Real Estate listings in the GTA that actually sell for less than $500,000
The Weir Team’s Cameron Weir and Scott Hanton love helping first-time buyers purchase their first house in Toronto’s east and west ends, Pickering, Ajax and Whitby. We have a successful track record and we’re very proud of all of the rave reviews we earn from our real estate buyers. Plus we’re extremely good at helping our buyers understand how to win a bidding war which can be a necessity in a competitive real estate market like Toronto.
Cameron and Scott are looking out for you the whole time. We don’t want to you 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 buy when the total 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”?
“Which Toronto neighbourhoods are the best to buy a house in”?
“What are Toronto’s best up–and-coming neighbourhoods?”
Luckily we know of great neighbourhoods that are quickly 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, into Scarborough but west of Pickering and Durham Region. These houses all sold between November 1 and November 30, 2015.
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 November 2015 there was one semi-detached 2-storey house that sold for $500,000 on Coxwell Avenue. It looked to be in fairly good condition but needed updating and was being sold in “as-in” condition, so “buyer beware”. It had an unfinished basement, 1 bathroom on the second floor and only two bedrooms. However it came with one valuable parking spot via the laneway. Listed at $499,900 it sold for $500,000 after 22 days on the market.
As we move a bit further east near Main Street and Kingston Road we find a semi-detached, one and a half-storey house that sold on Hannaford Street for $430,000 with an all-important basement apartment.
Another house near Dawes and St. Clair Ave E sold for only $413,000 on Chapman Avenue. It was a semi-detached bungalow on a 100 foot deep lot with parking for three cars. Being sold in as-is condition it had 3 bedrooms and 2 bathrooms but definitely in need of updating.
A detached bungalow on a 30 foot by 105 foot lot sold for $480,000 in November on Thyra Avenue. It had 2 bedrooms, one bathroom and a separate entrance to an unfinished basement. This house also had a detached garage with parking for 2 cars.
Another excellent street is King Edward Avenue. The Weir Team helped first-time buyers purchase a terrific detached bungalow for $475,000 in November. Although no parking or basement it was fully renovated and comes with a fenced in backyard on a very long 126 foot lot. Plus this detached house was walking distance to Woodbine subway station.
Other notable streets with affordable houses sold in November 2015:
Dawes Road, detached bungalow, 2 bedrooms, 1 bathroom, 3 car parking, $450,000
Midland Avenue, detached bungalow, 3 bedrooms, 2 bathrooms, 4 car parking, $408,000
North Woodrow Boulevard, detached bungalow, 2 bedrooms, 2 bathrooms, 2 car parking, $410,000
North Bonnington Avenue, Semi-detached 2-storey, 3 bedrooms, 2 bathrooms, garage, 2 car parking, $449,000
Pharmacy Avenue, detached bungalow, 2 bedrooms, 2 bathrooms, detached garage, 3 car parking, $474,000
Other streets with houses sold under $500,000 were Chelwood Road, Thora Avenue, Santa Monica Boulevard, Birchmount Road, South Edgely Avenue, Valhalla Boulevard, Birchmount Road, Kenworthy Avenue, Eastwood Avenue.
In the Agincourt North area, a semi-detached 2-storey house sold for $458,000 in a bidding war.
In the Scarborough Village neighbourhood, a 3-storey rowhouse sold for $480,000.
In the Woburn and Morningside neighbourhoods, detached houses sold for $499,000, $490,000 and $450,000.
In the West Hill neighbourhood, 5 houses sold for under $500,000.
The Malvern and Rouge neighbourhoods are where you’ll find most houses selling for less than $500,000. During November 2015, 17 houses were sold for less than $500,000. In fact, most of those GTA houses sold for under $450,000.
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.
Data from Toronto Real Estate Board’s MLS system.
Compiled and written by Scott Hanton, real estate Broker for The Weir Team. Proud to work with the best real estate agents in the GTA.