The real estate market in Toronto has been active and promising. However, a lot has changed before and after the Covid-19 pandemic. The real estate market generally experienced a sharp dive in its sales rate at this time. Nonetheless, the quest for people wanting to move from one apartment and location to a condo in a better location is increasing. 

Owing to its vast land spans, Toronto became a target location for many. Condo Mapper International comprehensively listed the current prices and rate of Condo sales in seven prime locations of Toronto.

The 7 Best Locations to Buy a Condo in Toronto

1.    Yorkville

You can call this location the classy and trendy part of Toronto. Yorkville is beaming with life as a host to dignified restaurants and bars, cafes, magnificent studios, top-notch boutiques, exquisite hotels, and indeed, luxurious condos. The demand for condos in this area is high because of the comfort and serenity obtainable here. Surprisingly, there are many affordable yet grand properties available in Yorkville. Therefore, buying a lavish condo in this location is a profitable investment to make.

2.    Alderwood

Alderwood is a beautiful neighborhood in the Western region of Toronto. It houses a massive mall, and many new condos have emerged close to the mall for some good reasons. Also, it is only 15 minutes away from the International airport in Toronto.

Alderwood has experienced extensive developments over time and attracted several people to its boundaries. There are more accommodations with family homes and condos, mostly having 4-5 rooms in them. Buyers benefit from this location as most residents live in rented houses. Hence, this creates a competitive rate for the cost of rents.

3.    University Avenue

University Avenue is a renowned location in downtown Toronto with so much coordination and amenities. This makes it open to people seeking better access to amenities. It is decorated with some exquisite and impressive condos that can fetch considerable returns to the buyers. Foreigners and holidaymakers are hoping to see the best of Toronto would greatly appreciate this location. Several prominent institutions on this Eight-Lane Street attract tons of professionals and keep the rent and selling price highly competitive and continuously on the increase.

4.    Mimico

Mimico is a neighborhood in the Southwest region of Toronto. It was once a Municipality but is now a primarily residential area. You can make significant investments in condos in this developing location. It has many affordable and straightforward condos with the potentials of growing in value in no time. With the help of Condo Mapper International, you can buy one of these with ease. The average cost of a condo in Mimico sit around $687,000. However, if you plan to invest in a condo here, you should do that now as the prices keep rising, making it a potentially profitable investment.

5.    Danforth village

Danforth Village is located in the east end of Toronto, hence the name East Danforth. Tourists are attracted to this site because of its unique features like the zoo, restaurants, art galleries, park, Museum, Aquarium, and world-class market. The air in this location is intense and calming.

Danforth village ranks high as one of the most compelling locations to buy a condo. You can buy highly affordable condos that cost lower than $450,000. As an investment, you can earn over $2,400 every month by leasing your condo in this location.

6.    Bay Street

This is one of the core financial neighborhoods in Toronto and Canada in general. Asides from being significant as Canada's financial capital, Bay street has seen the development of a substantial number of condominiums from 1990 till date. These condos serve as homes for people working in the financial sector, discovery sector, schools, and hospitals. Buying a condo in this area is a wise investment as prices are not projected to drop anytime soon. Also, demands remain high so that you can sell it off at a higher price.

7.    Mount Pleasant East

The burning development going on in neighboring locations has made us add Mount Pleasant East to this list. It is characterized by a rich landscape and highly serene and comfortable amenities that make this location ideal for families. There are lots of exclusive and price worthy condos available in this location. Experts predict that properties' prices might fall going forward with the current recession and the next wave of Covid-19 looming. Hence, investors may capitalize on this factor to secure condos for future business.

Conclusion

Like most regions, Toronto's real estate market has suffered the effect of the global pandemic, especially with the sales of condos. People now appreciate larger properties that come with home offices, yards, lawns, and other amenities. However, not everyone can afford these luxuries or want to bother about mowing lawns or cleaning pools. Therefore, larger condos are still a good option for most buyers. You can consider these seven locations in Toronto to buy a condo.