Toronto's notoriously expensive and competitive housing market is currently cooling off as prospective buyers anxiously await the next Bank of Canada interest rate announcement. 

With the days of bidding wars fading into the past and inventory propping up, home sales have slowed down considerably in September, with detached home sales dropping by 5.1 per cent from August. 

Toronto's average detached home prices still increased month-over-month by 5.4 per cent to $1,724,007 in September, leaving future homebuyers with little hope when it comes to finding an affordable place to call home. 

However, a new Zoocasa report reveals that the majority of neighbourhoods in Toronto have detached home prices below the city's average, and one neighbourhood even boasts detached homes for under $1 million. 

Neighourhoods where the detached home prices are cheaper than the Toronto average. Source: Zoocasa.

In the study, the brokerage mapped average detached home prices across 35 Toronto neighbourhoods to see where buyers could buy a home below the Toronto average of $1,724,007 and calculated the difference in cost between each. 

All average detached home prices were sourced from the Toronto Regional Real Estate Board (TRREB). 

According to the report, 18 out of the 35 Toronto neighbourhoods actually have detached home prices below the city's average, and unsurprisingly, most of the areas are located outside of the downtown core. 

Neighourhoods where the detached home prices are cheaper than the Toronto average. Source: Zoocasa.

The most affordable neighborhood — Rexdale-Kipling, West Humber-Clairville — has an average detached home price of $962,389, which is roughly $760,000 less than the Toronto average. 

Seven other neighbourhoods, all located to the far east and west of downtown Toronto have an average detached home price of more than $500,000 less than Toronto's average. 

The study found that Rockcliffe-Smythe, Keelesdale-Eglinton, and Malvern, Rouge are the second and third most affordable neighbourhoods in the city, with average detached home prices of just over $1 million each. 

On the other side of the spectrum, 17 neighbourhoods in the study have average detached home prices higher than the Toronto average, with the top four most expensive neighbourhoods boasting prices $1 million above what's typically found in the city. 

Neighourhoods where the detached home prices are more than the Toronto average. Source: Zoocasa.

Unsurprisingly, York Mills, Bridle Path, and Hoggs Hollow are the most expensive neighbourhoods in Toronto for a detached home, where the average price is a mind-boggling $4.6 million — $2 million above the city's average. 

The report reveals massive price disparities across the city, and confirms what most of us already know — that you'll have to search far outside the downtown core for a home if you're operating under a tight budget.