The average price for a home for sale in Toronto in June 2011 was $476,371. This might seen unattainable to the average home buyer, because a 5% down payment would be $23,000 and the mortgage amount would be $453,000. Plus the buyer of Real Estate in Toronto would need to pay two Land Transfer taxes, plus lawyers fees resulting in more than $10,000 in extra expenses, just to buy a home. But don’t worry. Toronto has many areas where the cost of home ownership is not as high.
The lowest “average price” in the city of Toronto is in the area known as C01. The June average price was $429,623. This is almost $50,000 less than the overall average for the city. C01 has a lower average price because this area of the city contains many condos. Condos typically cost less than other types of housing such as detached and semi-detached homes. Area C01 is located West of Yonge St, south of Bloor St. and East of Dufferin St. The average condo in this area in June was $409,610 and there 464 condo sales in this area of Toronto.
“That’s still too much money to pay for a place to live” you say? Where is the least expensive place to buy a property in Toronto?
The least expensive place to by a condo in Toronto is in the area known as C11. In June, the average price was $224,753. This area is located on the west side of the Don Valley Parkway (Highway 404). It is South of Eglinton and east of Bayview. This area is close to business parks that are home to businesses such as Coca-Cola, The Salvation Army, and other large employers. If you want to buy a property for sale in Toronto and you are looking for a location that is close to highways, work opportunities and centrally located, this area might be good for you. The price indicated that there might be a reason that this is the lowest priced area in Toronto, so a buyer would need to do more research to determine why.
If you are not a condo person and are looking to buy a home in Toronto for less money, the least expensive place to by a semi-detached was in C06, at $398,250. C06 is located west of the Don river and North of the 401. It is just east of Allan Rd. Also close to highways, this area can be considered North York. North York is one of four larger areas of Toronto. Scarborough, Etobicoke, and Downtown Toronto are the other areas of the city.
C06 is also the least expensive place to buy a detached home in Toronto. The average price in June was $715,124. Can you believe that? The lowest average price for a detached home in Toronto was $715 thousand dollars?
Toronto is home to many different areas. Many have a different culture, different advantages and disadvantages. The best way to determine the best area of the city to live in would be to do a lot of research. You can talk to people who live in that area of Toronto and discover their opinions on the commute, local businesses, events. You can learn more about crime in the area or schools. You can also look at the TTC or Go Transit alternatives. It’s important to know all about the area you want to live in, before buying real estate in Toronto.
A great place to start searching for real estate for sale in Toronto is on PropertySold.ca. You can also contact a Toronto real estate agent in order to have them help you buy a home. PropertySold.ca contains real estate listings from home owners, real estate agents, and builders and developers. Feel free to find the home you want to buy and call the number on the listing to find out more information about the property for sale.
All this week we will be featuring information on Real Estate for sale in Toronto. Stay tuned for more information on Real Estate for Sale in Toronto.
For all of your real estate questions please call PropertySold.ca Inc. today at:
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Real estate news in Canada including buy and sell information, local market updates, guides, tips for Canadians in the real estate market.