This is What the Average Price of a Toronto Home Can Buy in Other Canadian Cities

While real estate demand often slows down in the summer, housing prices respond like the changing temperatures -- they continue to heat up.

Case in point: in June, 3,850 homes in Toronto exchanged hands, which is 6.5% below May's total of 4,118 sales, -17.9% from April's 4,694, and -24.9% from March's 5,130 peak sales, according to data from the Toronto Regional Real Estate Board (TRREB).

Though, while demand is remaining consistent with regular seasonal trends, home prices continued to reign as some of the most expensive in the country. In June, the average price for a home in Toronto, which includes detached, semi-detached, townhouses, and condo apartments, reached $1,079,749 -- up 5.6% year-over-year, though this is down slightly (3.3%) from May.

But if you're looking (or fantasizing) about buying a true detached home, you can expect to pay significantly more. According to the latest TRREB data, the average price for a detached home in Toronto is $1,699,881 -- up 11.5% year-over-year.

READ: GTA June Home Sales Continued to Cool, While Prices Climbed Higher

As it stands, if you're looking to find a home for around the average asking price of $1.69 million in Toronto, sadly you won't be finding a spacious detached home in one of the city's most coveted neighbourhoods like The Annex or Roncesvalles. Instead, you'll likely find a suitable property on the outskirts of the city, like in Mimico, for example.

Located at 2518 Lake Shore Boulevard West, just 20-minutes or so from downtown, you'll find this 3+2 bedroom, 3-bath detached home. With a listing price of $1,699,000, it sits just below the average (by $881).

While the interior of the 2-storey home is a bit outdated and would require some TLC, the property sits on a grassy, 30 x 155-foot lot. According to the listing, the home has been split into three units, so it could be leased, renovated, or re-developed.

2518 Lake Shore Boulevard West/Zolo.ca

2518 Lake Shore Boulevard West/Zolo.ca

To really see how far your dollar can go, here's a look at what you can currently buy in other Canadian cities for around the same price as the average-priced detached home in Toronto.

Merritt, British Columbia: $1,699,000

Just over three hours from the lower mainland, you'll find this incredible 4,273-sq.ft home that sits on a 1.3-acre lot with panoramic lake views. The 3-bedroom, 4-bathroom home boasts incredible 20-foot floor-to-ceiling glass walls that flood the home with an abundance of light, while offering lake views from every vantage point. Other notable highlights include wooden beam ceilings, a cozy wood-burning floor-to-ceiling fireplace, a dream kitchen, a hot tub, a self-contained nanny suite, and an 850-sq.ft patio, to name a few.

Calgary, Alberta: $1,690,000

166 Westover Drive SW, Calgary/Realtor.ca

In Calgary, you'll find this custom-built home that features a spacious open-concept floor plan, soaring ceilings, and sleek hardwood floors. With 3+2 bedrooms, 4-bathrooms, this home has more than enough space for a family to live comfortably. Highlights include a bar, custom-built wine cellar, media room, three wine fridges (one on each floor), and a great backyard with a BBQ area, mature gardens, a deck, and a heated double-garage.

166 Westover Drive SW, Calgary/Realtor.ca

Winnipeg, Manitoba: $1,600,000

5 East Gate, Manitoba/Realtor.ca

It's hard to believe that this 6-bedroom, 7-bathroom luxurious estate in Winnipeg is listed for $100K less than a detached home in Toronto, but alas, here we are. While the home was built in 1906, over $244,000 in upgrades have restored it to its truest form, while still incorporating modern features, including a spacious kitchen with double ovens, a family room with a wet bar, a custom-built wine cellar, a gym, and a sound-proof media room. With three sunrooms and a west-facing balcony, breathtaking views of the Assiniboine River are always within reach.

5 East Gate, Manitoba/Realtor.ca

Ottawa, ON: $1,690,000

612 Bresserer Street, Ottawa/Realtor.ca

This spacious, custom-built 3-storey home features 5-bedrooms, 6-bathrooms, and is situated along the banks of the Rideau River in Sandy Hill. Highlights of the home include large principal rooms, ample entertaining space, 10-foot ceilings, hardwood floors throughout, a chef's kitchen, and a balcony overlooking the neighbouring greenery.

612 Bresserer Street, Ottawa/Realtor.ca

Boucherville, Quebec: $1,695,000

Located in Le Boisé, this impressive home features 5-bedrooms, 3-bathrooms, and boasts an incredible backyard oasis with a multi-level terrace, an in-ground pool, and a BBQ area. Inside, this home offers spacious living areas on each floor, including the main floor, which features vaulted ceilings, a classic kitchen overlooking the terrace, and a huge open concept living space.

Cambridge-Narrows, New Brunswick: $1,690,000

3479 Lower Cambridge Road, New Brunswick/Realtor.ca

You'll surely never run out of things to do at this incredible 3-bed, 3-bath waterfront home, which sits on 18 private acres and has sailing access to the Atlantic. The main house features expansive water views from every room, a custom Italian staircase, floor-to-ceiling windows, soaring ceilings with exposed beams, a chef's kitchen, a professional gym, theatre room, a six-person sauna, and a walkout to a screened lanai with outdoor seating around large fire table. Additional highlights include a 3 bay garage and a designer 3-stall horse stable with an indoor arena.

Humber Valley Resort, Newfoundland: $1,650,000

80 Lakeside Drive

Humber Valley Resort, Newfoundland/Realtor.ca

Over on the east coast, you can buy this waterfront property situated on a 1-acre lot in a gated community. With 4+1 bedrooms and 7-bathrooms, this spacious property has more than enough room for a family -- plus it comes fully furnished. Highlights include a stone, wood-burning fireplace, a luxurious principal bedroom with a private patio, a gym with equipment and a massage table, a sauna, and an entertainment room with a pool table and wet bar.

80 Lakeside Drive

Humber Valley Resort, Newfoundland/Realtor.ca

It's safe to say, if you really want to get your dollars worth, you may want to consider moving to another Canadian city. Or if you really wanted to, you could even consider relocating to the states since president Biden is trying to make it easier (and cheaper) for Canadians to do so.