for most of the city's residents, and it looks like the feat will be made even more difficult to achieve in the years to come.According to the Toronto Regional Real Estate Board's March 2024 report, the benchmark price of a single-family detached home in Toronto last month was $1,708,800.
Since 2020, houses in Toronto have consistently exceeded the million-dollar average selling price, and in the past two years, the average home prices in 43 per cent of Toronto's neighbourhoods have surpassed $2 million. Even some of the city's most affordable neighbourhoods, including Rockcliffe, Smythe, Keelesdale, and Eglinton West, witnessed a peak in the average single-detached home price of $1.6 million in February 2023.However, in some affluent Toronto neighbourhoods, such as York Mills, Bridle Path, and Hoggs Hollow, a $2 million home would be considered a"steal" in the years to come, since these areas have witnessed skyrocketing prices well beyond the $3.6 million mark.
With the anticipation that the average Toronto home will cost $2 million in just 10 years, Zoocasa notes that interest rates will play a significant role in how pricing turns out. "In the case that rates do begin declining this year, we can anticipate a corresponding price increase in the market overall, meaning we can reach this multimillion-dollar average home value even faster.
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