With interest rates still at unbelievable levels (5-year fixed rate of 4.19%), the first-time homebuyer market has really heated up. Bidding wars are commonplace in this price range and properties move quickly, making inventory grow smaller.
So where should a first-time homebuyer look if they want to jump into this market? To help answer this question, we have identified 10 markets in the GTA that still have good value, are in quality neighbourhoods, and feature properties priced under $400,000. Not surprisingly, some of the neighbourhoods could only offer condominium apartments at this price range. Nonetheless, there is a lot of selection.
Central Toronto
1. Liberty Village. (MLS District = C01, Map Coordinates = 119-16-T)
This is a rapidly growing neighbourhood in the King St./Strachan Ave./Gardiner Expwy./Dufferin St. quadrant. Liberty Village features emerging businesses, cultural diversity, fashion, art, and a lively social scene. The neighbourhood has a number of excellent amenities such as a 24-hour Metro grocery store, beautiful parks including Allan Lamport Stadium Park, Stanley Park, the Martin Goodman Trail and Lake Ontario, as well as Princes’ Gates of the CNE, and a number of phenomenal restaurants along King St. featuring the triad of the top chefs in Toronto. It also boasts the Ricoh Centre, Rogers Centre, Air Canada Centre, and the Harbourfront within close proximity. Take advantage of easy access to the Gardiner Expwy. and QEW, Exibition GO Station, and the TTC along King St. One and two bedroom condos are selling in the neighbourhood ranging from $230,000 to $383,900.
2. St. Lawrence Market. (MLS District = C08, Map Coordinates = 120-19-T)
This historic area is located in the central downtown core and has been rapidly developing over the course of the last few years. The St. Lawrence Market neighbourhood is bounded by King St. East on the north, Lake Shore Blvd. on the south, Jarvis St. on the east and Yonge St. on the west. The highlights of this area are the St. Lawrence Market, St. Lawrence Hall, Flat Iron Building, St. James Cathedral and a number of other architectural gems that give the neighbourhood its distinct character. Today, the St. Lawrence Market boasts numerous quality restaurants and cafes, boutiques and other entertainment options including Sony Centre. Be sure to check out the annual Scotiabank BuskerFest hosted by the St. Lawrence Market between August 27th to August 30th. Easily accessible to George Brown College, Lake Shore Blvd., and the Gardiner Expwy. Two bedroom condos can range from $380,000 To $400,000.
3. Leslie & Finch. (MLS District = C15, Map Coordinates = 103-25-C)
Yes, you can still buy a freehold (non-condo property) in Central Toronto for under $400,000! The Leslie/Finch quadrant (bounded by Steeles Ave. on the north, Leslie St. on the east, Finch Ave. on the south, and Pineway Blvd. on the west) is an attractive neighbourhood with tons of great amenities including grocery shops. The area has a number of quality shopping facilities and restaurants as well as great access to parks such as Cummer Park, East Don Parkland, Willesden Park and Cresthaven Park. TTC subway is easily-accessible via one bus on Finch Ave. and also on Steeles Ave. Available properties can range from $319,000 for a condo-townhouse to $399,000 for a semi-detached.
4. Yonge & Finch. (MLS District = C14, Map Coordinates = 103-21-C)
Located in the north-central part of the city and bounded by Yonge St. on the west, Kenneth Ave.on the east, Byng Ave. on the north and Church Ave. on the south, this area has had phenomenal growth and has one of the largest selection of 1-, 2- and 3-bedroom condos in the city. This is ideal for first-time homebuyers. There are numerous shopping facilities all along Yonge St. on both sides, excellent entertainment and restaurant options, and a Metro grocery store next door. It is a short walking distance to the Toronto Centre of the Arts and has great TTC access including subway stations and buses. Highway 401 is accessible through Yonge St. just south of Sheppard Ave. Two-bedroom condos are between $309,800 To $389,000.
West Toronto (including Mississauga)
5. The Village of Islington. (MLS District = W08, Map Coordinates = 113-6-P)
This is one of the few areas left where you can buy a detached home under $400,000 and still walk to local restaurants on Bloor St. W. The neighbourhood is bounded by Rathburn Rd. on the north, Bloor St. on the south, Kipling Ave. on the east and The East Mall on the west. There are plenty of shopping opportunities including Cloverdale Mall and Six Point Plaza as well as a number of parks and golf courses (West Dean Park, Glenn Park, Echo Park, Islington Golfclub, and Mimico Creek). TTC is accessible on Kipling Ave. and Burnhamthorpe Rd., and a subway station location at Kipling and Bloor. Detached and semi-detached properties in the neighbourhood have recently sold between $386,000 and $400,000.
6. Alderwood. (MLS District = W06, Map Coordinates = 118-5-T)
The Alderwood neighbourhood is located in Etobicoke and is bounded by Etobicoke Creek on the west, Horner Ave. on the south, Evans Ave. on the north and Kipling Ave. on the east. This cozy neighbourhood has easy access to a number of amenities and shopping centers such as Sherway Gardens and Dixie Outlet Mall. Parks in the area include Douglas Park, Alderwood Memorial Park, Etobicoke Creek, and Alderwood Interpretive Trail. TTC is accessible on Kipling Ave. Detached bungalow properties in Alderwood range between $379,000 and $399,900.
7. Eglinton-Central Parkway. (MLS District = W19, Map Coordinates = 466-43-H/J)
This neighbourhood is bounded by Highway 403 on the south and on the east, Bristol Rd. E on the north, and Hurontario St. on the west. It boasts an excellent group of parks such as Camden, Huron Heights, Redbush, Eastgate and Sandlewood parks and has plenty of convenient shopping at Eglinton and Central Parkway, and Eglinton and Hurontario. Square One, which includes restaurants, entertainment, and major shopping, is only a 10-minute drive. The top streets to search include Full Moon Circ. and Dakota Rd. Mississauga transit and Highway 403 are accessible via Eglinton Ave. Detached, 2-storey homes are selling in this neighbourhood between $399,000 and $410,000.
8. Churchill Meadows. (MLS District = W20, Map Coordinates = 465-33-F)
This neighbourhood is located in northeast area of Mississauga and is bounded by Winston Churchill Blvd. on the east, Ninth Line on the west, Highway 403 on the south and Britannia Rd. on the north. Shopping is available at Winston Churchill Blvd. and Eglinton Ave. as well as at the Erin Mills Town Plaza. This area features many parks such as Castlegreen Meadow Park, Sugar Maple Park, and Duncairn Park. Mississauga transit is accessible on Eglinton as well as Winston Churchill Blvd. Prices of available properties are ranging between $347,900 for a 2-storey townhouse and $424,900 for a detached 2-storey.
East Toronto
9. Bridletown. (MLS District = E05, Map Coordinates = 104-29-B/C)
The Bridletown quadrant is bounded by Pharmacy Ave. on the west, Birchmount Rd. on the east, McNicoll Ave. on the north, and Finch Ave. on the south. Bridlewood Mall features over 65 shops and services, including medical and dental services right within the neighbourhood. The neighbourhood boasts parks such as Beverley Glen Park and Bridletown Park. Only one bus is necessary for subway access via either McNicoll Ave. or Finch Ave. Freehold homes are currently selling between $279,000 for a townhouse and $409,900 for a detached 4-bedroom.
10. Lakeside Ajax. (MLS District = E14, Map Coordinates = 275-14-T)
This neighbourhood is located on the lake in southern Ajax and is bounded by Lake Ontario on the south, Carruthers Creek Dr. on the west, Bayly St. on the north and Shoal Point Rd on the east. This beautiful neighbourhood is highlighted by its close proximity to the waterfront trail and Lake Ontario. It is also close to Harwood Plaza and Harwood Place Shopping Mall for restaurants, shopping, and entertainment. The A&B plaza provides a number of excellent shopping opportunities and a wide selection of entertainment options. Lakeside Ajax features beautiful parks including Pickering Beach Park, Paradise Park, Ajax Waterfront Park, and Clover Ridge Park. Easy access to Highway 401. Attractive detached homes have sold between $289,900 and $419,900.
