What Does $1 Million Get Me In The GTA
Remember the game MASH? Playing this as kids, figuring out who you were going to marry, how many children you were going to have and whether you were going to live in a Mansion, Apartment, Shack or House. Didn’t $1 Million seem like more than enough to get you that mansion?
The reality is that the average sold price for a detached home in the City of Toronto last month was $943,000. The key word being average. Now if you head outside the city, you can expect to get more house for less, but you’re still looking $728,000 as the average price for a detached home across the Greater Toronto Area. So for those of us who think $1M (insert Dr. Evil voice here) will land you the mansion in the heart of the city, this could be a reality check.
The good news is that there are still lots of awesome neighbourhoods both in the City and GTA where you can find a great home for much less than $1M, unlike some of our North American counterparts. For instance, in New York City, the average price for an apartment in the first quarter of 2014 was $936,000, just shy of Toronto’s average price for a detached home; and the Greater Vancouver area saw an average detached home sell for $1,219,000 in May 2014.
Curious what $1M looks like across the GTA? Contact us today for a list of recent solds and the best active listings.