Toronto real estate: What $1M will buy you across the city
December 3rd 2020
Just how much will home can $1 million buy you? The answer, of course, depends on where you’re shopping. When you’re buying a house in the Greater Toronto Area, you’ll find a lot of variety in the types of houses for sale (and their prices) by neighbourhoods. Here’s a look at $1M homes in some popular areas to live across Toronto.
Known locally as “Roncy,” this Toronto neighborhood is well known for its quaint feel and charming residential streets. Residents also have easy access to High Park, the second-largest municipal park in Toronto, which helps explain its popularity. The homes here typically sell above $1 million, so if you see a home you like in that price range, be ready to jump on it.
With a million-dollar budget, single-family homes are hard to come by. However, townhouses, duplexes, and row homes typically provide two to three bedrooms and two to three bathrooms, and feature original hardwood floors, detached garages or sheds, and porches or balconies. In this price range, you’ll often find original features in the home that add character but may need to be updated or repaired, so budget accordingly.
Just north of Toronto, Vaughan’s real estate market offers a mix of single-family detached homes as well as more budget-friendly attached homes and multi-family units. Vaughan is known for its many planned communities that put you within close distance of shopping, dining, and attractions.
With a $1 million budget, you will almost certainly be looking at a large modern single-family detached home. Depending on your preference, you can find a house with three to four bedrooms, each with its own bathroom, a two-car garage, updated kitchen, hardwood floors, and a finished basement – all in an excellent school district.
To the northwest of Toronto is Caledon, where traffic is thinner, homes are spaced out a little farther, and one million dollars can land you in the lap of luxury. There’s a lot of new construction in Caledon in this price range, so you can even buy a semi-custom home that gives you everything you need for your desired lifestyle.
If you’re looking for more green space for the kids to play, Caledon is an excellent option. Because you tend to get a little more house for your budget, you can expect most homes in this range to have anywhere from three to five bedrooms and three or more bathrooms. Fireplaces, large kitchens, and two-car garages are also common staples in this area.
City Centre (Harbourfront, Cityplace, Fashion District)
There are few single-family houses in the City Centre – you’ll find far more condo buildings and townhouses. What you may sacrifice in space you gain in walkability to all the amenities downtown Toronto has to offer. For $1 million dollars, you can expect a two to three-bedroom condo with two bathrooms, floor to ceiling windows, an open floor plan and stunning view, plus modern fixtures in a beautiful high rise. Many downtown buildings also include on-site amenities like gyms and saunas, luxury swimming pools, theatres, and a 24-7 concierge.
Older single-family homes and upgraded townhomes are popular in North York, typically with three bedrooms and two to three bathrooms. The area is a beautiful blend of older homes with modern renovations, as well as new multi-unit buildings that allow for minimal upkeep. Despite being part of one of the biggest metro areas in the world, North York offers a smaller-town feel, and a lot more options for your $1M budget.
Many of the modern or newly renovated townhomes here feature hardwood floors, stainless steel appliances, and upgraded kitchens. If you opt for a single-family detached home, you can expect older construction with fewer upgrades, but with the added benefit of a small yard that is perfect for a raised garden. Or, if you prefer a place in a multi-story building, you may be able to grab one with rooftop access and stunning views of the city.
If you’re looking for a home that’s further away from big city life without giving up quick access to Toronto, Scarborough might be the ideal spot for you. A 7-figure budget gives you a lot of options here, as many of the detached single-family homes and high rises come in at a much lower price tag.
Homes are generally modest in size, averaging three to four bedrooms and two to four bathrooms. The neighbourhood itself is well established, and homes have been well maintained. Many have been renovated to offer modern appeal, including hardwood floors, stainless steel appliances, new lighting, glass-enclosed showers, and fireplaces. Buying a home in Scarborough will also give you quite a bit more yard space compared to other suburbs, as well as single-car garages and the occasional swimming pool.
Buy your next home with Properly
Whether you’re looking for rooms with a view in the Beaches, proximity to plenty of delicious dishes in Little Italy, or something with a little more space in Etobicoke, Properly is the smarter way to move in Toronto. When you work with Properly, you can buy when you find the home you love, then settle into your new home while our experts get you the best price on the market for your old one. Visit properly.ca to get started.