So, you’re thinking about buying a new home in Toronto but can’t figure out which neighbourhood to purchase in? Well, you’ve come to the right page.
Buying a home in Toronto, the most expensive city in Canada, is most likely your most significant investment and making an educated decision when setting the search criteria for your new home is especially important.
THE AVERAGE HOME PRICE IN TORONTO 2020
An educated decision is a good decision and to help you better prepare for your home search, we’ve pulled all the necessary data from the TRREB’s MLS System March 2020 report to assist with your decision. Read on to see how far your dollar goes in some of our most popular neighbourhoods for less than the average home price in Toronto in 2020 – $902,000.
We should make note though that “the average home price in Toronto” includes all home types, detached homes, semi-detached homes, condos and townhomes. We break down the average house prices by neighbourhood including detached and semis as well as the average condo and townhome prices by neighbourhood below.
Toronto real estate prices are high and if you can afford to live in a semi or detached home in Toronto you are definitely one of the lucky few! Not to worry though if it’s not in your budget, Toronto has some amazing — and affordable — options for everyone.
The Annex is one of Toronto’s most historic and demographically diverse neighbourhoods. Living in the Annex means having public transit easily accessible and being in close proximity to the downtown core without the crazy hustle and bustle.
Being surrounded by culturally diverse and brilliant people, beautiful gothic buildings on the University of Toronto campus, the Annex is home to university faculty members, entrepreneurs, prominent artists, and young families.
Real estate in the Annex — specifically homes — is expensive. The average detached home in the Annex costs $4,375,709 while the average semi-detached home in Toronto costs $1,611,500. Well above Toronto’s average home price of $902,000. If you love the Annex neighbourhood and want to stay under that $1M price point you’ll be looking at a condo rather a home.
This bright and airy 635 square foot one bedroom + den at 32 Davenport Rd recently sold for $765,000. With parking, a locker and fabulous city views included in the purchase price you have the opportunity to be in the heart of Toronto’s most prestigious neighbourhood. Only steps away from the finest shopping, restaurants, culture, entertainment and easily accessible transit.
A lakeside resort vibe… but in the city – that’s what you’ll find living in the Beaches.
This neighbourhood has everything you could want. From its boutique stores, restaurants and bars along Queen Street East to the Lake Ontario shoreline and its parks and trails providing great outdoor activity, it’s a nice escape from the city’s hustle and a slice of paradise just on the edge of the city.
The Beaches is another area in Toronto that is highly coveted. The average detached home in the Beaches costs $1,518,839 and the average semi-detached home in the Beaches costs $1,284,653.
So, what exactly can you purchase in the Beaches for the average home price in Toronto?
This unit at 1733 Queen St #103, an amazing bright one bedroom + den, fully renovated, is definitely attainable for just a bit over $720,000. This building is just steps away from the beach, features 10-foot ceilings, a parking spot and a locker.
If you like Greek food… welcome to the Danforth! Toronto’s Greektown where you will find the best souvlaki and baklava in the neighbourhood. First time home buyers have been settling in this gentrifying Danforth as homes are more affordable but the area is growing steadily within the Toronto housing market.
This charming neighbourhood has a small-town community vibe and an extensive amount of international restaurants, brew pubs, boutique shops and so much more along the Danforth stretch. Along with the annual Taste of the Danforth festival, the Danforth Music Hall, one of the oldest surviving theatres in Toronto dating back to 1919, this neighbourhood always has a lively and exciting ambiance so it’s no wonder why first-time home buyers choose to live here.
If you’re looking for a great Toronto home — and a bit more space — The Danforth is a great neighbourhood to consider. The average detached home in The Danforth costs $1,395,108 while the average semi-detached home in The Danforth costs $1,299,346. If you’re on a tighter budget though consider going a bit further east along The Danforth. Although you’re no longer in “The Danforth” you’re still a short walk from it and you can definitely get a bit more bang for your buck from Greenwood Ave to Woodbine Ave.
A two-storey condo townhome like this two plus den bedroom at 2320 Gerrard St #118 is definitely an affordable option under $800,000. Just a block south of the Danforth, you can enjoy over 1000 square feet of space with natural sunlight and amazing upgrades. This sweet home is only steps away from the public transit, Go Train and actually a quick stroll to the beach!
Known for its highly anticipated Christmas Market and popular film location in Canada, the Distillery District is one of the hottest neighbourhoods in Toronto. Best defined by its beautifully restored iconic brick buildings and cobblestone streets, residents of the area are surrounded by the arts, culture, and entertainment scene it offers.
The Distillery District is home to many historic buildings and plenty of condos. A small neighbourhood full of culture and beauty, if you’re considering this ‘hood as your new home you’ll definitely be looking at one of the many condos this area has to offer.
We can’t forget to mention some of the insane views some of these condos have to offer. Last year we staged and sold a condo with one of the most beautiful views of the Toronto skyline we’ve had the pleasure of selling.
39 Parliament St is the only low-rise condo building in the Distillery District and like suite #515 that sold for only $800,000, a two-bedroom 830 square foot home in this neighbourhood is definitely a realistic purchase for less than the average home price in Toronto. Choose a home to live, work and play – like in the Distillery District.
DOVERCOURT – WALLACE EMERSON
Not being far from the centre of downtown Toronto, Dovercourt – Wallace Emerson has been rumored to be the next “West Queen West”. This neighbourhood has evolved and continues to evolve from working-class roots to expensive tastes. The busy Bloor St W excels at the art of variety with an overall vibe of casual, artistic and hip with their array of shops such as Tattoo parlours, established restaurants, upscale pubs, vintage shops, cafes, galleries and fruit markets.
Homes in this neighbourhood tend to be more on the traditional side but are often filled with sleek new minimalist kitchen renovations, wide hardwood flooring and quirky finishes inside. You’ll also find a mix of old-with-new condominium buildings and loft conversions offering options for people looking for trendy alternatives.
Located in the W02 municipality of Toronto, Dovercourt – Wallace Emerson gets lumped in with neighbourhoods like The Junction and High Park North. Expensive neighbourhoods to be in company with. The average detached home cost in this municipality is $1,589,977 while the average semi-detached home will run you $1,219,767.
Your dollar will definitely go a bit further in this neighbourhood though. This 3-storey condo townhome recently sold for just over $870,000, less than the average home price in Toronto. A bright corner two bedroom + den unit boasting almost 1200 square feet is definitely achievable for just a smidgeon over $870,000. With two parking spots included and a rooftop deck with great sun exposure, who wouldn’t want to reside in the hip Dovercourt – Wallace Emerson hood?
Possibly Toronto’s coolest neighbourhood in the West side, the Junction is filled with lush, tree-lined streets, classic century brick homes and revamped industrial-finished lofts. The residential options in the Junction are as unique as the people who live in them – a mix of trendy youths, urban professionals, and young families.
This hood got its name for once being the heart of the Canadian Pacific Railway and offers a quiet place to call home, or an entertaining night out for visitors (and locals) with its many cafes, taverns, restaurants, boutiques, and parks.
The Junction is home to many large older homes and only a few condos, many of which are brand new builds that were only recently launched for sale to the public like The Junction House and The Stockyards District Residences.
Much like this new and trendy home in a high demand location, this two + den bedroom home, that also includes 3 bathrooms and garage can be attainable for just under $800,000. Enjoy an open concept space with a finished basement and high ceilings and being just steps away from public transportation, the Stockyards mall, schools and highways.
If you work hard and play hard, King West is the neighbourhood for you. One of the fastest growing neighbourhoods in Toronto, King West has an extensive number of condos, dynamic nightclubs, bars, incredible high-quality restaurants, trendy shops and theatres, and all just a short walk from where ever you choose to reside within King West.
With the best selection of condos in the city, King West has many soft lofts, hard lofts and even 2-storey loft condo townhouses to choose from. The average condo in King West costs $884,697 just under the average home cost in Toronto of $902,000.
As one of the most popular and well known neighbourhoods in Toronto, King West also has plenty of brand new condos coming to market. Projects like 123 Portland which just launched earlier this year or King Toronto and XO Condos which launched last year but still have live inventory. We can’t forget to mention we’ll have first-access to the Platinum Launch of Four Eleven King Condos set for late 2020.
Take your pick from options that are less than the average home price in Toronto like this suite at 71 Simcoe St #1204. Sold for $857,000, this massive 1350 square foot condo situates right in the business and entertainment district of King West. For this price, you can potentially purchase a home that includes two bedrooms and a den, 2 bathrooms, a parking spot and locker and be only steps away to your downtown job and everything else fun.
Although being in such close proximity to the downtown core, Leslieville is a peaceful and serene neighbourhood that has the personality of a small village. This hood is definitely an attractive option for singles and couples. Queen St E offers a variety of cute boutique shops, businesses and restaurants that are considered to be hidden gems. Among all this, there is a good selection of detached homes and an increasing number of condominiums available with even more new projects on the rise. A few of the most notable new build condos are The Poet, Wonder Condos & Lofts and The George. All of which launched last year but still have a few suites remaining. If you’re interested in this neighbourhood and are looking for a brand new build, Riverside Square is a great option. We sold over 50 units throughout the different phases of this project launch — this is definitely one of our favourite buildings in one of our favourite neighbourhoods. Although all pre-construction units have been sold in this 5 phase project, earlier phases are already occupied and we even have a few great assignments. Book a call with our team and ask us about our Riverside Square assignments.
The Leslieville neighbourhood has plenty of home options from large detached homes, to plenty of semi-detached homes and a number of great — and new — condos. The average detached home in Leslieville costs $1,395,108 and the average semi-detached home in Leslieville costs $1,244,303. If you’re looking at getting into this neighbourhood under the $902,000 average Toronto home costs there are a number of great condo, loft and townhome options.
Similar to this stylish loft at 630 Queen St E, you too can purchase a two- bedroom, two-bathroom, 850 square foot unit for less than the average price of a Toronto home. This sweet loft boasts an open floor concept, engineered hardwood floors, his & hers closets, parking, locker and a private 200+ square foot rooftop terrace where you can sunbathe while taking in the amazing and unobstructed views of the city.
QUEEN ST. WEST
According to Vogue magazine, Queen West Toronto is the second coolest neighbourhood in the world. Imagine being surrounded by one of the trendiest shopping scenes in Toronto, cool historic buildings, lively patios and bars, live music and unique international restaurants and cafes. Now, you don’t need to just dream about it, you can live it too! You can find your dream home near the famous Trinity Bellwoods Park where you can enjoy all of the green space, different activities to keep you active and it is always full of vibrant locals with their cute dogs!
Now, we don’t recommend setting your sights on a dream Trinity Bellwood home ON the park, the lucky few who could afford a detached home in this neighbourhood are looking at the average cost of $2,712,500. Set your sights instead on one of the many condos available in this ‘hood. The average cost of a condo in Queen West is approximately $884,697, hitting just below the average cost of a condo in Toronto — so you know you can find something good for your budget here.
If you’re considering buying a brand new build there are a few great pre-construction options that are still selling, 57 Brock which is set to take occupancy in 2021, 88 Queen Condos set for 2023 and 543 Richmond set for a move in date in 2022.
For less than the average price of a home in Toronto, you’ll be able to find a boutique loft building right in the heart of Queen West, just like suite #504 at 1205 Queen St W. For only around $750,000, you can in fact purchase a 2-bedroom, 2-bathroom home featuring approximately 750 square feet of bright and open living space. Also enjoy the loft vibes that this condo has to offer with exposed concrete ceilings and striking modern finishes.
If you enjoy going out for a fun or getting out on the trails and bike baths for mini hikes, then look no further. Roncesvalles is suitable for any nature loving person and families who loves being one with nature. Bordering High Park, Roncesvalles has an enduring small-town appeal, with a friendly and welcoming atmosphere featuring some of the city’s best parks. This area is also considered to be one of Toronto’s most vibrant and in demand neighbourhoods.
As proven over and over with its listings that don’t ever last long on the market, Roncesvalles is a very popular neighbourhood for home buyers in Toronto. Homes in this area attract buyers with its beautifully lush and tree-lined streets and century brick homes with garages tucked away behind the houses in laneways. Detached homes in this neighbourhood however sell for over $2M.
When it comes to condos and lofts though, this neighbourhood has character — and space! The average cost of a condo in Roncesvalles is $887,250 hitting just below the average home cost in Toronto but your dollar will go a bit further in this west end neighbourhood.
Situated at the corner of Roncesvalles and Howard Park, 36 Howard Park #801 is just one of the many examples of places to call home for under $902,000, the average price of a Toronto home. This suite is a bright and spacious 2-bedroom + den, 2-bathroom 829 square foot penthouse unit that includes sweeping lake views and beautiful sunsets from your floor to ceiling windows. Being just steps away from 3 main transportation lines (Dundas West subway station, GO station and the UP Express) and High Park, who wouldn’t want to live in the city and be this close to nature all at the same time?