Vancouver's recent announcement of a vacant home tax and an increase in property tax targeted at foreign buyers has Toronto's red hot market getting even hotter as buyers are now looking to cities like Toronto to purchase their next investment property.
As a result, local Torontonians are starting to look outside of the city's downtown core to buy homes in some of the most unassuming of GTA neighbourhoods.
Here's a top ten list of GTA neighbourhoods starting to draw in home buyers due to their recent growth and ability to offer more bang for your buck.
10. Danforth Village-East York - Toronto, ON
Slowly becoming a hotspot for young professionals, Danforth Village in Toronto’s East York is home to many of the city’s outdoor festivals and many of the city’s best restaurants and shopping districts. The average cost for homes in the area range from $698,000.
9. Weston-Pelham Park - Toronto, ON
As more home buyers look to purchase homes outside of Toronto’s downtown core, the ‘Weston-Pelham Park’ neighbourhood has seen a steady increase in home sales with average prices for homes in the area increasing 15.1% over the past year and 65.1% over the past 5 years.
8. O’Connor-Parkview - Toronto, ON
Nestled in Toronto’s East York area, the sprawling neighbourhood of O’Conner-Parkview is a multicultural melting pot with the average single-family home price ranging from $685,000.
7. Stouffville - Whitechurch-Stouffville, ON
Located just under an hour north of Toronto’s downtown core, Stouffville is quickly becoming the Greater Toronto Area’s hot spot for young families looking to get more home for their money. Homes in the area have increased in value over 65%, making a great up-and-coming area with great potential for a return on a homebuyer’s investment.
6. Aurora Highlands - Aurora, ON
Found north of the City of Richmond Hill, Aurora, ON is quickly becoming the province’s fastest growing city. Aurora’s ‘Aurora Highlands’ neighbourhood is no exception. Homes in the area have increased 70.5% over the past five years and average $728,900.
5. Oak Ridges - Richmond Hill, ON
With a growing population of just 36,000 (est. 2015) the community of Oak Ridges is home to beautiful single-family dwellings averaging just over $793,000.
4. Gorham-College Manor - Newmarket, ON
Largely featuring detached homes which has accounted for about 58% of home sales in the past year, condo townhomes making up 19% of home sales, townhomes making up 18% of home sales. Gorham-College Manor is quickly becoming Newmarket’s hottest real estate neighbourhood, with homes averaging $594,100, an increase of 65% in the past 5 years.
3. Langstaff - Richmond Hill, ON
Langstaff is no doubt one of the hottest growing markets in the GTA. Homes have increased over 71% since 2011.
2. Central Newmarket - Newmarket, ON
Homes in Central Newmarket have increased by over 20% in the past year and 75% over the course of 5 years with no sign of slowing down. Central Newmarket is becoming quite a bustling community with local restaurants and shops.
1. Aurora Grove - Aurora, ON
Rated as the number one hottest market outside of the downtown core, homes in Aurora, ON’s Aurora Grove community have increased 82% in the last five years. Over the past 12 months there have been 64 properties within the community of Aurora Grove with an average asking price of $1,132,000. Of the 64 properties sold, 24 townhomes listed an average asking price of $903,220 and 44 detached homes with an average asking price of $1,585,908.
There you have it, the top 10 neighbourhoods drawing in home buyers.
Are you a REALTOR® in any of these cities? I'd love to hear from you! Let me know by commenting below.