17 April, 2024
Start Saving: $2M Homes Will Soon Be Toronto’s New Normal
How long will it be until we see $2 million dollar homes in Toronto become the average price in the city? It might be sooner than you think.
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According to the Toronto Regional Real Estate Board’s March 2024 report, the benchmark price of a single-family detached home in Toronto is now $1,708,800.
What $2M Can Buy in Toronto Right Now
On the other hand, if you’re shopping for a single-family detached home among Toronto’s most expensive neighbourhoods, a $2 million home would already be considered a steal, saving you $100,000 below the average. When it comes to the two most affluent neighbourhoods, in the city, Rosedale and Moore Park and York Mills, Bridle Path, and Hoggs Hollow, have witnessed prices skyrocketing well beyond $3.6 million, with some even surpassing $4 million since 2019.
Toronto Neighbourhoods Over $2M
Neighbourhoods where the average home price peaked past $2M since 2022
High Park-Swansea, Roncesvalles, and Parkdale
Islington, City Centre West, Eringate, Centennial, and West Deane
Yorkville, Annex, and Summerhill
Forest Hill South and Oakwood Village
Bedford Park, Nortown, Lawrence Park, and Forest Hill North
Willowdale West, Lansing, and Westgate
Regent Park, St. James Town, and Corktown
Rosedale and Moore Park
Mount Pleasant
Leaside, Thorncliffe Park, and Flemingdon Park
York Mills, Bridle Path, and Hoggs Hollow
Parkwood, Don Mills, and Victoria Village
Newtonbrooke East and Willowdale East
Hillcrest Village and Bayview Village
The Beaches and Upper Beaches
Glad to see Toronto's old neighborhoods are becoming museums for elderly millionaires.