Market Watch: 9 Neighbourhoods in Toronto where you can still buy a house for less than $1 Million!
Friday Oct 23rd, 2020
Our homes have become so much more than just where we live, its where we work, where we play and everything in between. Although we have seen an exodus to communities outside the city for affordable housing, more space and green pastures, for some clients that is not an option. So the question becomes, can you find a detached single family home, in the City of Toronto, for less than $1Million? The answer is surprisingly, YES.
Finding an affordable detached family home in the city of Toronto seems like an almost impossible task. The average price for detached homes across the 416 reached $1,487,122 last month, according to the Toronto Real Estate Board. With the recent recording- breaking sales in September, home prices surging, and competition among first time buyers, the task is not easy, but attainable.
Out of the 35 neighbourhoods identified in the City of Toronto, 9 fell below the $1Millon median price last month, ranging from the West end to the East end, according to a recent Zoocasa study. The study also suggests these 9 neighbourhoods have a lot more flexibility when it comes to down payments since the minimum down payment required is significantly lower.
“If the purchase price for a property is lower than $1M, the minimum down payment required ranges between 5% to 7.5% of the purchase price, compared to the minimum down payment of 20% of the purchase price for properties over $1M”
These areas are not for the faint of heart, there is a lot of competition among first time buyers and you must be prepared for the cost of renovations or sweat equity as many of them are classified as “older war-time bungalows”.
So, if multiple offers and renovations haven’t scared you away, here is the list of the nine best neighbourhoods for buying a home in Toronto for less than $1 Million:
W03 (Rockcliffe-Smythe, Keelesdale-Eglinton West): $875,000
E09 (Morningside, Woburn, Bendale): $890,000
W10 (Rexdale-Kipling, West Humber-Claireville): $891,500
E04 (Dorset Park, Kennedy Park): $918,000
E10 (West Hill, Centennial Scarborough): $967,000
W04 (Yorkdale-Glen Park, Weston): $970,000
E11 (Malvern, Rouge): $975,000
E08 (Scarborough Village, Guildwood): $976,000
W05 (Black Creek, York University Heights): $980,111
If you would like to see some homes available in these areas, just send me a note at email@example.com, I would be happy to share some listing with you!