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North York, A Place to Invest

North York, A Place to Invest

Year over year trends show Toronto home prices on the rise, and yet the demand for condos is higher than ever. While there are still many condos for sale in downtown Toronto, we think it’s a smart move for buyers to expand their search into other neighbourhoods to find the best value for their buck.

One area that is drawing a lot of attention from first-time buyers, students, working professionals, as well as new developers is North York .

What Do You Know About North York?

If the concept of North York makes you go, “Huh, what? Is that in New Market?” you’re not alone. Many people have only a vague sense of this Toronto neighbourhood, which was its own proper city until 1998. Today, North York spans a large area north of Toronto proper, with a diversity of smaller ‘dales, brooks, and villages within its borders.

It’s has a strong suburban vibe, made up of wide boulevards and narrow residential streets as you move east and west of Yonge Street. The growing urban areas are immersed in the natural green spaces of the northern Don River branches, and there are trees all over the place. In the summertime, it must feel like living in an urban forest.

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There are currently over 800 condos for sale and for rent in North York, with an average price-per-square-foot of $536 up 8.7% from $477 in 2015.

Compare that to the average price-per-square-foot of $770 in downtown Toronto and the value becomes clear, for a neighbourhood that is rapidly becoming its own metropolitan centre.

Because of its size and diversity, it would take a series of blog posts to give North York the neighbourhood feature it truly deserves, so we’ve focused on one area that’s really worth watching: Willowdale .

A Smart Place to Invest

Willowdale is one of the most popular areas and one that’s seeing the largest rise in new Toronto condos immersed in the business bustle between North York Centre and Sheppard Avenue.

Our North York Condo Pro , Gilad Katan , has noticed that this area is currently a great place to buy condos as investment properties. With many schools and colleges, including Seneca College, North York has a high percentage of student residents and an on-going demand for rental units.

For potential investors, your search should start in the mid 300s, such as a one-bedroom condo with total monthly fees (mortgage payment, maintenance, and property tax) of around $1,700. Taking into account the $536 average price-per-square-foot, a $350,000 condo should be about 650 square feet. Such a unit would rent in Toronto’s market for about $1800 per month, enough to cover all your costs.

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The appeal for working professionals is twofold: more affordable price-per-square-foot than downtown and convenient public transit. Right along the Yonge-University subway line, it’s an easy neighbourhood for professionals who work downtown but want a larger for comparable prices.

The North York Centre subway station is pretty much a one-stop-shop for commuters, connected with the Empress Walk shopping centre. A great bonus during the winter months, this four-storey, all-in-one commercial space features a Loblaws grocery store on the first level, restaurants and shops on the second, including Dollarama and LCBO, professional services on the third, and a Cineplex Cinemas on the top. You’ll rarely have to stop anywhere else for after work errands.