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Is it cheaper to build or buy a new home in Toronto?

Is it cheaper to build or buy a new home in Toronto?

It depends on where you’re looking.

The average price of a detached home in Toronto has reached $1.29 million, according to the Toronto Real Estate Board. The price of an apartment condo is $550 per square foot, and the average cost of a semi-detached or townhouse is $657 per square foot.

In general, it’s more expensive to build than buy a new home — but not always.

To get started, we’ll look at two places: the City of Toronto and York Region.

In Toronto, there are several areas that are still affordable for first-time buyers — some of them bordering Mississauga and Brampton — where you can find homes for less than $500,000. But if you want something closer to downtown and willing to compromise on space, expect to pay more than $600,000 for a condo in a building that was constructed before 2000 (and probably closer to $1 million for anything built after 2005). You could also consider buying an older house in Toronto with enough space for your family and then renovate it yourself.

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Last modified: July 30, 2022