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Toronto is one of Canada’s most globally recognized cities. The metropolitan area of Toronto is home to 6.2 million people, while the city of Toronto has a population of 2.8 million, just over 7% of Canada’s total population.
Best places to buy real estate in Toronto
In the table below, you’ll find the top Toronto neighbourhoods in which to buy real estate in 2023. To view all the data, slide the columns right or left using your fingers or mouse. You can also download the data to your device in Excel, CSV and PDF formats.
Source: Zoocasa
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How to read the table:
- Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
- 1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
- Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of 0 to 5, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
- Children: The neighbourhood’s percentage of households with kids.
- Read the detailed methodology behind our rankings.
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What’s happened in the Toronto real estate market?
Toronto home prices peaked in April 2022, with the city’s average home price reaching a staggering $1,243,070. As interest rates rose throughout 2022, prices crept down. By the end of December, the average was $1,017,989, a decline of around 18%.
“When interest rates started to increase in March 2022, motivated sellers began listing properties at appropriate market value and accepting offers at any time as opposed to listing low and holding offer presentations in hopes of a bidding war,” explains local Zoocasa real estate agent Ross Aitken. “Once the market began shifting, more listings were selling conditionally, which gave buyers negotiating power.”
At the market’s peak in April, a home in Toronto would sit on the market for roughly 15 days. By December, that number had grown massively to 40 days on the market, a year-over-year increase of 21 days or 110%, meaning that homes were trading hands at a much slower rate.
Condos have become more popular in Toronto as rates have increased. As interest rates increased, condos became the standout property type in the city, says Aitken. “Affordability was tightened because of rising rates, which meant that many buyers that wanted a freehold property had to shift their mindset.”
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