The average Toronto condo will run you a pretty penny — costing $736,566 as of the third quarter of 2023 — but that sticker price is far from the only factor you'll want to consider for what may be the most important purchase of your life.

Whether you're a newcomer looking for a starter home, downsizing parents, condo investors, or even wealthy business tycoons, Toronto has a range of options perfect for every variety of prospective homebuyers.

Here are five of the best Toronto neighbourhoods to purchase your first condo in Toronto.
 

The Annex

You could call one of the "coolest neighbourhoods in the world" home — specifically, the 38th-coolest — according to a recent ranking that placed The Annex among some of the world's most sought-after 'hoods.

Living in a condo down the street from literary legend Margaret Atwood amongst the architecture of Uno Prii will cost you in a range anywhere from just below the citywide average price to bougie multi-million-dollar units.

The area is always in high demand, thanks to the nearby University of Toronto campus, giving condo purchasers the flexibility to rent out their units should they outgrow their homes in the future.

Not every unit in this area is a starter home. Not even close. However, it is one of the few sought-after areas that offers at least a few condos well below the Toronto average price.

Crescent Town

A bastion of affordability compared to the runaway home prices of the surrounding city, Crescent Town offers cheap home prices without sacrificing the perks of living in one of the world's most multicultural cities.

Home to an extensive South Asian and West Indian population, the area is rich in culture, while condo prices will run buyers in the $350k-500k range — with options far cheaper than even half the Toronto average.

Like any neighbourhood where prices are less than half the local average, the area has its fair share of problems. However, Crescent Town's lower cost of living and deep cultural roots make it an excellent neighbourhood for newcomers to establish themselves with a starter home.
 

Flemingdon Park

Flemingdon Park offers comparable entry-level condo prices, many priced as low as the $400,000s, and likewise is home to a large population of new Canadians that includes established South Asia, Southeast Asia, Eastern and Western Europe communities.

Flemingdon Park also offers tremendous potential for investment thanks to the forthcoming Ontario Line subway that will include a stop at the current Ontario Science Centre, as well as service on the soon-to-open Eglinton Crosstown LRT.

Condo purchasers investing in this neighbourhood before the two transit lines open have the chance to get in on the ground floor of an area on the doorstep of change.

Weston-Mount Dennis

Like many other neighbourhoods along the path of the upcoming Crosstown LRT, Weston-Mount Dennis' relatively low property values — with older condominium units priced as low as the $500k range — could trend way, way, upward in the coming years.

Factors like relative affordability, future transit connectivity, a culturally diverse landscape, and a multicultural food scene akin to taking a trip around the world, make Weston-Mount Dennis an attractive pocket of the city to set up shop.
 

Scarborough City Centre

Scarborough may have lost its RT, but a new subway extension on the horizon is promising huge investment potential for the relatively cheap condos on the market in the heart of the former suburb.

Condos starting in the $400,000s offer new homeowners a relatively affordable foothold in the local real estate market, in an area primed for major change and the potential for meteoric property value increases.

The coming subway line, along with perks like the over 250 stores available at Scarborough Town Centre, offers the perfect blend of urban and suburban for condo purchasers of all lifestyles.