Successive interest rate hikes brought balance back to the Greater Toronto Area real estate market in July, leading to the first monthly price decline the region has seen since January.
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.
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