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Here are the Least and Most expensive places to buy a home in and around Toronto


Including a look at Toronto’s most and least expensive neighbourhoods

As the Greater Toronto Area (GTA) continues to evolve and thrive, an increasingly glaring challenge has emerged, casting a shadow over the dreams of many residents—the escalating unaffordability of housing. The soaring demand for homes, coupled with limited supply, has created a daunting landscape for prospective buyers and renters alike. As property values surge to unprecedented levels, the dream of homeownership becomes elusive for a growing number of individuals and families in the region.

GTA Average Home Prices

According to the Housing Market Report for December 2023, the current MLS® stats for Toronto reveal an average house price of $1,082,206, with 3,884 new listings in the last 28 days. Further analysis with zolo.ca presents the average prices for homes across the GTA:

Average Home Sale Prices for Greater Toronto

#1 Mono $1.8M
#2 King $1.8M
#3 Oakville $1.6M
#4 Uxbridge $1.4M
#5 Aurora $1.4M
#6 Markham $1.4M
#7 Richmond Hill $1.4M
#8 Caledon $1.3M
#9 Vaughan $1.3M
#10 Whitchurch-Stouffville $1.3M
#11 Bradford West Gwillimbury $1.2M
#12 Halton Hills $1.1M
#13 Newmarket $1.1M
#14 East Gwillimbury $1.1M
#15 Toronto $1.1M
#16 Milton $1.0M
#17 Pickering $994K
#18 Mississauga $994K
#19 Ajax $986K
#20 Brampton $986K
#21 Georgina $899K
#22 Orangeville $781K
#23 New Tecumseth $773K

These figures illustrate the significant variations in housing prices across different areas around greater Toronto, underscoring the challenges faced by potential homebuyers in the current market.

The undeniable reality of the housing crisis in the GTA paints a complex picture, where affordability concerns have become a central and pressing issue, influencing the very fabric of the communities that make up this vibrant metropolis.

Toronto area home prices and slight sales drop

City of Toronto

The real estate landscape in the City of Toronto is navigating challenging terrain as both home prices and sales experience a notable slowdown. The city recorded an average selling price of $1,051,180, marking a substantial 7% decline compared to the previous month. On a year-over-year basis, home prices in the City of Toronto remain essentially unchanged. November 2023 witnessed 1,607 home sales in Toronto, reflecting a 12.5% monthly decrease and an 11% decline year-over-year.

York Region

Moving to York Region, encompassing cities like Aurora, Markham, Vaughan, and Richmond Hill, the average selling price reached $1,286,617. This represents a modest 0.5% month-over-month decrease and a 2% drop year-over-year. In Durham Region, which includes areas such as Ajax, Whitby, Oshawa, and Clarington, the average home price stands at $883,115, signaling a 1% year-over-year decline.


Specifically, Oshawa’s housing market witnessed a significant 6% month-over-month decrease, settling at $755,926.


Brampton’s market showed a slight 0.3% monthly increase, surpassing the $1 million mark at $1,002,482, and remaining relatively unchanged year-over-year. Conversely, the Mississauga housing market faced challenges, experiencing a 10% monthly price decrease to $993,352, down 3% year-over-year.

GTA Housing Market Overview

The Greater Toronto Area’s (GTA) housing market is displaying signs of vulnerability as the average home price experiences a 4% decline compared to the previous month. November 2023 saw the average home price in the GTA at $1,082,179, reflecting a 4% drop from October’s average of $1,125,928. However, when viewed on a year-over-year basis, GTA home prices show minimal change, with a modest uptick of less than 0.3% compared to the same period last year.

The GTA Housing Market making a shift?

The GTA housing market, which has lingered in a deep buyer’s market for the past few months, witnessed a sales-to-new-listings ratio (SNLR) of 40% this month. This ratio positions the market just above the threshold for a buyer’s market, signalling a shift toward balance. Consequently, sellers are regaining control as buyers face a more competitive landscape. This shift indicates a balanced market where sellers have more influence, as compared to a buyer’s market where there are relatively more properties available than buyers, granting buyers greater negotiating power.

Examining the MLS Home Price Index, the benchmark home price for November 2023 was $1,081,300, showcasing a year-over-year increase of 0.1%. While down 2% from the previous month’s benchmark price, this figure provides valuable insights into the direction of the Toronto housing market. The influx of luxury homes, particularly in affluent neighbourhoods like Bridle Path and Rosedale, may contribute to elevating the city’s average home sold price. In Rosedale-Moore Park, for instance, the average home sold price recorded a significant 46% year-over-year increase, reaching $2,660,667.

Amidst high borrowing costs, potential buyers are adopting a cautious approach, leading to a decline of 7% in GTA home sales, with 4,236 sales recorded in November 2023 compared to the same period last year. This also represents a 9% decrease from the previous month. On the listing front, new listings in the GTA surged by 19% year-over-year to 10,545, while active listings experienced a notable 41% increase, reaching 16,759 in November 2023. This substantial surge in listings far surpasses the 7% decrease in GTA home sales over the past year, highlighting a market where inventory is outpacing demand.

Most Expensive Neighbourhoods in Toronto

Bridle Path

To the west, Bayview Avenue defines the charming neighbourhood of Bridle Path, with its southern boundary marked by Suncrest Drive and the northern and eastern limits traced by The Bridle Path roadway. Situated amid several of the region’s premier parks and natural attractions, including the Toronto Botanical Garden and Sunnybrook Park, this location offers a serene ambiance and proximity to abundant public green spaces and sports facilities. Bridle Path’s housing landscape primarily comprises expansive Toronto luxury homes situated on larger lots. These distinctive residences showcase a diverse range of styles, from contemporary and chic structures to grand, chateau-inspired mansions. Starting at the high single-digit millions, these one-of-a-kind properties routinely reach prices exceeding $20 million for the most opulent homes. Additionally, the community features several luxury condominium developments along its periphery, where these exquisite units are available for sale in the $5–7 million range.

Forest Hill South

The housing in the area is divided almost evenly between single-family detached homes and condominiums, complemented by a small number of townhouses. Even the more compact Toronto condos and other multifamily units in the neighborhood have a starting price exceeding half a million dollars, while detached properties are available from $2.5 million and beyond. Nevertheless, the most exclusive residences in Forest Hill South often command prices in the upper single-digit millions, occasionally reaching a remarkable $10 million.


Rosedale’s housing landscape features expansive, upscale detached homes in its central area, while the major roads forming its borders offer condos and other multifamily units. Those in search of detached properties should anticipate a starting price of at least $3.5 million, with the majority falling within the $5–7 million range. However, exceptionally spacious or historically significant homes can command prices exceeding $15 million. Even multifamily units begin in the $800,000 range, with the most luxurious options reaching prices of $6–7 million.

St. Andrews:

In one of Toronto’s affluent neighborhoods, St. Andrews, home prices typically range from $1.3 million to $9 million. Some of the grandest residences can even surpass the double-digit million mark. The majority of homes boast a minimum of four bedrooms and three bathrooms.

Yonge-St. Clair:

Characterized by dense urban development, Yonge-St. Clair primarily offers condos and multifamily units in mid- to high-rise buildings. While a few one- to three-bedroom homes are priced from the $600s to the $800s, the majority exceed a million dollars. Ultra Luxury units can command nearly four times that amount, providing residents with a comprehensive array of amenities, including 24-hour security, pools, and exercise rooms.

The Annex:

In The Annex, homebuyers will predominantly encounter condos and multifamily properties, although detached and semi-attached single-family homes are also available. Condo prices start in the $700s but can extend to $3 million or more for luxury or newly constructed units. Houses typically range from $2 million to nearly $10 million.

Toronto’s Most Affordable Neighbourhoods

West Humber-Clairevile

The housing variety in West Humber-Claireville includes a blend of semi-detached townhomes and condos, with the possibility of standalone houses also being on the market. Home prices in this area generally fall below the city’s average of $1.1 million. Condo prices start at $250,000 for one-bedroom units, while spacious, semi-detached three-bedroom homes can be found for around $900,000. For those with a slightly higher budget, options include detached homes with yards or multi-family properties, typically priced at around $1 million. The architectural styles in the area span from traditional brick-and-mortar to contemporary wood-frame constructions, providing potential buyers with a diverse range of choices.

Flemingdon Park

Designed in the early 1960s as Canada’s inaugural apartment-planned community, this neighbourhood thrives as a high-density housing district. Abundant with rental buildings and condominiums, the area offers reasonable home prices for Toronto standards. A two-bedroom condo situated on a high floor can be secured for approximately $500,000, while a three-bedroom unit in a new development typically hovers around the $800,000 mark.

Scarborough City Centre

Individuals seeking affordable living options in Toronto have a diverse array of choices within Scarborough City Centre condos. Numerous residences come equipped with convenient on-site amenities like fitness centers and indoor pools, while high-floor condos provide picturesque views of Toronto’s cityscape. Mid-floor studios and one-bedroom units begin at approximately $400,000, and larger floor plans, including high-floor units with open layouts, terraces, and expansive city windows, can range up to $800,000.

In the realm of the rest of Toronto’s most affordable neighbourhoods, Crescent Town stands out, providing a range of condos starting at approximately $350,000. The housing options extend to detached and semi-detached bungalows, with prices reaching up to $950,000. Townhomes in this community are often poached, two- or three-bedroom residences boasting multiple bathrooms and upgraded interiors. For budget-conscious buyers, the condo market includes two- to three-bedroom layouts priced under $600,000.

Thorncliffe Park

Heading to Thorncliffe Park, savvy buyers and investors will find a favorable market with generally low prices. Most condos in Thorncliffe Park fall within the $400,000 to $800,000 range and are situated in predominantly mid-rise and low-rise buildings. Those with a bit more flexibility in their budget can explore spacious detached homes and semi-detached townhouses, available for around $1 million.

Black Creek

In Black Creek, a mix of housing types is available, with condos and semi-detached townhouses dominating the listings. One-bedroom apartments start at around $200,000, while three-bedroom townhomes are priced between $600,000 and $800,000. Condos often showcase semi-renovated finishes, complete with balconies, full kitchens, and unobstructed neighbourhood views.

Toronto housing market in the coming months

Anticipated Decline in Toronto Home Prices Amidst Softening Market

The trajectory of Toronto home prices is poised for a continued decline in the upcoming months, mirroring the persistently soft conditions in the Toronto housing market. Despite this overall downturn, the average home price might experience a subtle counterbalance due to ongoing luxury home sales that provide some support to the average price point. Additionally, there is a glimmer of potential relief for Toronto home buyers, as forecasts suggest a decrease in interest rates as early as March 2024.

In the current market scenario, the average sales price to listing price ratio stands at 98% this month. This signifies that, on average, homes are selling for less than their initial asking prices. As the Toronto housing market navigates these fluctuations, the interplay between luxury home transactions and broader market dynamics will play a crucial role in shaping the future landscape for both sellers and buyers alike.

by Myles Shane

Other articles from totimes.ca – otttimes.ca – mtltimes.ca

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