Are you looking newly build home in GTA? Are you unsure of where to look for your new home? Oshawa, South Etobicoke and Mississauga are some of the best places for you to consider. Keep reading to learn more about these and seven more, incredible areas in the GTA!
Where is the best place for first-time buyers to consider in the Greater Toronto Area? It’s a good question and one we get asked a lot, so we thought we’d try to answer it by providing our list of the best areas and neighbourhoods for first-time buyers in Toronto.
To make our list, we started by looking at the type of homes first-time buyers in the Greater Toronto Area usually seek out. Newly build home in GTA focuses their attention on apartments and town homes, which tend to be more affordable, compared to detach and semi-detached single-family homes.
Of all the places in our list, Oshawa is the most attractive in terms of prices. The six-month average benchmark price was $262,167 for apartments, $328,317 for townhomes, $450,483 for attached single-family homes and $531,700 for detached single-family homes. With prices like that, it puts all home types within the reach of many first-time buyers in the Greater Toronto Area.
Oshawa does not just stand out for prices, however. A short distance from the City of Toronto, you can reach Union Station in as little as 52 minutes by taking the Lakeshore East GO train service. Alternatively, easy access to the 401 and 407 from much of the city means you have plenty of options by car.
Toronto – South Etobicoke
This area covers communities such as Mimico, Alderwood, and Long Branch and comes in as 10th cheapest for apartment prices in Toronto, with the six-month average benchmark price standing at $390,483.
Of particular interest to young professionals, these communities also include the up and coming area known as Humber Bay Shores that has seen huge development in recent years. It is one of the fastest growing communities in the city and offers everything a first-time buyer could need: great amenities, parks, waterfront trails, and good transport links to the downtown core and further afield.
They may be different municipalities but, due to their close proximity and similarities, we decided to list Burlington and Oakville together.
Both the city of Burlington and the town of Oakville regularly rank highly in lists of the best places to live in Canada. In fact, in the MoneySense rankings for 2017, they came in at 9th and 15th respectively. That alone makes both places appealing to live but there are other major features as well – most notably the location.
Perhaps most surprising with these two places is that they could be relatively affordable for first-time buyers in the Greater Toronto Area. In Burlington, the benchmark average is $391,533 for an apartment and $542,150 for a townhome. Oakville is considered one of the more expensive areas for newly build home in GTA but the benchmark average for an apartment there is $461,900 and the chance to get on the property ladder of such a desirable place will be appealing to many.
When you think of commuter locations for Toronto, Mississauga is one of the first places that come to mind. There is a good reason for that because its close proximity and great transport networks make it an ideal place to commute from. With a city of its size, Mississauga also offers its own opportunities in terms of employment, with many large companies having major operations or even headquarters in the city. It also offers more distractions than most other town cities for newly build home in GTA, with plenty of shops, restaurants and a vast array of entertainment options to enjoy.
Obviously, one of the main things that newly build home in GTA look for is proximity to Toronto. It is the biggest city, the place with the most employment opportunities, high-end shopping, avant-garde restaurants, and a plethora of entertainment. Therefore, if you cannot be in Toronto itself, you want to be close – and you cannot get much closer than Richmond Hill.
This is the area of North York that is bordered by Bayview Ave in the west, Highway 401 in the south, Victoria Park Ave in the east, and Steeles Avenue in the North. It is quite a large area but the part that should be of particular interest to first-time buyers are the areas of Don Valley Village and Bayview Village that are closest to Sheppard Avenue. That is because living here puts you on the Sheppard subway line, which connects to the Yonge-University line at Yonge and Sheppard and, thus, gives you easy access to the rest of the city.
You will not find many apartments here and, to be honest, that may be part of the appeal. The town’s slogan is “Country Close to the City” and that description is accurate as it is surrounded by greenbelt land but also has a Go Train service that can get you to downtown Toronto in just over an hour plus, with the extension of the 407 ETR, allows quick access both east and west of the town.
It has long been a popular destination for young newly build home in GTA looking to own a home and that has It has long been a popular destination for young first-time-buyers looking to own a home and that has caused prices to rise substantially in recent years. However, the six-month benchmark average price for Townhomes is only $439,200, meaning there are still good options for first-time buyers – particularly those who prefer more bang for their per-square-foot buck!
There is a big transformation-taking place in Vaughan, with the area around Highway 7 between Jane St and Highway 400 set to be turned into a new downtown-style area built around a huge park. Part of the inspiration for this is the TTC subway that will start serving the area from December 2017, with service to the downtown core in 45 minutes.
At present, the average benchmark price for an apartment is $492,167 but the arrival of the TTC is sure to increase demand and prices may rise as a result. That means this location could be a great choice for newly build home in GTA – both as a great place to live and also with an eye on future growth potential.
Toronto Core East
This is quite a large area very close to the downtown core and is bordered by Yonge St in the west, Bloor St E in the north, the DVP in the east, and the waterfront in the south. It includes neighbourhoods like Cabbagetown, Regent Park, and Moss Park among others. There is quite a lot of variation between the neighbourhoods and they aren’t all the same price as well. However, as a guide for the entire area, the average benchmark price for an apartment is $517,483.
Toronto Core West
If you think about condos in Toronto, this is the area that probably comes to mind. Bordered by Yonge St to the east, Bloor St to the north, Lake Ontario to the south, and the neighbourhoods of Roncesvalles and Parkdale in the west, this is where you go if you want to live in the heart of downtown. The options for apartments and entertainment are endless in this part of the city and, although the average benchmark price ($529,567) is relatively high compared to the rest of the newly build home in GTA, there are many smaller suites available at prices that are more affordable to most first-time buyers in Toronto.
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