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.
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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.
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This is in stark contrast against what we were looking at in Toronto only one year ago when 14 such neighbourhoods existed.
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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.
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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.
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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.
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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.
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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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