Houses for Sale in Downtown, Toronto, ON

Every city has its most in-demand neighbourhoods, and in Downtown they are The Annex, Cabbagetown and Harbord Village | University. Strata.ca examines specific criteria to determine a neighbourhood's level of desirability. Some of these factors include the average sale price, how much time a property typically spends on market, and the number of homes that have sold over asking.

The priciest neighbourhoods in Downtown are Chinatown, The Annex and Yorkville. Strata.ca looks at historical data to calculate the average sale price for every neighbourhood. If you can't afford a home in Downtown's most expensive neighbourhoods - check out other areas which offer better value, including Cabbagetown, Bay Street Corridor and Church - Toronto.

The most affordable neighbourhoods in Downtown are Alexandra Park, Moss Park and Grange Park. We isolate these neighbourhoods by looking at the average sold price over a set period of time. In comparison, the average house in Downtown is selling for about $1,650,297.

Annual property taxes cannot be overlooked when assessing what it costs to own a house in Downtown. This tax is essential in helping the city provide a number of services, including sewer protection and road maintenance. Property tax rates are assessed and determined annually by your municipality. They usually fall somewhere between 0.5 to 2.5%. Some Downtown homebuyers believe this tax is based on the size of the house. But rather, the tax rate is multiplied by the home's current market value - which can fluctuate each year based on surrounding homes. For example, if the assessed market value of a house is $750,000 and the property tax rate is 0.5% - the homeowner would pay $3,750 to their municipality that year.

Strata.ca is the premier real estate website because it displays every home available in Downtown and the listings are updated multiple times per day. This platform offers something extra that many others don't. In addition to property specs, Strata.ca also provides extra data and rankings. Armed with this knowledge, users are able to compete effectively against other buyers and sellers.

With a walk score of 93, Downtown is an excellent location - particularly for those without a car. Meanwhile, the transit score is 97, making this city very easy to navigate with a vast network of public transportation. For anyone with a bike, Downtown offers a commendable bike score of 75.

A common mistake buyers make is overlooking the closing costs associated with purchasing a house in Downtown. These fees are standard in real estate, but can still catch you off guard if you're unprepared. At Strata, we advise our buyer clients to get a good estimate of closing costs early on. These costs can range anywhere from 1.5% - 2% of the overall purchase price. So consider a purchase price of $500,000 - 2% on that is $10,000 which should be accounted for upfront. The land transfer tax will make up most of your closing costs. In Canada, all buyers are subject to the LTT imposed by the province. First-time homebuyers could be eligible to receive a rebate on a portion of taxes paid. Lastly, you'll need a Downtown real estate lawyer, not only to facilitate the financial transaction, but to conduct a title search and register the property under your name. Real estate lawyers have varying rates, but many agents will recommend you budget about $2,000 to cover their fees.