Mount Dennis one of the best-value neighbourhoods

MoneySense magazine released a survey of Canada’s neighbourhoods called “Where to buy now”, and Mount Dennis ranks near the very top, coming in 13th of 142 of Toronto’s communities.

The rankings were determined by value relative to nearby areas, price momentum, and real-estate agent juju. Mount Dennis did very well on almost all measures, and it remains a steal, despite the huge improvements in transit coming to the neighbourhood: homes are only 60% the price of the average in Toronto.

Weston also did well: 59 out of 142. Home prices are similarly good, only 65% of the average across Toronto. Weston, like Mount Dennis, got only three stars out of five, however, from the real-estate agents.

A word about methods:

Your correspondent has little good to say about the idea of momentum—it could signal that a neighbourhood is on the way up, or it could indicate that the smart money won and the deals are gone.

Because the agents’ methods were not explained, it’s hard to criticize or endorse them. They seem to be based on, ahem, patrician values: walkability, commutes, and transit not among them; Richmond Hill and Markham received the realtors’ top grades.

The idea, though, of value compared to neighbouring communities is very intriguing! All other things being equal, a cheap house a stone’s throw from a swish hood seems likely to do well.

 

Author: Adam Norman

I am raising my two children in Weston.