Toronto Real Estate: Where You Can Buy A Detached House In The City For Under $1 Million
Believe it or not, there are still some affordable homes in Toronto!
The Toronto real estate market is anything but price-friendly these days but that doesn't mean it's impossible to find a detached home that's more within your budget.
While the average price of a detached house in Toronto is now $1.43 million, there are still some more affordable Toronto neighbourhoods where the cost of a home is less than $1 million.
New research from Zoocasa revealed exactly where you can find what might be considered a cheap Toronto home for sale and also shed some light on how housing prices in the city have recently gone down.
"Housing prices in Toronto have declined for the first time since the start of the year. In July, the average price of a home in Toronto dropped 5% month-over-month to $1,118,374," reads a section of the report, citing data from the Toronto Regional Real Estate Board. "The detached sector in particular has felt some of the strain, with a 7% decline in average price in July, now setting buyers back an average of $1,427,257."
But of course, for many people, and first-time homebuyers in particular, that price for a house is still unattainable.
So where exactly can you find these detached homes for sale in Toronto for well under the average?
According to Zoocasa, there are only two options — and both are located in the east end of the city.
Where can you buy a house in Toronto for less than $1 million?
The neighbourhoods of Oakridge, Birchcliffe-Cliffside and Morningside, Woburn, Bendale are the only two spots in Toronto where the median price of a detached home for sale is under $1 million.
In Morningside, Woburn, Bendale, the second-cheapest spot to buy a detached home in Toronto, the median price of a detached house is $990,000. The minimum downpayment needed on a house of that price is $74,000.
Oakridge, Birchcliffe-Cliffside is the cheapest neighbourhood to buy a detached home in the city, with the median price of a detached property at $936,500. For a home of that price, the minimum downpayment would be $68,650.
Outside of these two more affordable spots to buy a house in Toronto, there are 26 neighbourhoods in the city where the price of a home is between $1,000,000 and $2,000,000.
Another seven neighbourhoods have homes priced at more than $2,000,000, led by none other than York Mills, Bridle Path, and Hoggs Hollow, the most expensive neighbourhood in Toronto, where the median price of a house is $4,275,000.
This article's cover image was used for illustrative purposes only.
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