New incentive will boost condo purchasing power outside Toronto’s core

by Ephraim Vecina on 26 Jun 2019

The federal First-Time Home Buyer Incentive will primarily benefit buyers looking at condominiums situated away from the busiest parts of Toronto, according to real estate information portal Zoocasa.

“Buyers are hard pressed to find a resale home within the eligible price range (up to $505,000) in the City of Toronto and there are only 13 of 35 MLS district neighbourhoods where such homes are available,” Zoocasa reported. “Even then, buyers’ options are limited to condos located away from the city core.”

The analysis found that so far, the best use of the Incentive to purchase a condo is at West Hill, Centennial Scarborough, where the average unit price sits at $352,389.

Malvern, Rouge is another good choice ($362,037), as is Black Creek, York University Heights ($373,932).

Other condo destinations in the sub-400K range are Willowridge, Martingrove-Richview ($374,050), along with Rexdale-Kipling, West Humber-Clairville ($388,935) and Dorset Park, Kennedy Park ($397,600).

In recent years, the drive for more living space has driven the popularity of markets in city outskirts and beyond.

A Royal LePage report released late last month showed that eight of the 10 fastest appreciating exurbs in Canada are located in Ontario.

Exurbs – defined as secondary municipalities located at a considerable distance from large cities, in fact “beyond reasonable commuting distance” – are enjoying a renaissance, amid consistently elevated prices in urban centres.

As of 2016, approximately three-quarters of the Canadian population were living in suburban communities, according to a Queen’s University census analysis. In the decade ending that year, exurbs saw 20% growth, and auto-dependent suburbs 17%.

 

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