According to the latest data from the Toronto Regional Real Estate Board (TRREB), the average selling price in the GTA hit $1,118,374 in July, a 5.3% drop from June.
The City of Toronto registered an even greater decline, with the average home price falling $7.4% month over month to $1,066,184. The city’s overall decline was outpaced further still by detached homes, which saw average prices fall 8% on a monthly basis to $1,641,045 in July.
Although the price point keeps the sought-after property type out of reach for many prospective purchasers, there are a number of neighbourhoods in Toronto where detached abodes can be found for far less.
A new report from Zoocasa determines exactly where — using data from TRREB, the real estate agency analyzed median detached home prices in neighbourhoods across Toronto. Zoocasa also calculated the minimum down payment required for a home in each area based on the Government of Canada’s guidelines.
Of the 35 neighbourhoods included in the report, there are only two where the median price of a detached home sits below $1M. Meanwhile, there are seven where the price is over $2M.
Oakridge, Birchcliffe-Cliffside was deemed the most affordable neighbourhood in Toronto, with a median detached home price of $936,500, which requires a down payment of just $68,650.
Also in the eastern reaches of the city, Morningside, Woburn, Bendale boasted a median detached home price of $990K, requiring a minimum downpayment of $74K.
In two other neighbourhoods — Rexdale-Kipling, West Humber-Claireville ($1,042,500) and Rockcliffe-Smythe, Keelesdale-Eglinton West ($1,070,000) — the median detached home price teeters on the edge of the $1M mark. In these westerly neighbourhoods it’s still entirely possible to find a home below the threshold, thus avoiding a heftier downpayment.
In the majority of Toronto neighbourhoods, the median detached home price ranges from $1M to $2M; city-wide, the figure sits at $1,330,000.
However, on the other end of the price spectrum, the median price of a detached home in York Mills, Bridle Path, Hoggs Hollow was $4,275,000 in July. In January, it was $2,020,000.
An abode priced as such requires a minimum down payment of $855K, not far off from the actual price of a home in Oakridge.
In Rosedale, Moore Park, the median detached home will set you back $3,100,000, including a $620K down payment. Despite the high price, the figure has dropped $450K since January.