Most of us reach a point in our lives where we want to start looking into buying a home. It’s a big step, and if you live in the GTA, it's also an expensive one. City homeowners face a frustrating reality when it comes to the real estate market where many can be paying over a million dollars for a home that most would consider average. These Toronto homes worth over $1 million show just how expensive the city really is.
Zoocasa reported back in September that it would take the average Torontonian a whopping 32 years of saving to put a down payment on a home in the GTA.
So, if you were thinking about being a young homeowner you might want to start saving now.
In 2019, the average price of a Toronto home was $802,400, which means you would need to make a down payment of at least $502,226.
The study also discovered that residents of the GTA spend an extra seven years to purchase a house compared to the average 25 years it takes to own a home in Canada officially.
To give you a more detailed look into just how expensive homeownership has become in Toronto, here's a look at homes that are currently selling for over $1 million, and they are nowhere close to a mansion.
4-Bedroom Mississauga Home
Address: 68 Maplewood Rd., Mississauga, ON
Description: This quaint family-friendly house has a lot of good things going for it. However, for its price tag, you'd think it would be twice as big and luxurious.
3-Bedroom Halton Hills Home
Address: 8583 8 Ln., Halton Hills, ON
Description: The price of this family home is no small fare for a million-dollar home that is cozy, but far from luxurious.
Woodsey Hamilton Home
Address: 1346 Brock Rd., Hamilton, ON
Description: This house is a little bigger than the other homes, but its size does little to shake off the shock of what a down payment on it would be on it.
Address: 14394 Bramela Rd., Caledon, ON
Description: This narrow starter house has plenty of space. It would be great for any young couple looking to start a family if it wasn't so expensive.
Tiny Richmond Hill Home
Address: 354 Wenlock Ave., Richmond Hill, ON
Description: This super small Richmond Hill has the charm, but not the affordable price tag.
Address: 26 Springdale St., Markham, ON
Description: This place is described as a "hidden gem" it comes with a hot tub and a sizeable backyard. It's a nice place, even if you have to save up a hefty down payment.
Address: 7624 Reesor Rd., Markham, ON
Description: This house has a surprisingly vintage feel, but not the vintage price.
Mississauga Family Home
Address: 333 Nahani Way, Mississauga, ON
Description: This is probably the nicest looking house on the list. Its interior is super modern, and it has a lot to offer, sadly it's still going to break your bank.