Home prices in Toronto fluctuated throughout 2022 as interest rates escalated in the Bank of Canada’s bid to tackle inflation. At the start of this year, the average home price for all property types was $987,842, however, the median detached home would set you back $1,270,000.
Since home prices began coming down from the early 2022 peak, more expensive property types like detached and semi-detached properties have experienced large price adjustments. For example, the Toronto Regional Real Estate Board (TRREB) reported that as of January 2023, the price of a detached home in the city of Toronto has declined 21.3% year-over-year.
So, are there any neighbourhoods where prospective buyers can find a detached home under the $1M mark? We analyzed Toronto neighbourhoods to learn where the median price is lowest across the city. We included 34 neighbourhoods and highlighted where prices were less than $1,000,000, between $1,000,000 and $2,000,000, and neighbourhoods where the price was higher than $2,000,000. We also calculated the minimum downpayment required for each in accordance with guidelines provided by the Government of Canada.
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Only 2 of 34 Neighbourhoods’ Median Detached House Price is Under $1M
Detached home prices across Toronto have become wildly more expensive than the last time we analyzed these neighbourhoods in 2020. There are only two neighbourhoods in the city where you can find a detached home for less than $1,000,000 – W03 (Rockcliffe-Smythe, Keelesdale-Eglinton West) and W10 (Rexdale-Kipling, West Humber-Claireville). W03 is the most affordable, with the median home price currently sitting at $843,000, which would require a minimum down payment of $168,600. W10, meanwhile, is in sellers’ market territory, meaning the sales-to-new-listings-ratio (SNLR) is currently 83%, but it has the second most affordable homes based on median price. It’s possible that we could see a price jump in the area in the coming months if sales continue to outpace new listings and competition increases.
27 of the neighbourhoods detached homes are priced between $1,000,000 and $2,000,000. E06 (Oakridge, Birchcliff-Cliffside) and E08 (Scarborough Village, Guildwood) are right on the edge of the $1,000,000 mark, meaning that it may be possible to find a detached home in the area for less than $1,000,000 and avoid the 20% down payment. The jump in the required down payment between what you have to pay for a home that costs slightly less than $1,000,000 to hitting that 7-figure mark is substantial.
There are a few neighbourhoods with a median price that exceeds $2,000,000, however, they are in the minority compared to neighbourhoods priced between $1,000,000 and $2,000,000. C12 (York mills, Bridle Path, Hoggs Hollow), C13 (Parkwood, Don Mills, Victoria Village), C07 (Willowdale West, Lansing-Westgate), and C11 (Leaside, Thorncliffe Park, Flemingdon Park) are all above the $2,000,000 mark. C09 (Rosedale, Moore Park) is the most expensive at $3,550,000 and is sitting firmly in a balanced market with an SNLR of 50%, meaning that the generally higher price in this neighbourhood is to be expected.
Interested in a detached home in the 416? 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. Don’t forget to download our free buyer’s and seller’s guides too!