5 Hotspots for First Time Homebuyers in The GTA

Yesterday, I attended a conference held by one of the mortgage industry’s governing bodies, the Canadian Association of Accredited Mortgage Professionals (CAAMP). There were several sessions throughout the day on subjects from Social Media Marketing to the Canadian mortgage securitization industry. One of the most informative sessions in my opinion was the talk CMHC economist Shaun Hildebrand gave on the housing market in the GTA. I took away quite a bit of information from his presentation and my next few blog posts will cover the key points.

So where are the top 5 affordable neighbourhoods for first time home buyers in Toronto (GTA)?

As you can imagine, the central corridor of Toronto is the most expensive and probably out of reach for most first time home buyers. However there are a few areas in the “C’s” that Shaun felt were still fairly priced and accessible to most. Those areas were C7 and C15. They are a little further north, but still within an easy commute via transit. Surprisingly there is still some opportunity in C1 for first time buyers in the condo developments going up.

If you are willing to move a little further out to the suburbs you can find value as well, particulary in the Ajax/Pickering area to the east and the Brampton/Milton areas to the west. You might think that all areas outside the city would be more affordable and that might be true, but they might not all provide good value for your dollar. Mississauga, Oakville and Burlington are all relatively expensive at the moment. Areas where first time buyers should be looking are W22, W26, W23, W6, E10 and E6.

In my upcoming posts I will talk more about market trends, why we are seeing such a demand for properties and wen we can expect to see it subside.

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