The latest available monthly data from the Toronto Regional Real Estate Board (TRREB) for April 2023 shows that the average home price has reached $1,108,606 in Toronto. However, prospective buyers will be happy to hear there are still options available under $1,000,000.
Prospective buyers should conduct further research and pricing analysis for the homes and neighbourhoods that match their financial circumstances and lifestyle needs to guide their individual decisions. The content is not intended to solicit buyers or sellers currently under contract with a brokerage.
Tips for Buying a Home in Toronto
Toronto has gained a reputation as a notoriously hot real estate market in recent years. While it’s true that buyers will likely face steep competition in today’s market, there are strategies that successful buyers can use to secure their first property on the ladder.
The first, and arguably the most important step, is selecting the right agent to represent you. Your agent should do much more than find and show you properties. The best agent for a first-time buyer in Toronto is one who understands the unique complexities of your neighbourhood’s market. They can inform you about the best negotiation practices and offer strategies that will help you come out on top in a bidding war. They’ll also be a helpful resource for connecting you to the right professionals, like mortgage brokers, movers, and lawyers, that will make your purchasing experience more seamless. This team of professionals will be invaluable for you when it comes to financing your purchase and can even help you navigate first-time buyer incentives. Understanding the stages of buying is another thing prospective buyers can do to set themselves up for success. There are a lot of moving parts when it comes to buying a home, so it’s a good idea to get familiar with the different stages of buying a property before you get started. For a more in-depth guide on how to purchase a property from start to finish, you can download our Home Buyer’s Guide here.
1. 813 – 55 Ontario Street
Property details:
- 2 beds, 2 baths, 0 parking
- Condo apartment
- Walking score 99/Transit score 100
This brand new apartment has never been lived in before! The open-plan condo has two bedrooms, as well as a series of wall-sized windows offering wonderful views of the surrounding area. The building offers amenities like a gym, party room and outdoor pool.
View the listing here.
2. 77 Weir Crescent
Property details:
- 3 beds, 2 baths, 5 parking
- Detached
- Walking score 41/Transit score 72
This lovely bungalow is nestled by Morningside Park on a ravine lot. It’s been fully renovated from top to bottom. Each room flows from one to the other, with the dining space immediately opening into the kitchen. The bedrooms are incredibly spacious and the separate living room has plenty of room as well.
View the listing here.
3. 31 Westlake Crescent
Property details:
- 3 beds, 2 baths, 2 parking
- Detached
- Walking score 74/Transit score 73
This renovated bungalow is a perfect investment opportunity. The home can support development with up to four units. It has 14 foot ceilings with huge windows allowing lots of natural light, while the basement houses two of the potential bedroom apartments.
View the listing here.
4. 4 Edhouse Avenue
Property details:
- 3 beds, 3 baths, 2 parking
- Townhouse
- Walking score 53/Transit score 77
This home has a modern, open-place layout. The kitchen, attached to the living room, has a breakfast bar and a dining area. Upstairs are two spacious bedrooms, one of which is the primary bedroom with ensuite bathroom.
View the listing here.
5. 3101 – 488 University Avenue
Property details:
- 2 beds, 2 baths, 0 parking
- Condo apartment
- Walking score 99/Transit score 100
This luxury condo is a cozy space with a super functional floor plan. There is plenty of natural light shining through from the floor-to-ceiling windowed-back door which leads out onto the private balcony. Perfect for watching the sun set over the city.
View the listing here.
6. 206 – 3 Everson Drive
Property details:
- 2 beds, 2 baths, 1 parking
- Condo Townhouse
- Walking score 66/Transit score 87
This home is full of upgrades, including the flooring and updated kitchen countertops. There is a huge rooftop patio oasis which makes it a perfect space for entertaining. The corner unit has large windows for ample natural light, and a window to the kitchen acting as a makeshift breakfast bar.
View the listing here.
7. 4503 – 88 Scott Street
Property details:
- 1 bed, 1 bath, 0 parking
- Condo apartment
- Walking score 100/Transit score 100
Located in the heart of downtown Toronto, this condo has plenty of room to make it your own. Large windows offer gorgeous views of the entire city, while the being is rife with amenities and close to anything you might need.
View the listing here.
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8. 303 – 736 Bay Street
Property details:
- 2 beds, 2 baths, 1 parking
- Condo apartment
- Walking score 98/Transit score 100
This amazing apartment has an excellent floorplan with a split-bedroom layout, and. large breakfast bar in the kitchen. The building is also close to many amenities, including the subway and the University of Toronto.
View the listing here.
9. 1908 – 2240 Lake Shore Boulevard West
Property details:
- 1 bed, 1 bath, 1 parking
- Condo apartment
- Walking score 71/Transit score 64
Lakefront living at its finest! This condo has amazing views of the city and lake skylines, with a functional, spacious layout with a ton of natural light coming through the large windows. The building is also close to many amenities including shops, restaurants, Martin Goodman Trails and the Lake.
View the listing here.
If you’re looking to move to Toronto, give us a call! We can help find the perfect home for you. You can also follow our market insights for regular updates on the Toronto market.
