These are the top neighbourhoods in Toronto for buying a home right now
Toronto's real estate market continues to wile out as we near the halfway point of 2022, posting double digit sales drops from last year's unprecedented highs in some segments while stagnating or skyrocketing in others.
Economists are seeing clear signs of the market cooling locally as demand softens, inventories rise and potential homebuyers deal with the Bank of Canada's most-recent interest rate hike — but it's still too early to determine whether or not this is a good time to buy.
Home prices may be falling in Toronto, but they're still absolutely ridiculous compared to other cities in Canada and abroad.
The affordability crisis persists, whether or not investors are seeing big returns on their newly-purchased ghost hotels, and buyers aren't alone in their uncertainty; rent prices are expected to keep rising in the city for some time without significant intervention.
So what's a person to do if they want to put all of their money into something that won't disappear?
Well, if leaving town altogether isn't in your plans and you somehow have the means to purchase a place, MoneySense has some advice as to where you might get the most value in Toronto.
Working with the real estate brokerage and data analysis firm Zoocasa, MoneySense included a list of Toronto's top neighbourhoods for buyers in its 2022 Where to Buy Real Estate in Canada report.
The 50 neighbourhoods were chosen based on factors including benchmark price in 2021, growth rates, accessibility and number of households with children. They are ranked based on Zoocasa's analysis of local real estate data and current housing trends, and listed in order of which give prosepective home buyers "the greatest value and potential for real estate price growth."
You can check out the full ranking for Toronto (and other major cities) individually, but here are top ten neighbourhoods for buyers right now in Canada's largest city according to the newly-released MoneySense ranking:
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