In the ever-evolving landscape of the Toronto real estate market, it might often seem like finding something affordable is a Herculean task, especially for newcomers to Canada's housing market. It's no wonder.
Toronto's average detached home price hovers around $1.43 million, but don't let that number put a damper on your dreams.
A recent WOWA study showed a 0.3% year-over-year rise in the average GTA home sale price, which reached $1,082,496 in August 2023.
Here's the good news. Neighbourhoods like Oakridge, Birchcliffe-Cliffside, and Morningside still present golden opportunities in the Toronto real estate market, leaving the dream of owning a cheap Toronto home very much alive. Many homes in these areas are even priced under $1 million. Intrigued?
Let's dive deeper into Strata’s recent roundup of homes and rekindle some of that home-buying spirit.
Oakwood Home
443 Westmount Avenue in Toronto
Asking Price: $749,000
Address: 443 Westmount Ave., Toronto, ON
Description: Someone saw the potential and jumped at it: A two-bed, two-bath place in Oakwood that recently sold for $24,000 under the asking price. The absence of interior shots leaves us speculating, but $725,000 for a detached house? It speaks to what Toronto's real estate prices are getting you in 2023.
East-End Home
285 Rhodes Avenue in Toronto.
Asking Price: $749,000
Address: 285 Rhodes Ave., Toronto, ON
Description: Over in Toronto's East End, a semi-detached home took a journey from an optimistic listing at $749,000 to a final sale at $715,000, posting a $34,000 price adjustment. In its current state, it screams "renovation needed," but it's indicative of the evolving value dynamics in Toronto's housing scene.
Vaughan Bungalow
714 Vaughan Road in Toronto.
Asking Price: $749,000
Address: 714 Vaughan Rd., Toronto, ON
Description: This brick bungalow started at an ambitious $749,000 and found a buyer at $725,000. With a renovated kitchen and a substantial 110-foot lot, it highlights the juxtaposition of its price against the backdrop of Toronto's midtown, where such price tags are almost unheard of.
East York Home
229 Gamble Avenue in Toronto.
Asking Price: $769,000
Address: 229 Gamble Ave., Toronto, ON
Description: 229 Gamble Avenue in East York tells a tale of quick decisions: A semi-detached that sold for $777,000 in just over a week. Despite being on the listing carousel a few times this year, this home has a 32 x 150-foot lot and solid features — three bedrooms, ample kitchen space and a distinct basement entrance.
Upper Beaches Home
21 Drayton Avenue in Toronto.
Asking Price: $650,000
Address: 21 Drayton Ave., Toronto, ON
Description: Here's a story of playing hardball: an unconventional one-bedroom bungalow in the Upper Beaches. Initially pegged at $650,000, it closed the deal at $60K over asking. The interior? Certainly not textbook, echoing more of a loft infused with bright natural light and hosting an almost brand-new furnace.
Its quirky layout juxtaposed with its prime spot near the subway and The Danforth, showcases how much of an impact location can have in the city's real estate market.