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These Are The Toronto Neighbourhoods With The Cheapest Houses To Buy, According To New Data

Prices in different GTA neighbourhoods can vary drastically.
These Are The Toronto Neighbourhoods With The Cheapest Houses To Buy, According To New Data

Housing does not come cheap in Toronto, whether you're renting or buying. The average monthly rent for a one bedroom unit is currently at the crazy price of $2,385, which is up another $185 from the month prior in September 2018. Currently, the city of Toronto is home to the most expensive rent in the whole country. So in short, the cost of living in Toronto can be painfully high. 

READ ALSO: These Are The Toronto Neighbourhoods With The Cheapest Rent, According To New Data From The City

However, if you're looking to buy a house or save up for one, new data shows which neighbourhoods are the most affordable. These neighbhourhoods are probably your best bet at the moment. Right now, $1.01 million is the average cost for a detached home in the Greater Toronto Area, according to the Homes Publishing Group

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There is actually a significant difference between house prices based on neighbourhood. The average detached house price in the 416 area is currently $1.34 million in the 416, but it is significantly cheaper in the 905 area. Average house prices are $905,722 in the 905, which is C4,278 lower than in the 416, according to the Homes Publishing Group

Rent prices in Toronto also show some consistency with house prices in the GTA. Currently, the cheapest rent in the Greater Toronto Area is in the Scarborough, Weston and Humber River-Black Creek area.

Check out which GTA neighbourhoods are the most affordable for buying a house: 

20. Downsview-Roding

Here the average price of a house is currently $859,215.

19. Glenfield-Jane Heights

Here the average price of a house is currently $859,215.

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18. Black Creek

Here the average price of a house is currently $859,215.

17. Rockcliffe-Smythe

Here the average price of a house is currently $783,141.

16. Keelesdale-Eglinton West

Here the average price of a house is currently $783,141.

15. Weston

Here the average price of a house is currently $783,141.

14. Malvern

Here the average price of a house is currently $752,292.

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13. Rouge

Here the average price of a house is currently $752,292.

12. Bendale

Here the average price of a house is currently $742,670.

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11. Woburn

Here the average price of a house is currently $742,670.

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10. Morningside

Here the average price of a house is currently $742,670.

9. Thistletown-Beaumond Heights

Here the average price of a house is currently $732,854.

8. Rexdale-Kipling

Here the average price of a house is currently $732,854.

7. Claireville

Here the average price of a house is currently $732,854.

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6. West Humber

Here the average price of a house is currently $732,854.

5. Georgina

Here the average price of a house is currently $590,255.

4. Clarington

Here the average price of a house is currently $585,562.

3. Brock

Here the average price of a house is currently $573,951.

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2. Oshawa

Here the average price of a house is currently $556,309.

1. Essa

Here the average price of a house is currently $547,970.

Based on this report released by the Homes Publishing Group, the cheapest neighbourhoods to buy a house are rather outside of the center of Toronto, such as in Osahawa and Brock. The average cost of an apartment in downtown Toronto can be more than the average price of a house in some of these neighbourhoods.

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Another trend presented in the data is that the biggest growth in price for houses in all of the Greater Toronto Area is in Palmerston-Little Italy and Trinity-Bellwoods, where a price growth of 17 percent took place just between Q1 and Q2 in 2018. It's not surprising that this area centrally located in Toronto would experience a price gain. House prices in that area are currently at an average of $1.87 million.

However, Brock, which is home to some of the cheapest houses in the GTA right now, came in at a close second, with a price growth of 15 percent. This may indicate that there is an increased demand in the neighbourhood.

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