real estate market as massive as Toronto’s doesn’t work as one unit. Instead, it’s comprised of many smaller, often unknown, pockets that might be in an entirely different place.
For example, Toronto at large could be in a competitive seller’s market. When this happens, buyers compete over the few listings that are available, and prices soar. However, some up-and-coming or smaller areas may actually act more like a buyer’s market.
The reverse can also be true. Toronto could be in a buyer’s market overall, but with some highly desirable areas in high demand.
As real estate agents who specialize in the West End, we live and breathe these smaller pockets and micro-niches. Knowing the nuances of each neighbourhood allows us to help clients reach their dreams and goals. And it’s often how we find hidden gems at affordable prices for first-time buyers.
Now that you understand this little-known concept, you’re in a better position than many other buyers. So, let’s take a look at some of our favourite places for those looking to break into Toronto’s highly sought-after market.
Roncesvalles
Who wouldn’t want to buy their first home in a trendy and vibrant neighbourhood like Roncesvalles? Affectionately known as “Roncy,” this is also one of the most family-friendly spots in the West End, where the streets are wide enough to accommodate a stroller.
You’ll also encounter many happy cyclists as you make your way up and down the bustling streets full of shops, cafes, and one-of-a-kind restaurants. The art scene always has something fascinating on the calendar, and you just can’t help but be taken in by the energetic and welcoming atmosphere of Roncy.
Since Roncesvalles is within walking distance of High Park, you’ll also have a world of greenery and nature to explore whenever you want some relaxing downtime. When spring arrives, the cherry blossoms are a sight you must see!
What is the housing market like for first-time buyers? You’ll find plenty of attached and semi-detached homes. As a former industrial area, Roncesvalles is also famous for its breathtaking lofts.
Want to know more? Read our community guide right here.
The Junction
Search far and wide, and you will be hard-pressed to find a neighbourhood with more character than The Junction. The name hails from its location at the intersection of four railway lines, which is also the location of one of Toronto’s most beloved hiking trails, the West Toronto Railpath.
Life in The Junction offers the perfect balance of shopping, unique dining, and a thriving nightlife along with beautiful green space and streets lined with tall, mature trees. If you’re the type of person who likes to get out to enjoy the community, you’ll find a never-ending series of exciting events. The Junction Summer Solstice Festival, Contact Photography Festival, and Santa In The Junction are just a few examples.
Real estate options in The Junction consist of a wide variety of properties. For first-time buyers, a recent uptick in the number of condos and townhouses makes getting into the Toronto market more accessible than you may realize.
Interested in The Junction? Learn more in our community guide right here.
High Park
Surprisingly, High Park is high on our list for first-time buyers. If you’re thinking that this is a traditionally affluent neighbourhood, you are right. However, there are fantastic opportunities for new buyers, especially when looking at the condo market.
Though High Park prices are higher than the Toronto average, there is still the possibility of finding a condo that is pleasantly affordable.
When you consider all of the opportunities in pre-construction, you have even more options. Best of all, you will love the incredible balance of natural beauty and vibrant arts scene that High Park offers. You are, after all, living right next to Toronto’s second largest park!
Learn more about High Park in our community guide right here.
Do you have more questions about buying your first home in Toronto’s West End? Reach out to us today at 416-769-3437 or email info@sidorovainwood.com and we are happy to help.
