According to the most recent data from the Toronto Regional Real Estate Board, housing prices in Toronto have declined for the first time since the start of the year. In July, the average price of a home in Toronto dropped 5% month-over-month to $1,118,374.
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The detached sector in particular has felt some of the strain, with a 7% decline in average price in July, now setting buyers back an average of $1,427,257. This is still, however, a high price for a home, with some prospective buyers either unwilling to get into the market at that price point or simply unable.
So, which Toronto neighbourhoods are the most affordable for those with their hearts set on a detached home? Zoocasa analyzed Toronto neighbourhoods to learn where a prospective buyer could find a detached home for less than $1,000,000 by comparing the median detached home price in each neighbourhood. We also calculated the minimum downpayment required for each.
There are Only Two Neighbourhoods With Median Prices Below $1,000,000
When we last analyzed median prices, there were only two neighbourhoods where the median price of a detached home was less than $1,000,000. While our findings were the same this time around, the neighbourhoods in question have changed. E06 (Oakridge, Birchcliffe-Cliffside) and E09 (Morningside, Woburn, Bendale) are the only neighbourhoods where median detached home prices are below the million dollar mark. The downpayment in both of these neighbourhoods is significantly lower than anything above the million-dollar mark, the largest of the two being $74,000.
26 neighbourhoods currently sit between $1,000,000 and $2,000,000. The lowest is W03 (Rexdale-Kipling, West Humber-Claireville) where the median price is $1,042,500. A down payment on a home at this price would cost $208,500, $134,500 higher than E09. However, due to it’s proximity to the $1,000,000 threshold, it’s possible you’ll be able to find a home under that and avoid the additional 12.5% on the down payment.
On the other end of the scale, there are more neighbourhoods where the median is over $2,000,000 than there were at the start of the year. Seven neighbourhoods in Toronto now have higher detached home prices compared to the five in January. C12 (York Mills, Bridle Path and Hoggs Hollow) is the most expensive neighbourhood, where the median price of a home is $4,275,000, over $2,000,000 higher than it was in January and over $700,000 higher than the greatest median income that month.
C12 is also the neighbourhood that has had the greatest price increase in that time. Conversely, C09 (Rosedale and Moore Park), while only dropping to the second most expensive, has had the greatest decline in median price, falling by $450,000.
Interested in a detached home in Toronto? Our local agents are here to help you in your home-buying journey. Give us a call today to discuss your goals and start the process.
