Is it really possible to find good Toronto Houses for Under $500,000?

The Weir Team’s Cameron Weir and Scott Hanton are fortunate to be able to help so many first-time buyers purchase their first home in Toronto’s east and west ends, Pickering, Ajax and Whitby. We’ve got a track record we’re very proud of for all of our buyers.

And we don’t want you to buy just any house… we want you to invest in a wonderful home that will deliver years of happiness and an impressive profit.

But more and more we are meeting first-time Toronto real estate buyers who are frustrated with how little there is to purchase when the budget is a maximum of $500,000. What’s the point of seeing houses listed at $499,000 when they often sell for more than $600,000?

So, let’s answer some common real estate questions: “Where can I buy a house in Toronto for $500,000”? or “Which Toronto neighbourhoods are the best to buy a house in”? or “What are Toronto’s best up and coming neighbourhoods?”

Luckily we know of great neighbourhoods that are appreciating in value but are still affordable. Some areas may be considered a bit of a gamble, but remember there are a lot of areas we would never have considered a few years ago. And now look at the house prices there!

So what sort of house can you buy in the city of Toronto for $500,000 or less?

Here are some ideas east of DVP (check back later for our suggestions for Toronto’s west side).

Leslieville: Every now and again you can find a rare gem that needs some TLC… but you may want to avoid this area and the heartache if your budget is only $500,000 and if you have no idea of how to pick up a hammer or dread the thought of going to Home Depot or Lowes.

In the past 30 days there was one house that sold for $495,000 on Rhodes Avenue. It was actually quite an adorable little semi-detached house and the clients I showed all loved it. No real basement, no parking, no air conditioning… but a 110 foot deep lot, decent back yard, recently renovated, 2 bedrooms and 1 bathroom. It ended up selling for less than the asking price of $499,000.

Greenwood and Coxwell: At the other end of Rhodes Avenue near Coxwell and Gerrard was a detached home that we often call a “gut-job”. Very run-down and likely to be torn down by the new owner. The fact that it was detached automatically made it very valuable on a 25 by 110 foot lot. This house that needs to be torn down attracted multiple offers and sold for $471,000 (asking $449,000).

If you go a little further east of Danforth and Coxwell you’ll find some wonderful pockets that could offer great potential for savvy buyers:

In the past 30 days, semi-detached houses on Woodbine Ave and Moberly Ave sold for $495,000 and $420,000. Even better, decent detached houses sold for $500,000 on King Edward Ave, $498,000 on Glencrest Ave and $455,000 on Westbourne Ave.

Some other notable areas:

Scarborough Village – Conn Smythe Drive – $500,000 for a very large freehold townhome… also $495,000 for the same on Tollgate Mews.

Eglinton East – Grace Street – $500,000 for a well maintained 3 bedroom detached bungalow

In the Clairlea – Birchmount area (near Pharmacy & St Clair Ave E) a detached bungalow with basement apartment on Westbourne Avenue just sold for only $455,000. Also just $423,000 for a semi-detached bungalow on Santa Monica Blvd.

At O’Connor & St Clair Avenues – $498,000 for a well kept detached 1 ½ storey house in need of some updating

Ionview – Ashwick Drive – $495,000 for a semi-detached 2 storey, 3 bedroom home. Also a well maintained semi-detached to storey home with basement apartment on Bonniewood Road sold for $455,000.

Birchcliffe – Cliffside – We are seeing a newfound interest in this area these days. Great opportunities in this area with easy access to downtown via Kingston Road. A beautifully renovated 2 bedroom bungalow with basement apartment just sold for the asking price of $489,000. Another great renovation on Haddon Avenue for a detached bungalow sold for only $460,000.

The other big area that The Weir Team is keeping a close eye on is Cliffcrest. A beautiful neighbourhood with a lot going for it just a few minutes east of The Beach. The other day, a detached bungalow in need of updating on a huge 50 by 132 foot lot with parking for 5 cars sold for only $466,000 on McCowan Road. (This can make paying $466,000 for a tiny condo with no parking hard to justify for many buyers).

While we can’t publish specifics (for privacy reasons) please contact us directly for any details and recommendations for houses in the $500,000 ballpark. There are areas to avoid but many areas to consider. As top Toronto realtors, Scott Hanton and Cameron Weir look forward to helping you, no matter what your budget and we thank all of the buyers who have trusted The Weir Team with such an important purchase.

It’s an exciting journey that we like to make smooth and enjoyable… and we look forward to guiding you too.

Written by Scott Hanton, Real Estate Broker for The Weir Team, Keller Williams Advantage Real Estate

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