Housing

The housing market within easy driving distance of the Toronto area is characterized by variety, availability and affordability for home ownership and rental accommodations. When choosing a house in the Greater Toronto Area, a number of options are available to suit varying lifestyles.

A full range of housing, from condominiums to large executive homes can be found throughout Greater Toronto, including the heart of the city core, which is safe and friendly. Homes in much of the GTA are traditional brick, single-family houses. The inner city of Toronto offers a variety of semi-detached and row houses, while several neighborhoods feature handsomely restored red brick homes from the Victorian era.

In recent years, a number of new multi-story condominiums have been built in all areas with concentration near the central business district. The downtown core also features several former manufacturing and warehouse facilities that have been converted to modern lofts and condominiums.

The GTA, including the City of Toronto, is one of the “greenest” urban regions in North America. Tree lined residential streets and neighborhoods are common and many beautiful neighborhoods are located in downtown Toronto. Smaller towns offer a wide variety of single-family housing types, including preserved heritage properties and rural living options ranging from hamlets to farms.

Home Ownership

Homeowners represented approximately 63% of all households in the GTA in 2003. In the City of Toronto, about 50% of all households are owner occupied (Source: Housing New Canadians, Research Working Group, Toronto).

Housing prices in selected areas Prices as of Oct.-Dec. 2004 (CDN $)
Municipality	Standard Condominium Apartment	Standard Two Storey House	Standard Townhouse	Senior Executive House
Brampton	155,000	280,000	210,000	585,000
Burlington	181,000	275,000	181,000	490,000
Markham	260,000	358,000	245,000	465,000
Mississauga	185,000	290,000	206,500	490,000
Oakville	225,000	290,000	220,000	600,000
Richmond Hill	225,000	290,000	225,000	410,000
Toronto - Etobicoke (Islington/Kingsway)	210,000	415,000	232,000	640,000
Toronto - Leaside	250,000	645,000	350,000	950,000

Source: Royal LePage, Survey of Canadian House Prices, Fourth Quarter 2004.

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Rental Housing

Toronto's rental stock varies widely in structure, ownership and price. About half of the rental stock is conventional, purpose-built apartments built by the private sector. The other half consists of houses, apartments and co-operatives in the social housing sector.

Rental vacancy rates have been relatively low throughout the last decade but this trend has reversed in the last three years. The building of condominiums, some of which are rented or sublet, has eased pressure on rental accommodations.

Apartment vacancy rates in the Toronto Census Metropolitan Area 1999-2003
1999	2000	2001	2002	2003
0.9%	0.6%	0.9%	2.5%	3.8%

Source: Canada Mortgage and Housing Corporation, Vacancy Rate Survey, 2003.

Est. Monthly Rental as of Oct.-Dec. 2004 (CDN $)
Municipality	Standard Condominium Apartment	Standard Two Storey House	Standard Townhouse	Senior Executive House
Brampton	1,250	1,800	1,450	3,000
Burlington	1,200	1,650	1,200	2,500
Markham	1,500	2,250	1,600	2,750
Mississauga	1,350	1,850	1,600	3,000
Oakville	1,500	1,900	1,500	3,500
Richmond Hill	1,400	1,550	1,400	2,400
Toronto - Etobicoke (Islington/Kingsway)	1,500	2,000	1,500	4,000
Leaside	2,200	3,200	2,500	4,200

Source: Royal LePage, Survey of Canadian House Prices, Fourth Quarter 2004.

Apartment – Monthly Rental (2002)
Municipality	Bachelor	1-Bdrm	2-Bdrm	3-Bdrm +
Ajax/Pickering/Uxbridge	n.a.	741	922	n.a.
Aurora/Newmarket/Whitchurch-Stouffville	558	767	885	n.a.
Brampton	674	872	1,026	1,118
Halton Hills/Milton	n.a.	790	892	n.a.
Markham	607	829	982	1,127
Oakville	703	898	1,047	1,251
Richmond Hill/Vaughan	n.a.	862	1,008	1,187
Toronto City	757	955	1,244	1,786
Mississauga	690	903	1,045	1,153

Source: Canada Mortgage and Housing Corporation, Rental Market Report 2002.

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