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

In October, the average price for a Toronto home stood at $1.1 million—exorbitant, but still below the unprecedented April 2022 peak of $1.25 million. So, in this softening market, what does an above-average budget of $1.5 million get?

It’s more than enough to live comfortably, but whether that translates to a backyard, a finished basement, luxury materials, a stunning view or a few extra bedrooms depends, of course, on location. Here are three wildly different Toronto homes in three different neighbourhoods, each of which sold for $1.5 million sometime in the past month.

Markland Wood: A classic bungalow

Listing price:$1,498,000 Sold for: $1,500,000 Date sold: October 30 Bedrooms: 2+1 Bathrooms: 3 Size: 2,850 square feet

The average price for a two-bedroom detached home in Toronto is down 16 per cent from last year. That makes it a great time to shop for starter homes, especially if you’re willing to leave downtown. This two-plus-one-bed bungalow—located in Markland Wood, close to the Mississauga border—sold in October for $1.5 million on the nose and comes with a big front yard, an even bigger backyard and a finished basement. The interior was recently renovated with a terrazzo fireplace, granite kitchen countertops and walnut flooring throughout.

Yorkville: A luxury condo

Listing price:$1,479,000 Sold for: $1,479,000 Date sold: October 18 Bedrooms: 2 Bathrooms: 2 Size: 1,147 square feet Maintenance fees: $1,393

For buyers playing the condo game, $1.5 million purchases far more than the average one-plus-one-bedroom glass box. But, with condos only discounted by two per cent from last year, it’s nearly impossible to find deals (and square footage) that rival the suburban market. This open-concept Yorkville condo on Davenport feels bigger than it is, with its large balcony, tall ceilings and airy vibe. A luxury unit, it also features tall south-facing windows, Italian glacier-glass kitchen counters, a parking spot, a storage closet and an ensuite bathroom.

Leslieville: A heritage row house

Listing price:$1,495,000 Sold for: $1,500,000 Date sold: October 28 Bedrooms: 3+1 Bathrooms: 4 Size: 1,900 square feet Taxes: $6,306 (2022)

In Leslieville, $1.5 million is enough for a spacious row house that, despite not standing on its own lot, comes with a separate basement unit and a backyard. The place may not have the privacy of a detached home, but it’s a stone’s throw from bustling Queen East, a half-dozen quality parks and plenty of transit. Inside, the entire main floor is open concept, with lots of hardwood and exposed brick. The kitchen is newly renovated with stainless steel appliances and stone countertops, and the basement can be used as an in-law or nanny suite or rented out.