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Tuesday, June 25, 2024

Toronto Real Estate: Where You Can Buy a Detached Home for Under $1 Million

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Today’s Toronto real estate market isn’t exactly price-friendly, but that doesn’t mean it’s impossible to find a detached home that fits your budget.

While the average price of a detached home in Toronto is currently $1.43 million, there are still some more affordable neighborhoods within Toronto where home prices remain under $1 million.

A recent report from Canadian real estate listing website Zoocasa has shed light on the current market, pinpointing GTA (Greater Toronto Area) locations that are more favorable for potential buyers based on July 2023 data.

According to Zoocasa, there are only two options for buying a detached home below the average price, both of which are located on the eastern outskirts of the city.

The neighboring areas of Oakridge, Birchcliffe-Cliffside, and Morningside, Woburn, Bendale are the only two Toronto locations with an average listing price for a detached home under $1 million.

In Morningside, Woburn, Bendale, the second most affordable spot to buy a detached home in Toronto, the average price for a detached home is $990,000. The minimum down payment required for a home at that price is $74,000.

Oakridge, Birchcliffe-Cliffside is the most affordable area to buy a detached home within the city, with an average price of $936,500. For a home at that price point, the minimum down payment would be $68,650.

Beyond the two more affordable locations to buy a home in Toronto, there are 26 neighboring areas within the city with home prices ranging from $1- $2 million.

Another 7 neighboring areas currently have home prices above $2 million, led by York Mills, Bridle Path, and Hoggs Hollow – the most expensive area in Toronto – where the average price for a home is $4,275,000.

Less than two hours away from Toronto, real estate prices in Niagara Falls are around $662,200, just slightly lower than the typical $668,754 for a standard Canadian home.

Niagara Falls is much more appealing for current buyers not just due to its proximity to the GTA but also its lower sales-to-listing ratio at 39%, meaning bidding wars are less likely.

Toronto and nearby cities like Brampton, Mississauga, and Pickering have balanced markets with sales-to-listing ratios ranging from 50 to 57%, but average prices are significantly higher compared to the rest of the country.

The average home price in Toronto, according to Zoocasa, was $1,066,184 in July; less than 11 other cities, four of which were seller’s markets, and four were evenly matched. Currently, Oakville, Richmond Hill, Caledon, Markham, and Vaughan are the most expensive places to buy within the province based on last month’s average prices.

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