Study: There are only 9 Toronto neighbourhoods where homes are under $1M right now
It’s no secret to anyone that the Toronto real estate market isn’t cheap right now.
According to a study done by Zoocasa, there are only nine neighbourhoods in the city where the median price for a house is under $1 million.
In fact, that median price for a Toronto house is currently $1,185,000.
Out of all 35 neighbourhoods, the cheapest one is Rockcliffe-Smythe, Keelesdale Eglinton West, where a detached house price is a median of $875,000.
Morningside, Woburn, Bendale comes in second with a median asking price of $890,000.
There are only six other neighbourhoods that have a median price under $1 million, including, Yorkdale-Glen Park, Weston.
According to these statistics, an average downpayment on the cheapest properties in Toronto would cost you at least $62,500.
It’s no wonder people are ditching their city homes for cheaper places in smaller towns.