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A real estate agent calculated an account and found that the average price in the most expensive area was more than $5 million, while that in the poorest district was only $780000.
In the four years from 2016 to 2020, the average price of independent houses in Toronto rose by 18.7%. Of the 144communities in Toronto, 54 had an average price of less than $750000 in 2015, almost as many as those with an average price of more than $1 million (52). But by 2020, as the average price of the Mount Dennis community jumped from $653000 to $780000, Toronto no longer has communities with an average price of less than $750000.
Another interesting fact is that there are now 32 communities with an average price of more than $2 million, more than those with less than $1 million (29).
According to blogTO, Scott Ingram, a real estate agent and certified public accountant in Toronto, did the job. In explaining why detached houses are targeted, he said one of the main reasons is that detached houses have the largest number of transactions in Toronto, what the Toronto Real Estate Authority (TRREB) calls District 416: they have accounted for 70% to 72% of annual permanent property transactions in the past four years, so detached houses seem to be the most appropriate target.
Ingram also said that each district of Toronto is different, and the proportion of various housing types is also very different, “so only the price of independent houses is used in order to make a comparison on a fair and reasonable basis.”
Ingram used data on the prices of individual houses sold by the Toronto Real Estate Department through the MLS system in 2020. His calculations show that in the 144 neighborhoods of Toronto, the average price of the most expensive district is as high as $5, 104, 251, while the cheapest district is only $780, 3010.