We understand the seemingly gravitational pull one experiences to move to the downtown core of the city. With its flashing lights, unbeatable nightlife, beautiful towering condos that glisten in the sun, and its wealth of quirky artistic pockets scattered across the city. However, the reality is that the city is expanding! The suburbs of the GTA region are currently experiencing a real estate boom, and for good reason too! Read on to learn why moving to the city’s suburbs might be the best investment you could make!
Toronto’s traditionally overlooked neighbourhoods are experiencing the highest appreciation rates in the city. Regions such as Scarborough, Oshawa, Whitby, and North York are seeing massive returns for investors and are slowly becoming more and more developed as the city expands outward. Strata uses the examples of Malvern, Rexdale and Jane, and Finch, as these neighborhoods are outshining the downtown core by as much as 20%. The majority of the city’s best-performing condos are concentrated in these areas, maximizing the return on investments. Scarborough’s Malvern neighborhood saw the average cost per square foot for condos increase by 14% over the past 12 months, and Jane and Finch saw an increase of 11%. Rexdale saw the same values rise by 5.15 % in the past 2 months alone, as stated by Strata. These numbers show the incredible investment power condos and homes have in the city’s suburbs. Oshawa and Whitby have always shown promising growth and potential. Home prices have stayed steady in these areas despite recent events and real estate activity remains strong. Despite the consistent climb in home prices, these suburbs are currently an affordable option for both homebuyers and investors, with an almost certain appreciation in value in the coming years as the city expands, providing comfort on your investment.
In comparison, condos in the downtown core have seen an overall price depreciation per square foot of 6%. This can be due to the fact that prices are higher in the downtown core, and people are searching outwards for lower prices. Also, due to the pandemic and the “work from home” movement, proximity to the workplace is not as important of a factor as it used to be. Greater square footage is of higher importance as people are spending more time inside and are looking for more space to create a comfortable living-working combination.
With the movement of people out of the city, shops, restaurants, cafes and other businesses are following, creating even more demand and diversity within the suburban neighborhoods. Infrastructure in these regions is also improving as the influx of new life results in better transit, parks, educational and cultural institutions. But we better act fast! These gem regions won’t be this affordable for long! There is already lots of competition, so if you’re interested in learning more about why investing in the GTA can be extremely beneficial, get in touch with us via email: email@example.com and check out our website thefreshapproach.ca for updates on listings all over the GTA. We look forward to hearing from you!