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Despite the initial impacts of the pandemic and its resulting economic turmoil on the Canadian real estate market, BMO Senior Economist Robert Kavcic says that 2020 “will be a banner year for the Canadian housing market.” Home prices in October were up 10.9% year-over-year – the fastest rate of price appreciation recorded on CREA’s Home Price Index since August 2017 – and home sale volume beat the previous October record by 14,000 homes.
Even in the already notoriously pricey City of Toronto, many neighbourhoods saw home price appreciation match or even outpace the strong national numbers. Get to know some of Toronto’s hottest neighbourhoods for real estate, according to the Toronto Regional Real Estate Board (TRREB) MLS Home Price Index from October 2020.
Ranked Toronto’s top neighbourhood by Toronto Life, it’s no surprise that home prices in High Park North, Junction, Runnymede (TRREB zone W02) increased by 9.84% this year. Runnymede residents enjoy all of the perks of life outside of the downtown core while maintaining excellent access to transit. The area has plenty of local shops and restaurants, highly ranked schools, and is steps away from the sprawling High Park.
2. The Kingsway
Next door to Runnymede you’ll find The Kingsway, a neighbourhood favoured by families for its “suburb in the city” feel, sizable detached homes, and pedestrian-friendly streets. Its main shopping area has a quaint, village-like vibe, and residents can take advantage of plenty of parks and recreation facilities. This year, The Kingsway, Eringate-Centennial-West Deane, Islington-City Centre West (W08) saw an 8.90% increase in home prices.
Another family-friendly neighbourhood on the hot list this year is Leaside. This neighbourhood on the northeast end of Toronto is well-known as an ideal place to raise kids, boasting great local schools, kid-friendly attractions like the Science Centre and Sky Zone, and convenient access to a sprawling retail district. Home prices in Leaside, Thorncliffe Park, Flemingdon Park (C11) appreciated by 10.32% since last October.
Guildwood is one of Toronto’s most picturesque neighbourhoods, with a cast-iron gateway marking its entrance and properties – including the historic Guild Inn – overlooking the Scarborough Bluffs. Its residents have easy access to a variety of local shops, essential services, and plenty of scenic trails. Scarborough Village, Guildwood (E08) home prices have increased by 12.40% year-over-year.
5. Playter Estates
Playter Estates is a small, mostly residential neighbourhood nestled between Riverdale and Danforth East York. The area offers its residents easy access to great food, transit, and Riverdale Park, along with plenty of shopping and entertainment options within walking distance. These perks and more have led to a 9.49% increase in home prices in Playter-Estates, Danforth Village (E03).
6. Moore Park
While it may not be the most affordable neighbourhood in the city, Moore Park, Rosedale (C09) is certainly one of the most coveted, explaining it’s 8.34% increase in home prices this year. The area also seems to be evolving to accommodate more entry-level homeownership, with 50% of residents now living in condos and high-rise apartments, drawn by plentiful parks, quiet streets, and easy access to transit.
Home prices in Birchcliff (E06) increased by an impressive 12.84% year-over-year, as searchers flocked to this mature and family-oriented neighbourhood. Birchcliff is backdropped by the Scarborough Bluffs and Lake Ontario, and is as livable as it is idyllic, with plenty of shops and restaurants, professional and medical offices, a modern community centre, and easy access to downtown.
8. Corso Italia-Davenport
The vibrant community of Corso Italia-Davenport has been shaped by its diverse residents, more than 80% of whom are first- or second-generation Canadians. Great food options – Italian food options in particular, of course – abound in this neighbourhood, as do relatively reasonably priced detached homes. Keelesdale, Rockcliffe-Smythe, Corso Italia-Davenport (W03) homeowners have seen their homes appreciate by 10.32% this year.
Offering a suburban feel in the middle of the city, Stonegate-Queensway is an ideal neighbourhood for families, or for those just looking for a quieter lifestyle. It’s a more driver-friendly area, as shopping, dining, and transit options within walking distance are limited, but the area’s many parks and recreation centres offer a wide array of activities to keep you entertained. Home prices in Stonegate-Queensway (W07) increased by 10.29% this year as city-dwellers sought larger homes (with smaller price tags).
10. York Mills
York Mills is one of Toronto’s most affluent neighbourhoods, famous for its expansive properties, lush landscapes, and notable residents. While detached homes in the area weren’t in most people’s budgets to begin with, prices continued to increase this year, with York Mills, Bridle Path, Hoggs Hollow (C12) seeing 9.71% growth. What the area lacks in walkability it makes up for in excellent public services, sprawling parks, and some of the city’s best private schools.
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