Varsity View's proximity to the university is its whole story. A high share of the housing is rented to students or staff, which shapes both who buys there and how an investor should underwrite the purchase, and older mechanical systems come with the character-home territory.
Lakeridge trades that walkable, century-old character for space and newer construction. Families moving up from a first home land here for the schools and the established trees, and the housing stock is younger, so a home inspection at $400 to $600 tends to turn up fewer surprises than in the older core.
Joel Dyck can tell you which of the two fits your specific plan. Get your hand-reviewed valuation from Joel Dyck.