Real estate prices in Toronto have been on an upward trend lately, but that doesn't mean it's the most expensive place to buy a house.
In a housing market report for April by Zolo, a Canadian real estate marketplace, it was revealed that while the 6ix is notorious for being an expensive city to live in, its average home prices are actually less than other GTA spots. The report used MLS stats from March 20 to April 17 of this year to figure out average prices and housing inventory in the area.
Toronto didn't even make the top 15 places with the most pricey houses in the area, even as the average price a house sold totals about $1.2 million.
Average home prices over the past year. zolo.ca
In terms of housing inventory, the report noted that a home in Toronto spent on average around 10 days on the market before it was sold with 6,449 new listings popping up in the last 28 days. This is nearly double the number of houses that were sold in that same time with 3,192 homes bought off the market.
Here are all of the GTA spots that ranked above Toronto:King ($2.2M)- Caledon ($1.8M)
- Oakville ($1.8M)
- Aurora ($1.6M)
- Halton Hills ($1.5M)
- Richmond Hill ($1.5M)
- East Gwillimbury ($1.5M)
- Whitchurch-Stouville ($1.5M)
- Mono ($1.5M)
- Vaughan ($1.5M)
- Uxbridge ($1.5M)
- Markham ($1.4M)
- Mississauga ($1.4M)
- Brampton ($1.3M)
- Newmarket ($1.3M)
- Toronto ($1.2M)
Hope is not lost for people looking to purchase a home in the GTA, however, as there may be some things that Toronto homebuyers can expect within the next few years that could help them purchase a place to live.