Based on a study conducted by The Economist Intelligence Unit in 2015, Toronto has been chosen as the best city to live in. But the cost of living in Toronto is not low. If you decide to live in Toronto, first you should know how much is the average house price in Toronto?
Before you ask the advice of a Toronto real estate agent to buy a house, you better choose the type of dwelling you like to live in or the type of house you can afford to buy. There are different types of homes available in Toronto, including detached houses, condo apartments, old townhouses or semi-detached houses.
After you made your final decision about the type of your future house, it is time to analyze Toronto real estate market. Certainly, the price of the house will vary greatly depending on the neighborhood you choose. Let’s review the average house price in Toronto to help you choose better.
As a result of Coronavirus effects on Toronto real estate market, we observed a rebound in the house price due to the lockdown orders. Now, the restrictions are loosen and people can go and see open houses. Therefore, from February 2020 the housing market had strong sales and price growth. According to Toronto real estate market reports from June 2020, the housing price had increased again.
The average house price in January 2020 was $828,200. While this amount reached $902,500 by the end of 2020. Based on the last reports of TRREB (Toronto Regional Real Estate Board), you can consider the average house price of $1M in Toronto. The detached house sales had 28% increase in comparison with 7% increase for condo sales.
In detail, you better consider the average condo price in Toronto for about $720,658. Condo market is expected to show a price appreciation in 2021. The average price of a detached house in Toronto is $1,044,138. Based on the forecasts, the price of single-family homes may show 7.5 percent increase in 2021.
For other types of housing, the average price of semi-detached houses in Toronto is $890,573 for and $840,798 for townhouses.
In Toronto, the downpayment of buying a house is 5%-10% and up. The ratio of your loan generally depends on your income and whether you are approved for getting a mortgage or not. It is not the end! There are some important things to do after buying a house.
