Price Check: What can buyers get for $1 million and under?

Canadian home sales hit a 14-year low to kick off 2023. In the GTA, the average home is currently valued at just over $1 million—a 16 per cent drop from this time last year. And experts expect the slump to continue into the spring before rebounding sometime in June. So what’s available for $1 million or less right now? As always, it depends on the neighbourhood. Here are three very different homes in three very different locations that recently sold.

Related: What does $1.5 million get you? Three neighbourhoods offer three wildly different properties

Moss Park: A renovated freehold townhome

Sold for: $1,090,000
Listing price: $1,150,000
Date sold: February 16, 2023
Bedrooms: 3
Bathrooms: 2
Size: 1,478 square feet
Maintenance fees: N/A

The sellers acquired this property in 2012 for $510,000. Last year, it was listed and taken off the market three times. It finally found a buyer this month after 17 days of offers, going for $60,000 under asking.

Since this townhouse is a freehold, it comes with no maintenance fees. Another bonus is the storage space—there are two walk-in closets in the main bedroom, on the third floor. On the downside, the property doesn’t have any green space. Instead, there’s a driveway with an attached garage in the front and a fenced-in stone patio out back.

Little Italy: A century-old fixer-upper

Sold for: $840,000
Listing price: $899,000
Date sold: February 11, 2023
Bedrooms: 3
Bathrooms: 2
Size: 1,500 square feet
Maintenance fees: N/A

This two-storey semi sold for $250,000 less than the Moss Park townhouse despite being almost identical in size. The main difference: this one is in desperate need of a facelift. It was built more than 100 years ago, and its aluminum siding, kitchen cabinetry and wall tiles were already out of fashion by the 1980s. Upstairs, there’s parquet flooring and a built-in mirror wall in the main bedroom.

Costly renos aside, the place sits on a serene street in a coveted downtown location. Bustling College Street, the Ossington strip and Christie Pits Park are all within walking distance.

Swansea: A shiny waterfront condo

Sold for: $962,000
Listing price: $995,800
Date sold: February 10, 2023
Bedrooms: 2+1
Bathrooms: 2
Size: 1,000 square feet
Maintenance fees: $1,040/month

And now for something completely different: here’s a two-bed condo with a majestic view of the lake. Located in a tower right next to High Park and the Martin Goodman Trail, this corner unit was on the market for just over a week before it was snapped up for $33,800 under asking. While it lacks the heritage charm of Moss Park and Little Italy, it brings contemporary flourishes, such as floor-to-ceiling windows and amenities aplenty: the building has a gym, a pool, a tennis court and in-house daycare. Of course, those comforts come at a price—new owners must pay roughly $12,000 annually in maintenance fees.

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