Toronto is a huge sprawling city with many neighbourhoods. With such vibrant communities and neighbourhoods, it’s almost impossible not to find your perfect ‘hood. But with a competitive market and rising prices, how do you balance affordability with your needs and wants? Toronto’s average price tag reached $1.1 million for homes last month according to the Toronto Real Estate Board (TREB). And these figures have been increasing, on average, 0.9% per month since July 2020.
With no signs of slowing, the price is going to continue to climb and with the return of immigration and population, it will only get worse. So, today, based on the Toronto Real Estate Board’s statistics, we’ve compiled a list of the most expensive and cheapest neighbourhoods to buy a home.
Here are the most expensive neighbourhoods to buy a home in Toronto.
Located in North York, this family-oriented neighbourhood carries a $3.1 million average price tag for its homes. Known for its suburban lifestyle with convenient proximity to Toronto’s downtown core, this neighbourhood is definitely one of the most expensive neighbourhoods in Toronto.
One of Toronto’s oldest neighbourhoods, the houses here carry an average price tag of $2.3 million. It is known as the place where ‘old money’ lives and is home to some of Canada’s wealthiest citizens.
Just north of downtown, Forest Hill has an average home price of $2.1 million. It is home to plenty of wealthy Toronto residents with census data revealing it is full of many prominent entrepreneurs, celebrities, doctors and lawyers.
With an average home price of $1.8 million, the Stonegate-Queensway lies close to Etobicoke. Though the buildings are older, many buyers are attracted by its classic yet spacious bungalows and suburban lifestyle with convenience to downtown Toronto.
If you venture a little further from Toronto’s core, you’ll find Oakville and its average home price of $1.4 million. Its charm and lifestyle attracts many families who make it their long-term home.
On the other end of the spectrum, these are the cheapest neighbourhoods to buy in Toronto.
The picturesque Victorian homes in Cabbagetown have an average price of $743,000. Though affordable, many homes in Cabbagetown can only be renovated with the approval of the Cabbagetown Preservation Association.
On the east end of Toronto, Scarborough carries an average home price of $759,000. Convenient and full of transit options, this neighbourhood is known for its parks and ravines.
Jane and Finch
In North York, Jane and Finch is a high-density, multicultural neighbourhood. With many high-rise buildings mixed with single-family homes, this neighbourhood carries an average price of $813,000.
Yorkdale has an average home price of $862,000 and is known for its shopping and retail. It has recently been the focus of a revitalization project to breathe new life into the residential areas.
Venturing outside of the GTA, you’ll find Orangeville, Ontario with an average home price of $755,000. A small town in Dufferin County, many residents commute to the GTA for work.
Carrying an average price of $785,000, Oshawa is an attractive neighbourhood for many families. It has plenty of parkland and recreational facilities as well as two waterfront parks.
Keep in mind that these prices are just averages for the entire neighbourhood. There’s plenty of outliers in those brackets but more importantly, it’s just a guide. Your neighbourhood should suit the lifestyle that you want. Check out the TREB statistics below to find out more about Toronto’s most expensive and least expensive neighbourhoods.
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