Buying a Toronto house is potentially the greatest investment. This argument refers to everyone purchasing a home, but it is particularly valid for those looking at the cost of buying a house in Toronto, Canada’s most expensive area.
We think an intelligent decision is a smart decision and I work to ensure that our clients have all the tools to do so at their fingertips.
iFitzone crunched the numbers to help you properly plan for your homeownership ambitions. Check on to see how much it costs to buy a house in 2021 in Toronto and how much it costs to own a house in Toronto.
We provide you with the least costly to the most pricey of these eight downtown Toronto neighborhoods to purchase a home, based on the sales of three bedrooms, two bathroom semi-detached houses in 2019.
Average House Price In Toronto 2021
How Much Does It Cost To Buy A House In Toronto?
There are many more expenses to remember when accounting for your purchase, whether you are looking at the expense of purchasing a home along the Danforth for $1,070,920 or trying to find a property in the Annex for $3,228,857. Firstly, you’ll need a 20 percent down payment prepared to go, and under today’s latest loan rules, aka the Stress Test, you’ll need to be able to apply. In brief, the Stress Test indicates that you would need to apply at a mortgage rate of 5.19% (as of July 2019) or 2% higher than the agreed rate (whichever is higher).
If you are a first-time homebuyer, you might be eligible for a substantial Land Transfer Tax Tax refund. For more info on this, check our First-Time Home Buyer Rebates page. In comparison, for Title Registration, you would have to pay upwards of $400 and this can also be connected to your legal fees. Don’t forget, this is the largest deal you can make, and to help make that happen, you will need a real estate lawyer. Fees for attorneys will vary, but usually, they will cost you around $2,000.
Additional costs of buying a house in Toronto to consider:
It’s definitely a smart idea when purchasing a house to have a home inspection done to eliminate any post-sale surprises. These will cost from $400 and $700, everywhere.
So, what does it really cost to buy a house?
- Buying a home in the Annex will cost approximately $782,163. Your monthly cost to own that property is approximately $14,616.
- Buying a home in Rosedale will cost approximately $654,533. Your monthly cost to own that property is approximately $12,360.
- Buying a home in Bellwoods will cost approximately $348,957. Your monthly cost to own that property is approximately $6,866.
- Buying a home in the Beaches will cost approximately $307,142. Your monthly cost to own that property is approximately $6,097.
- Buying a home in Parkdale will cost approximately $290,823. Your monthly cost to own that property is approximately $5,796.
- Buying a home in Leslieville will cost approximately $279,139. Your monthly cost to own that property is approximately $5,581.
As you’ll see, the cost of owning Toronto’s typical 3-bed, 2-bath semi-detached home can differ dramatically from location to location. Now you should have a better idea of what the true cost of owning a Toronto home is depending on the neighborhood(s) you would choose.
Now you can start changing your expectations and start investing accordingly, depending on your financial condition.
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- Continue to ON-409 E
- Take ON-427 N, Express Toll Route/ON-407 E, Exit 66, and ON-400 N to Rutherford Rd/York Regional Rd 73 in Vaughan. Take exit 33 from ON-400 N
- Follow Rutherford Rd/York Regional Rd 73 and Weston Rd/York Regional Rd 56 to your destination