How Much Does It Cost to Buy a House in Toronto?

how much does it cost to buy a house

Toronto’s real estate market has been on the rise for years now.

Much to the chagrin of young prospective home buyers, Toronto is becoming one of the most desirable cities to live in all of North America. In the last decade, house prices have risen substantially as the bubble has shown barely any signs of slowing down.

That being said, there are still some hidden gems in Toronto and it still compares favorably to other huge American cities. Today, we’re to answer the question, “how much does it cost to buy a house in Toronto?”, and help you find the right neighborhoods to purchase your new dream home.

Real Estate In Toronto

Toronto is the biggest and most expensive city in Canada. There’s been such strong growth in the real estate market from year to year that it’s been difficult to predict where house prices will go next.

Houses may be getting more expensive, but people are still buying them up at record numbers. This makes it hard to predict where the market could go next, but we do know that it’s currently in great shape.

It owes its healthy market to a combination of factors. It has to do with things like interest rates and immigration, but most of all, it has to do with desire. People want to live in cities like Toronto, so the price of the house doesn’t really matter, so long as mortgages are available and interest rates are reasonable.

How Much Does It Cost to Buy a House In Toronto?

As of right now, the average price of a home in Toronto is about $989,000, which is up over 10% from this time last year. How much you pay for your house really depends on what area of the city you’re looking in. Houses in the GTA are going to be slightly more affordable than you’ll find in the heart of the city, but you can still find good neighborhoods within Toronto-proper that are available at decent prices.

The main thing to understand about buying a house in Toronto is that you have to cast a wide net. You may have dreams of living in the Beaches, but the Upper Beaches or the Danforth might be in a more suitable price range. Every part of Toronto is touched by this housing boom, so it’s important to find your little piece of the city to make the most of.

With an incredible transit system, the exact location of your house doesn’t matter quite as much as it might in other cities. Plus, there are great schools, restaurants, parks, and other amenities in almost every corner of Toronto.

Finding Your Dream Home In T.O.

So, how much does it cost to buy a house in Toronto?

It’s likely going to be your biggest expense, but purchasing a home in Toronto isn’t necessarily going to bankrupt you. Since we don’t know when this market is going to stop growing, it’s still a great time to buy in Toronto. Your house will more than likely increase in value in the coming years and with the city always growing, there will always be demand.

To find your dream home in the GTA, visit us at www.thepropertyteam.ca.