Toronto is one of the most expensive cities in Canada when it comes to buying property. Many people from smaller towns and cities balk at the prices when they look at moving to Toronto, especially if they only look at the averages. But there's a big difference between buying a Halton Hills home in the suburbs and a luxury home in the downtown area. If you're thinking of moving to Toronto, here are the sizes and styles of property along with their price by region to give you an idea of what you might be able to afford. Prices are accurate to late 2011.
Buying a house in Toronto proper is an expensive prospect. Even small Etobicoke homes for sale sell for in excess of $400,000, and to get into an exclusive neighborhood like Lawrence Park you're looking at more than $800,000. A better option if you want to live in Toronto proper on a budget is to go for a condo. A standard condo in the Bloor West Village neighborhood will run you about $320,000 while a condo on the waterfront will cost closer to $445,000.
By traveling north a bit, you can own a small home in North Toronto for about $680,000 or one in Richmond Hill for only $435,000. If you want to buy North York property for sale without shelling out quite so much, a condo or town house might be a better option. A condo in North Toronto averages about $410,000 while Markham is downright cheap at $310,000. If you're willing to live way up in Newmarket, you can get a nice townhouse for at little as $338,000, less than the cost of a condo in one of the closer neighborhoods, but your commute will be at least an hour in good traffic.
Moving east from Toronto's city center, Scarborough is a much cheaper area. Small Scarborough houses average between $380,000 and $430,000 and larger ones will run you from $470,000 to $530,000. For a condo, you can get away with paying as little as $232,000 and a townhouse might only cost you $270,000 depending on the neighborhood. Moving further in toward the city center you have the highly trendy Beaches neighborhood, where a two storey home will cost you between $680,000 and $930,000. A town house runs closer to $570,000.
If you're willing to go far enough west, you can get property downright cheaply. In Burlington, for example, which is about an hour's drive, you can get a small house for as little as $369,000. Mississauga houses, which are about a half hour further in, cost around $430,000 on average and if you want to go the condo route, Burlington condos are only $260,000 and some neighborhoods in Mississauga are only $225,000.