If you are thinking of moving to Toronto, there are several areas that you might consider suitable for your next home. In a city like this one, everything is constantly changing, and so are the real estate prices. If you want to choose the ideal neighbourhood for your next home, it is not only important to look for the best schools, shops and restaurants. You also need to keep in mind your budget. That’s why here you will find the Toronto house prices by neighbourhood.
Toronto is a diverse city, and if you start looking into each neighbourhood, you will see why. Here you can find places with houses listed over $1 million while there are also suburbs with more affordable prices. Overall, Toronto is made of 35 neighbourhoods where you can find amazing properties for your next real estate investment.
According to data from the Toronto Regional Real Estate Board (TRREB), the prices of houses across the ‘416’ had an increase of 9.4% since last year. This means that the detached homes in this area ended up at an average price of $1,487,122.
We know that some people might be discouraged by the high real estate listings they could find in Toronto. Luckily, there are some neighbourhoods in the city that are offering homes with median house prices below $1 million, reports Zoocasa.
The difference in the total down payment
There are a couple of reasons why you might want to find a home for less than $1 million, but we bet the main one is the down payment. According to the ranges that you will find in Ontario, you can pay between 5% and 20% depending on the price.
- 500,000 or less = 5% of the purchasing price
- From 500,000 up to 999,999 = 5% of 500,000 and 10% of the remaining amount
- 1 million or more = 20% of the purchasing price
If we calculate the down payment of the last two options, we will get a minimum of 75,000 for houses priced at 999,999. But if the property costs just one more dollar, your down payment will increase to 200,000.
Looking at these figures, you have two options. You can look at other types of developments, such as townhouses, which have an average price of $868,005, according to the TRREB. In which case, you can read more here. Or you can start looking into the below $1 million average house prices of Toronto neighbourhoods, that we found in the Zoocasa report.
Toronto House Prices by Neighbourhood
You need to know that even when in the neighbourhoods listed below, you will find more affordable purchasing prices. When it comes to detached houses, the design that you will find for less than seven figures is, for the most part, war-time bungalows.
However, if you have been waiting a long time to enter the real estate market and you are willing to consider all the options that Toronto offers, here is the average house price of Toronto by neighbourhood.
1. Rockcliffe-Smythe, Keelesdale-Eglinton West (W03)
Rockcliffe-Smythe is a neighbourhood preferred by all first-time homeowners since it has the most affordable house prices in Toronto. Among the other things you can enjoy are different green areas and even a golf course.
In this region, you can also find Keelesdale-Eglinton West, here a variety of Caribbean restaurants and parks. Bungalows and two-story homes are predominant in this neighbourhood.
Median House Price: $875,000
Down payment: $62,500
2. Morningside, Woburn and Bendale (E09)
In these neighbourhoods, you will find several parks and creeks, which makes this a family oriented region. Here there are also recreational centres, malls and nearby hospitals. Thanks to all these characteristics, this is the perfect place to settle down with your family.
If you work in downtown Toronto, there is no need to worry. In all these neighbourhoods, you will find TTC stations that will take you in half an hour to the core of the city life.
Median House Price: $890,000
Down payment: $64,000
3. Rexdale-Kipling, West Humber-Clairville (W10)
Both neighbourhoods have a large industrial and commercial area near the West Humber River Valley. The type of houses you can find in this region are ranch style bungalows and modern designs. However, detached houses are the popular pick of the residents.
Here you can all find a vast variety of retail stores, fast-food franchises and a large Asian supermarket where you can do your grocery shopping.
Median House Price: $891,500
Down payment: $64,150
4. Dorset Park, Kennedy Park (E04)
This is a multicultural region where you can find people from a variety of backgrounds. Due to the population of residents, here you will also enjoy a wide range of cuisine with Greek and Asian restaurants.
These neighbourhoods are also popular as a shopping destination since they have numerous furniture, department and appliance stores. This area is very popular among young families who are purchasing their first home.
Median House Price: $918,000
Down payment: $66,800
5. West Hill, Centennial Scarborough (E10)
Apart from being a family-oriented area with beautiful green areas, you can enjoy. These neighbourhoods also offer a public library, community centres, a variety of public schools and different shopping options.
The great thing about this region is that you won’t have to move out once your kids grow up, because with all its benefits you won’t need to look for another property.
Median House Price: $967,000
Down payment: $71,700
6. Yorkdale-Glen Park, Weston (W04)
The Yorkdale-Glen Park neighbourhood has several Italian residents. This means that even when English is one of the official languages in Canada, Italian is more predominant in the region. Here the majority of home designs are side-split houses and bungalows.
Weston feels more like a small town in Ontario for its ambiance and population. Further, here you can find small shops and some fast-food restaurants.
Median House Price: $970,000
Down payment: $72,000
House price of Toronto by neighbourhood. Conclusion
Now, from all the information gathered in this article, you can decide which neighbourhoods you like the most and start house hunting. Even when you can do this on your own, we advise asking for the help of a real estate agent since they know all the best deals and locations depending on your needs.