Where to Buy Real Estate in Canada 2022: Toronto

Video by Jim Desautels on Pexels

Toronto, one of Canada’s most globally recognized cities, sits on the western end of Lake Ontario. The Toronto metro area has a population of 6.2 million people, and the city itself is home to 2.7 million people, representing just over 7% of Canada’s total population. With often the highest volume of real estate transactions per year and some of the highest house prices nationally, Toronto is definitely a real estate market to watch.

For the 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to showcase the neighbourhoods, including those in Toronto, that offer home buyers the greatest value and potential for real estate price growth. The rankings are based on Zoocasa’s analysis of local real estate data and current housing trends.

Interested in areas outside of Toronto? Our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada. The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read more about our methodology.

Where to buy real estate in Toronto
Why we’re watching Toronto
Toronto’s future real estate outlook
Toronto’s top neighbourhoods

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*

I'm buying a home I'm renewing/refinancing

You will be leaving MoneySense. Just close the tab to return.

Where to buy real estate in Toronto

To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.

How to read the table:

Benchmark price 2021: The composite benchmark price as of Dec. 31, 2021. It represents all property types, including attached and detached homes, townhouses/row units and apartment units. Read about how benchmark prices are calculated.
1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of five, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit. To see how we determine these scores, read our methodology.

Children: The neighbourhood’s percentage of households with kids.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2021	1-year	3-year	5-year	Value	Economics	Accessibility	Children
1	1	Mildenhall	Toronto	$3,024,167	74%	113%	100%	3.8	4.7	2.9	42%
2	2	Thorncliffe Park	Toronto	$645,224	6%	36%	65%	3.9	4.3	3.9	45%
3	3	Highland Creek	Toronto	$1,270,089	29%	42%	59%	3.8	4.3	2.0	56%
4	4	Mallow	Toronto	$1,727,985	30%	63%	72%	3.6	4.4	1.7	47%
5	5	Duncairn	Toronto	$1,524,413	32%	37%	53%	3.6	4.4	1.7	47%
6	6	Port Union Village	Toronto	$1,164,543	18%	42%	63%	3.7	4.3	2.0	56%
7	7	Fairlawn	Toronto	$1,895,254	23%	19%	32%	3.0	5.0	3.1	52%
8	8	Centennial (west Rouge)	Toronto	$1,197,842	18%	39%	55%	3.6	4.3	2.0	56%
9	9	Orchard Grove	Toronto	$1,998,947	14%	37%	39%	2.9	5.0	3.1	52%
10	10	The Queensway	Toronto	$909,039	16%	31%	45%	3.7	4.0	3.7	42%
11	11	Bedford Park	Toronto	$2,004,047	9%	24%	26%	2.7	5.0	3.1	52%
12	12	Chipping	Toronto	$2,055,835	37%	28%	22%	3.2	4.4	1.7	47%
13	13	Lambton	Toronto	$1,760,865	45%	64%	102%	3.9	3.6	3.8	40%
14	14	Ledbury	Toronto	$2,746,160	30%	11%	34%	2.5	5.0	3.1	52%
15	15	Royal York South	Toronto	$1,882,207	28%	53%	62%	3.4	4.0	3.7	42%
16	16	Ridley	Toronto	$3,103,196	28%	40%	47%	2.4	5.0	3.1	52%
17	17	Kingsway Park South	Toronto	$2,246,947	39%	50%	73%	3.3	4.0	3.7	42%
18	18	South of Bloor	Toronto	$1,061,979	3%	19%	37%	3.3	4.0	3.7	42%
19	19	Bruce Farm	Toronto	$1,190,581	35%	32%	18%	3.8	3.5	1.7	50%
20	20	Upper Rouge	Toronto	$957,873	18%	45%	43%	3.8	3.5	1.1	68%
21	21	Highland	Toronto	$899,335	20%	23%	36%	3.7	3.5	1.7	50%
22	22	Zion Park	Toronto	$1,072,676	19%	23%	49%	3.6	3.5	1.7	50%
23	23	West Deane Park	Toronto	$1,347,750	20%	48%	56%	3.6	3.5	3.7	47%
24	24	Islington	Toronto	$1,296,300	14%	52%	60%	3.6	3.5	3.7	47%
25	25	St. John	Toronto	$877,596	-26%	19%	6%	2.9	4.2	2.7	46%
26	26	Cloverdale	Toronto	$1,081,648	16%	24%	52%	3.6	3.5	3.7	47%
27	27	Swansea	Toronto	$945,345	3%	23%	53%	3.5	3.6	3.8	40%
28	28	The Kingsway	Toronto	$2,456,353	5%	34%	82%	2.5	4.6	4.0	38%
29	29	Old Finch	Toronto	$1,053,464	14%	27%	24%	3.5	3.5	1.7	50%
30	30	Runnymede	Toronto	$1,357,111	15%	38%	56%	3.5	3.6	3.8	40%
31	31	Etobicoke	Toronto	$841,332	19%	46%	62%	4.0	3.1	2.2	45%
32	32	Leaside	Toronto	$1,984,859	8%	15%	49%	2.7	4.3	3.9	45%
33	33	Eringate	Toronto	$905,182	22%	42%	48%	3.9	3.1	2.2	45%
34	34	Upper Beach	Toronto	$1,286,139	12%	31%	54%	3.4	3.5	4.1	41%
35	35	Eastview	Toronto	$1,053,363	11%	20%	7%	3.4	3.5	1.7	50%
36	36	Sunfield	Toronto	$997,692	21%	59%	81%	4.0	2.9	3.1	35%
37	37	Old Burnhamthorpe	Toronto	$958,947	17%	33%	71%	3.8	3.1	2.2	45%
38	38	Centennial	Toronto	$1,135,660	20%	40%	79%	3.8	3.1	2.2	45%
39	39	Brahms	Toronto	$1,124,769	12%	17%	1%	3.3	3.5	1.7	50%
40	40	Cresthaven	Toronto	$1,124,621	13%	8%	15%	3.3	3.5	1.7	50%
41	41	Princess Gardens	Toronto	$1,611,880	14%	52%	54%	3.4	3.5	3.7	47%
42	42	Bloor West Village	Toronto	$1,914,785	24%	35%	59%	3.2	3.6	3.8	40%
43	43	Bannatyne	Toronto	$3,225,551	60%	65%	37%	3.0	3.8	1.8	54%
44	44	L'amoreaux	Toronto	$846,575	23%	47%	46%	4.0	2.8	2.6	51%
45	45	Humber Bay	Toronto	$1,497,271	48%	53%	73%	4.0	2.7	2.3	35%
46	46	Baby Point	Toronto	$1,672,193	5%	42%	43%	3.1	3.6	3.8	40%
47	47	Agincourt Centre	Toronto	$628,914	10%	42%	69%	4.0	2.7	2.8	48%
48	48	Steeles	Toronto	$1,025,143	21%	57%	38%	3.9	2.8	2.6	51%
49	49	Agincourt North	Toronto	$940,264	24%	45%	45%	3.9	2.7	2.8	48%
50	50	Malvern	Toronto	$715,318	22%	50%	73%	4.2	2.4	3.3	58%

Why we’re watching Toronto

Toronto is considered the cultural centre of Ontario thanks to its active music, theatre and film scenes. The number of thriving industries in Toronto has contributed to its growth, and its population continues to increase in spite of rising housing and rent prices. The sheer wealth of industry in the city makes it a common destination for Canadians looking to advance their careers, and with an abundance of culture, as well as opportunities for career advancement, it’s no wonder it’s considered a desirable place to live.

Prior to the pandemic, Toronto had a thriving real estate market that was growing in lockstep with its population. Home buyers competed against multiple other bidders for the same property, and offers without conditions of financing or inspection became the norm. The real estate market’s growth was stunted at the beginning of the pandemic, but by the summer of 2020, it rebounded. That resurgence has continued throughout most of last year, particularly over the winter, with home prices hitting record highs in some areas.

In December of 2021, the average price of a home in Toronto was $1,023,029—14% higher than the year before. The largest price gain came from condo townhouses, whose prices jumped 21% year-over-year to $882,139.

One of the forces behind this rapid rise in prices was the extremely low availability of houses for sale on the market. The lack of inventory “caused an upward pressure on pricing throughout the city and across the GTA,” says Derek Wacker, a Toronto sales representative with Zoocasa. “As we move into the spring market, we’re starting to see more supply and a potential tug-of-war between buyers and sellers.”

Article Continues Below Advertisement

With greater supply, buyers won’t feel as compelled to offer on as many properties and may take a less aggressive approach when it comes to making an offer, knowing that more inventory is coming, notes Wacker. “Sellers likely won’t see as many offers as they have in the past few months, which could lead to a moderated price growth.”

Heading into the spring, Wacker anticipates market pressure will remain high. “Even with the expected interest rate hikes throughout the year from the Bank of Canada, immigration growth over the next few years—coupled with the lack of new supply—will keep pressure on the market in the city and outwards into the GTA,” he says.

While Toronto’s core saw an exodus during the pandemic, as working from home allowed people to move farther away from the city, things are changing, he says. “Now that many larger corporations and local governments are calling employees back to the office, commuting will factor into a buyer’s decision-making. We will likely see some rebalancing of essential requirements when it comes to a purchase as the pandemic continues to recede.”

Toronto’s future real estate outlook

In many parts of Canada, housing prices escalated towards the end of 2021, with the trend continuing into 2022. Low interest rates—which have begun to rise—as well as historically low inventory levels have created a seller’s market in many regions over the last few years—and Toronto is no exception.

The average price of a home in Toronto was $1,219,889 as of February 2022, up 22% year-over-year. For the first time, the average price of a detached house in the city breached the $2 million mark, sitting at $2,073,989. As of February 2022, the city was also seeing an uptake in sales—3,240 transactions were completed that month, up 44% from January 2022.

These numbers suggest that Toronto could be making a slow, steady move towards a more balanced market in the coming months. In February 2022, Toronto had a sales-to-new-listings ratio of 66%, down from 72% in January and from 122% in December 2021. Coupled with the increase in interest rates, we could see a move to a slightly more balanced market this spring.

Toronto’s top three neighbourhoods

1—Mildenhall

Located near the Rosedale Golf Club and surrounded by parks, Mildenhall is currently Toronto’s hottest neighbourhood. The average selling price of a home in Mildenhall reached $3,024,167 at the end of 2021. As of December of that year, prices were 74% higher than they were one year earlier, an impressive 113% higher than three years earlier and 100% higher than five years earlier. That contributes to its value score of 3.8 out of 5.

What makes the area so popular? There are a number of good public and private schools to choose from, and it offers a centralized location with a suburban feel—think large properties and spacious homes. That’s made it an attractive neighbourhood for families, with 42% of households in the area having children. It is also relatively walkable, with an accessibility rating of 2.9 out of 5—not bad for a suburban-style development. Mildenhall has a neighbourhood economics score of 4.7 out of 5, nearly at the top of the spectrum.

View Zoocasa’s real estate listings in Mildenhall.

2—Thorncliffe Park

Thorncliffe Park is the number two neighbourhood for the second year in a row. A former borough of East York, the area boasts a number of schools including Thorncliffe Park Public School, Fraser Mustard Early Learning Academy, Valley Park Middle School and Marc Garneau Collegiate Institute. The average selling price of a home in Thorncliffe Park was $645,224 in December 2021. At that time, prices were 65% higher than they were five years earlier. However, price growth has slowed recently. Prices in December 2021 were 36% higher than they were three years earlier and only 6% higher than one year earlier. The area has a value score of 3.9 out of 5 and a neighbourhood economics score of 4.3 out of 5.

The neighbourhood’s schools are likely one of the reasons it’s so popular with families, with 45% of households having children. Located along the Don River corridor, it is also attractive for commuters. Thorncliffe Park is multi-cultural and has a shopping mall, library, park, churches, and a community centre within walking distance, a contributing factor to its high neighbourhood accessibility score of 3.9 out of 5.

View Zoocasa’s real estate listings in Thorncliffe Park.

3—Highland Creek

A former part of the Township of Scarborough, Highland Creek is known for its small-town feel. That quaintness is a contributing factor to Highland Creek securing the spot of Toronto’s number three neighbourhood. With an average selling price of $1,270,000 in December of 2021, prices in the neighbourhood were 29% higher than they were one year earlier, 42% higher than three years earlier and 59% higher than five years earlier.

The area is very family-friendly, with 56% of households having children. While there are shopping centres within walking distance, Highland Creek has an accessibility score of only 2 out of 5. The neighbourhood is in proximity to the University of Toronto Scarborough campus; however, other parts of the area are undeveloped, like Highland Creek Valley, where residents can walk on trails along the creek. Highland Creek has a value score of 3.8 out of 5 and a neighbourhood economics score of 4.3 out of 5.

View Zoocasa’s real estate listings in Highland Creek.

What does the * mean?

Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.

About Zoocasa

Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.