Toronto neighbourhoods which still have median house prices of less than $1 million

Thursday Dec 03rd, 2020

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Toronto's real estate market continues to heat up despite (or even because of, as some experts hypothesize) the COVID-19 pandemic, making a detached home worth less than $1 million an increasingly rare find.
According to the Canadian brokerage and data analysis firm Zoocasa, only nine of the city's 35 official MLS neighbourhoods currently boast a median house price of less than seven figures.
This is in stark contrast against what we were looking at in Toronto only one year ago when 14 such neighbourhoods existed.
The average price for detached homes across the 416 rose a stunning 9.4 per cent between September of 2019 and September of 2020, according to the Toronto Region Real Estate Board, reaching $1,487,122 last month.
This figure does not factor in condos or townhouses, of course, which could be purchased in Toronto for an average of $686,191 and $868,005, respectively, as of September 2020.
Still, for people who want more space — and demand in recent months suggests that there are quite a few — detached homes with their own yards, offices and basements are the ideal "new normal" living situation.
Housing demand in the City of Toronto was a true reflection of this trend, with detached house sales growing 28% y-o-y (vs. a modest 7% increase in condo apartment sales) and 1,161 homes changing hands.
The median price for detached properties in the City of Toronto (not to be confused with the average mentioned above) was $1,185,000 last month, according to Zoocasa, meaning half the detached houses sold during the month sold for less than this amount, while the other half sold for more.

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