Zoocasa - When it comes to Ontario real estate, Toronto’s detached housing market is in a league of its own. Although the average price for a detached home currently rests at $1,657,026, representing a modest 3.5% decrease from the previous year, entering the detached housing market is still a coveted goal for many homeowners and investors.
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As we enter the spring market, Toronto’s competitive detached housing market is heating up: 2,495 homes sold in February, a 20% increase from last year. Just in time for one of the busiest times of year for real estate, we mapped the detached home prices across 35 Toronto neighbourhoods to see where you could buy one below the average price.
Noteworthy Toronto Neighbourhoods This Spring
For houses near the Toronto benchmark average within downtown, two neighbourhoods stand out: Regent Park, St. James Town, and Corktown, as well as Leslieville, Riverside, and Little India.
Leslieville, Riverside, and Little India boast homes averaging $1,632,400, the closest to the average price in the city. With a minimum downpayment of 20%, the average mortgage will likely cost around $7,477 per month.
Meanwhile, Regent Park, St. James Town, and Corktown is the only neighbourhood we analyzed within central Toronto that is below the average price at $1,599,000, which means you might be able to find a good deal in this area for its proximity to the downtown core.
In Toronto’s East end, The Beaches and Upper Beaches stand out as the only neighbourhoods surpassing the average benchmark price at $1,691,354. This can be attributed to higher prices for properties with waterfront views.
And in the city’s West end, High Park-Swansea, Roncesvalles, and Parkdale have the priciest homes on average, exceeding the benchmark by $270,571.
The New Normal: The $2 Million Home Market
In Toronto’s central neighbourhoods, one-third of houses surpass the $2 million mark, reflecting the city’s demand for move-in-ready detached houses. And out of all the neighbourhoods we analyzed, five are within the $1.9 million to $2.2 million dollar mark.
Additional affluent areas such as Rosedale and Moore Park, alongside Yorkville, Annex, and Summerhill, command even higher price tags, with detached houses reaching over $3 million.
The most expensive Toronto neighbourhoods to call home continue to be York Mills, Bridle Path, and Hoggs Hollow, where house prices are $2,639,224 over the average. With the mandatory minimum downpayment of 20%, the average monthly mortgage payment is just under a hefty $20,000 per month.
Through this analysis, it’s clear that there’s a significant price gap between the most affordable and the most expensive neighborhoods for detached homes in Toronto. While houses in the cheapest neighbourhood average $1,028,669, those in the priciest neighborhood average $4,296,250. It’s a $3 million dollar difference worth watching.