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Toronto, for many years has been among the Top cities in the world to live and work in. Also the most liveable cities in the world. Among them are Economist’s report which Toronto is the best city to live in. While the city is one of the best places in the world, you might be wondering what’s the average house price in Toronto.
To review the average home price in Toronto, you’ll first need to know what kinds of home options are there in Toronto. Then we’ll review the average cost of home in different neighbourhoods in Toronto.
Most common home types in Toronto that you can get are Detached Houses and Condo Apartments. Other housing types are popular as well, which come after the first two are Townhomes and semi-detached houses.
The Average Cost of a Home in Toronto, to buy:
In Toronto and Canada you can get a house with 5%- 10% down payment and up. The loan /equity ratio for buying a home depends on your income level and if you can be approved for a mortgage. Here you can find a top Toronto real estate agent who can help you with buying a home and connect you with one of our top mortgage agents who can guide you about getting a mortgage for purchasing a home.
The Average Home Price in Toronto is $843,637 which reflects the average price of all homes in Toronto.
If you break it down to home types the prices would be as following. The average price of a Condo Apartment in Toronto is $617,658. And the average price of a Detached House in Toronto, which also being referred as House, is $1,044,138.
The average home price for other types of housing in Toronto is $837,573 for semi-detached houses and $729,999 for townhouses.
The Average Cost of a Home in Toronto, to rent:
The housing price in Toronto and Rents in recent years have been increasing drastically. The rent cost of a 1 bedroom apartment from Q3 2018 to Q3 2019 had approx 5% increase. In other types of properties we have seen annual increases of over 10%.
The average cost of a home to rent is $2,262 for a 1 bedroom apartment and $2,941 for two-bedroom and $3,749 for a Three-Bedroom.
The Average House Price By Neighbourhood:
The average house prices in Toronto by neighbourhood varies extremely. In the cheapest neighbourhoods, the average house price is as low as $618,500 ( Mount Dennis) up to $4,529,313 in areas such as Lawrence Park.
Below is the list of the neighbourhoods with the cheapest average house price in Toronto. You can view here for more information about the cheapest houses in Toronto.
Area | Municipality | Community | Average Price |
|---|---|---|---|
Toronto | Toronto W04 | Mount Dennis | $618,500 |
Toronto | Toronto E11 | Malvern | $700,775 |
Toronto | Toronto W05 | Humber Summit | $705,000 |
Toronto | Toronto W05 | Black Creek | $724,318 |
Toronto | Toronto W10 | Mount Olive-Silverstone-Jamestown | $739,877 |
Toronto | Toronto W03 | Rockcliffe-Smythe | $741,642 |
Toronto | Toronto W10 | West Humber-Clairville | $743,954 |
Toronto | Toronto E09 | Woburn | $751,938 |
Toronto | Toronto E06 | Oakridge | $756,524 |
Toronto | Toronto E04 | Ionview | $760,413 |
Toronto House Prices Charts:
The house price charts in the past few years for City of Toronto are illustrated below.
* The average house prices above are for Greater Toronto Area, in short called GTA. If you are looking to see the House Price Charts below are for Toronto area, and does not include all the GTA neighbourhoods.
Below is the Average Home Price Charts for Condo Apartments in the City of Toronto.
Below is the Average house price Chart for Detached Houses in Toronto.
To have a better sense of the avg prices and annual appreciation of year over year, (compared with the previous year prices) look at the doughnut charts below:
The Average Home Price Increase in Toronto have been 8.3% year over year.
The Average House Price Increase in Toronto has been 4.9% Year over Year. (detached houses)
The Average Home Price Increase in Toronto have been 8.3% year over year.
Conclusion:
The average price of a house in Toronto (Greater Toronto Area) varies based on the housing type and neighbourhood. The average home in GTA costs you $843,637 which you might be eligible to buy it with as low as 10% down payment. The average cost of a Condo Apartment Home in Toronto is $617,658.
The average home cost for other types of housing are $837,573 for semi-detached houses and $729,999 for townhouses.
The average cost of a home to rent is $2,262 for a 1 bedroom apartment and $2,941 for two-bedroom and $3,749 for a Three-Bedroom.