Where to find the least expensive waterfront homes in the Greater Toronto Area

Waterfront homes in the Greater Toronto Area are typically the most sought-after and expensive real estate.

In some GTA neighbourhoods waterfront listings are upwards of $300,000 higher than non-waterfront listings, a recent report from digital real estate platform Wahi found.

In fact, in eight GTA neighbourhoods last year, homes with listing descriptions that mentioned the term “waterfront” changed hands for more than $100,000 over those that did not, the report stated.

“Conventional real estate wisdom suggests that all else equal, waterfront homes command a premium compared to non-waterfront properties,” said Wahi CEO Benjy Katchen. “For the right waterfront property, some buyers may be prepared to pay much more than they would for a comparable non-waterfront home. However, keep in mind that many factors, from overall market conditions to the individual attributes of a home, influence pricing.”

Wahi noted that the term “waterfront” in a listing doesn’t necessarily mean the property line is directly on the water. It could mean waterfront views, such as a condo in downtown Toronto, or a single-family home that is near a waterfront, excluding rivers or ponds.

For the purposes of Wahi’s analysis, a waterfront neighbourhood either borders a larger body of water or is close enough to likely provide a scenic view.

The five least expensive neighbourhoods for waterfront listings in the GTA were all located in an area of downtown Toronto known for having many high-rise condo units overlooking the Harbourfront area. The median waterfront prices in these neighbourhoods ranged from $632,000 up to $655,000.

In all but one case, the median sale price for listings with the term “waterfront” was actually less than those without it. This is likely a reflection of specific unit qualities, such as bedroom count or finishes, or building attributes, including maintenance fees, Wahi said.

Lakeside neighbourhoods in Halton Region dominated on the list of highest waterfront prices. Halton communities accounted for four of top five most expensive waterfront neighbourhoods, with Eastlake leading the charge.

One neighbourhood with the biggest price difference between waterfront and non-waterfront homes is the Roseland community in Burlington, just northeast of Hamilton Harbour on Lake Ontario. The median sale price for properties with “waterfront” in the listing was $1,618,750 — $353,750 more than listings that did not mention the attribute.

See the full report from Wahi here.

Lead photo: Scott Webb