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Study: There are only 9 Toronto neighbourhoods where homes are under $1M right now

October 26th, 2020  |  Home

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.

Source: There Are Only 9 Toronto Neighbourhoods Where You Can Get A Home For Under $1M Right Now