Every month we are going to look at what kind of home you can buy for $2 million in various Toronto neighbourhoods such as Rosedale, Lawrence Park & Forest Hill and compare these to locations across the GTA such as Oakville, Burlington, Mississauga, Aurora, Scarborough + more.
We’ll also explore which neighbourhoods are seeing the most growth in terms of sales & average appreciation whilst also looking at the lifestyle aspect of things to see what is drawing people away from the city.
Toronto
Rosedale - Moore Park (C09)
Rosedale has historically been one of Toronto's most desirable neighbourhoods to live in & with good reason!
The older architecture, tree-lined streets & proximity to the Downtown core all make this an extremely liveable area with numerous parks, bike paths, schools + more to enjoy.
As a result of all these great attributes, the average sale price for a Rosedale home in September 2020 was $3,078,422.
While this average price was down 9% from September 2019, there were only 2 properties sold under $2 million vs. 16 properties sold above this price point.
This highlights the fact that it is still an area in high demand despite COVID19 changing some people's search parameters of wanting to leave the city for more space.
74 Shaftesbury Ave is a good example of what you will get for $2 million in Rosedale with 2 bedrooms above grade & another 2 below grade, totally to just over 2000 Sq. ft of living space.
Being that it's a row/townhouse, the lot size is only 19ft wide & 105ft deep which doesn't leave any space for parking.
Etobicoke
Stonegate - Queensway (W07)
If you want to get a bit outside of the Downtown core but not leave Toronto completely, the Stonegate - Queensway district which encapsulates Sunnylea, The Queensway, Norseman Heights & Humber Bay is a fantastic option.
Nature lovers will enjoy access to the Humber River, King's Mill Park as well as the Mimico Creek which leads down to Lake Ontario where you can hop on the Martin Goodman Trail for biking/running/walking.
These great outdoor options have definitely attracted more buyers as a result of COVID19 & we have seen this reflected in the stats with the average sale price increasing 13% compared to September 2019 to just over $1.4 million ($1,407,684 to be precise).
Out of the 25 sales in the area for September, only 1 of them was above $2 million which shows your money goes a lot further once you depart the Downtown core.
This is emblematic with 19 Moynes Ave which offers 3 bedrooms above grade & another below grade for a total of 3680 Sq. ft of living space.
Being a fully detached home with a larger lot (36ft x 140ft) also provides more outdoor space + 4 parking spaces.
Scarborough
Cliffcrest (E08)
Should you prefer going east of the Downtown core, Cliffcrest is a beautiful neighbourhood situated in the southern part of Scarborough where you can access various parks such as Bluffer's Park Beach, Cudia Park + more.
On top of the various outdoor activities in the area, there are numerous schools to choose from including St. John Henry Newman Catholic School, R.H King Academy & Fairmont Public School.
When looking at the stats for the past month, we can see a large influx in demand for the area compared to September 2019 with the average price increasing by 18% while the days on market dropped by almost 60%.
This is a clear indicator that properties are selling faster & for much more than they were last year.
Out of the 23 sales in the area for September 2020, 22 of them were below $2 million with the average price coming out to just over $1.2 million ($1,202,556).
When looking at 24 Pine Ridge Dr, we can see that you get much more land for your money by going east vs. west with a lot size of 242 x 121 ft.
This expansive plot of land provides plenty of space for the 4-bed, 5-bath detached home with over 2500 Sq. Ft & 10 parking spaces.
In addition, the large backyard easily houses your own hot tub, private pond & green space to create a beautiful little oasis.
Durham
Ajax - South East
Looking to get a bit further away from the city for even more space & outdoor activities?
South East Ajax is a fantastic choice, particularly in the Pickering Beach & Lakeside neighbourhoods where you have easy access to Lake Ontario, Paradise Beach, Lakeside Park, Lynde Shores Conversation Area + plenty of others!
Those looking for road biking routes will be spoiled for choice & golfers have the Carruthers Creek Golf & Country Club right at your doorstep.
While the average sale price of homes in the area for September 2020 was $779,824, there are still several multi-million dollar properties with 3002 Ebony St being one of them.
Currently listed at $1,975,000, this 4-bed + 1, 4-bath detached home boasts over 4500 Sq. Ft with 15 parking spaces on a 100 x 100ft lot.
The very interesting part here is that the taxes are almost double what they are in Toronto (Ajax = $13,300 | Toronto = $6884) so this is definitely something to keep in mind when purchasing here.
Mississauga
Cooksville
Going back to the west side of the GTA, Mississauga has some beautiful neighbourhoods such as Port Credit, Cooksville & Lakeview.
There are quite a few attributes that makes these areas so desirable, however it mainly stems from that fact you're conveniently located near Lake Ontario & numerous parks, have easy access to the QEW for travel into the city and you can also enjoy Mississauga's growing downtown core.
Coincidentally, these are all criteria home buyers were looking for after COVID19 hit earlier this year.
As a result of this perfect match, the average sale price in Cooksville increased by 35% vs. 2019 to just under $1.4 million ($1,393,049).
The nice part is that comparatively to Toronto, you still get quite a bit more for your money!
A good example of this is 215 Winterborne Gate which is listed for sale right now asking $1,999,000.
At this price, you get a 4-bed + 1, 5-bath, detached home with 3000+ Sq.ft of living space & 4 parking spaces all situated on a 62 x 170ft lot.
Taxes here aren't quite as high as Ajax at just under $10k/ year ($9557), however they are still marginally higher than in Toronto.
Oakville
Bronte
Located in the south-west corner of Oakville, Bronte is a cute little area with a population of roughly 10,000 & it's own GO Train station for easy access into the city.
Bordered by Bronte Creek Provincial Park at the north & Lake Ontario at the south, this neighbourhood is ideal for those looking to embrace the outdoor lifestyle.
With countless walking, biking & hiking trails to enjoy locally along with everything else that Halton region, you'll never run out of things to keep you active!
Prices in Bronte accordingly reflect all of these great attributes with an average sale price of $1,781,917 in September 2020.
This is a 14% price increase vs. last year whilst the days on market dropped by 38%, indicating that inventory in the area is very much in demand right now.
If we take a look at 1384 Bridges Rd, we can see that you still get quite a bit more house in Bronte - Oakville at $2 million vs. something in Rosedale.
This beautifully built 3-bed + 1, 6-bath detached home with over 3000 Sq. ft on a 60 x 125ft lot gives a generous 7 parking spaces.
Another bonus for the home is that your taxes are cheaper at just under $4000/year ($3936)!
Aurora
Rural Aurora
Should you decide to go north of the city, Aurora will typically come up as a good candidate due to its various outdoor activities, choice of schools & commuting options.
Sandwiched between Richmond Hill & Newmarket, you are conveniently located close enough to the city to drive in when you need but also have the ability to explore the vast amounts of green spaces in the surrounding York region.
When looking at the market stats for Rural Aurora in September this year, we have actually seen a 4% decrease in the average price compared to 2019 ($1,226,636 vs. $1,182,048 in 2020).
Oddly enough, there has also been a 13% decrease in the # of days on market which shows that properties are selling faster than before but not necessarily for as much.
27 Mike Boshevski Crt is definitely at the top of the market in Rural Aurora being listed at $1,949,900 for a brand new 4-bed + 1, 6-bath detached home that features 4000+ Sq.ft and 6 parking spaces.
One thing that really stands out here vs. the other areas we've looked at is the lot size.
At only 35 ft wide, it's more comparable to something you'd get in Etobicoke vs. something you'd get in other GTA neighbourhoods which typically give you 60+ft, so this is definitely something to keep in mind.
Generally we are seeing that prices within Toronto for houses have stayed quite solid after COVID19 hit earlier this year, however there is definitely a trend popping up of people migrating further away from the city.
This largely is a result of the fact that people want more space for their money & don't necessarily need to worry about a commute as they will be working from home for the foreseeable future.
Pair this with the fact that people want to have the ability to enjoy more outdoor activities & green space and you've created the perfect market conditions for areas like Port Credit, Bronte & Ajax.
It's hard to predict for certain what will happen in the coming months with COVID19 cases surging once again, however it is fairly safe to say that this trend will likely continue.
With more people adjusting to our "new normal" of working & schooling from home, they will accordingly need more space to do so and leaving the city allows them to get more bang for their buck.
Has COVID19 changed your search criteria at all?
Let me know in the comments section below!
Rylie C.
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