Affordability and the three-bedroom home
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Where to find 3-bedroom houses in the GTA for under $1 million
When homebuyers start searching for their perfect home, most begin with a list of property features that are important to them.
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While homebuyers may have different “must-haves” and “nice-to-haves,” one preference they share is the dream of owning a three-bedroom single-family home.
A survey conducted by digital real estate platform Wahi earlier this year revealed that 64% of potential homebuyers prefer single-family homes, with three-bedroom houses being the most desirable.
With these homebuyer preferences in mind, a new report from Wahi looked at 30 communities across the GTA to uncover three-bedroom single-family homes that are more affordably priced.
The analysis breaks down single-family home sales during the second quarter of this year by the number of bedrooms, including properties ranging from two or fewer bedrooms to more than five.
Of the 30 communities, 11 had three-bedroom homes where the median sale price was below $1,000,000. This suggests that at least half of all properties in these communities sold for less than this amount in these areas.
Communities with higher median sale prices may still have homes below $1 million, but the share of these homes relative to overall sales will be lower.
Seven of the 11 communities with a median three-bedroom house price below $1 million were in Durham region.
Three-bedroom homes in these Durham communities ranged between $720,000 at the lower end, in Brock, to $970,000 at the higher end in Scugog. Halton had two communities — Milton and Halton Hills — with three-bedroom homes below the $1 million threshold, followed by Brampton in Peel region and Georgina in York region.
Three-bedroom houses also accounted for the largest share of single-family home sales in the 26 out of 30 GTA communities that were analyzed in the second quarter of 2024.
While a higher share of purchases could suggest greater demand for three-bedroom homes, it could also reflect the type of home most commonly found in that area.
Regardless, homebuyers who are in the market for a single-family home with three bedrooms may want to check out these areas to take advantage of more choice.
Benjy Katchen is the CEO of Wahi, a digital real estate platform that provides valuable information for realtors and home buyers. Visit www.wahi.com
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