The average detached homes price topped $1 million in Toronto last month, as affordability is fueled by record low mortgage rates. What does this mean for buyers trying to break into the market?
Rounding up our Regional Real Estate series, we take a look at Toronto’s housing market. For most first time home buyers, a downtown condo poses as a good starter option – but you’ll be hard pressed to find a single family home within the 416. The Big Smoke also poses significant challenges for those looking to buy for the first time – when you factor in high unemployment and level of debt, buying is often ruled out altogether. A predicted price drop, however, could change everything.