Toronto’s real estate market is dynamic, diverse, and ever-changing. While $1 million used to guarantee a luxury home, today, it buys very different properties depending on the neighbourhood. Whether you're looking for a downtown condo, a suburban detached home, or a townhouse in an up-and-coming area, what you get for this price varies drastically. 

The Core vs. the Suburbs: A Tale of Two Housing Markets 

Location is everything, especially in Toronto. A million-dollar budget stretches further in certain areas, while in others, it barely covers the cost of a modest condo. 

Let’s break it down.

Downtown Toronto

Condos Rule the Market in neighbourhoods like King West, Yorkville, or Entertainment District, $1 million typically gets you: 

- A two-bedroom condo in a high-rise with top-tier amenities. 

- About 800 to 1,200 square feet of living space. 

- Modern designs, updated kitchens, and skyline views—but likely no backyard. 

- Parking may or may not be included, depending on the building. 

While downtown living offers proximity to nightlife, shopping, and office buildings, your money won’t get you much land or space. 

The Suburban Shift: Detached Homes Still Exist 

For buyers willing to venture out to places like Scarborough, Etobicoke, or North York, $1 million could secure: 

- A detached house with three to four bedrooms. 

- Up to 2,000 square feet of space. 

- A private backyard, driveway, and maybe even a garage. 

Some homes may need renovations, but the payoff is more land. Families tend to favour suburban options due to larger living spaces and access to schools, parks, and quieter streets. 

The East and West Divide: Where You Can Still Find Deals 

Neighbourhoods like The Junction and Leslieville offer a mix of condos, townhouses, and semi-detached homes for around $1 million. 

Expect: 

- A modern townhouse or semi-detached home with two to three bedrooms. 

- Stylish interiors, exposed brick, and urban-chic aesthetics. 

- A small yard or patio—perfect for entertaining. These areas attract buyers who want city access but still crave character and a neighbourhood feel. 

The Future of $1 Million Homes in Toronto 

As housing prices fluctuate, the definition of a million-dollar home continues to evolve. For some, it means a sleek condo in the heart of the city, while others prioritize space over location. Understanding your priorities—whether it’s walkability, square footage, or investment value—can help you make the best decision in Toronto’s competitive market.