Toronto's real estate market has been on a merciless rise in the past couple of months. Just this past June, the average price of a home in Toronto increased by a staggering 17% in comparison to the year prior. With an increasing demand for housing and a shortage of supply, buyers are faced with an uphill battle towards becoming full-fledged home owners.

READ ALSO: 7 Cheap Private Islands You Can Rent With Your Friends In Ontario

But this hasn't discouraged them from continuing their search. In fact, they're probably hungrier than ever - so much so that they're willing to put aside their must-have lists and consider every option available.

Some have even resorted to prioritizing affordability over everything else. To these individuals, anything with a low price is a valid option for purchase; even if the property doesn't necessarily deliver in other important areas. It's turned into a "buy now, worry later" type of situation.

Just to clarify, in terms of affordability, we refer to locations that have comparatively lower average home prices or monthly rent rates than other areas (such is not to be confused with cost of living). Parameters such as investment potential, demographics, crime, transit and amenities were not factored into the selection process.

For a more cultural perspective on the Toronto neighbourhoods, check out our article on The Best Neighbourhoods To Live In In The 6ix, written by Wyatt; one of our realtor contributors.

Here are the most affordable places to live in Toronto:

(Note: Prices are based on figures from 2015 or within the past year.)


HOUSING

Flemingdon Park

Average home price: $262,258


Weston-Pellam Park

Average home price: $533,700


Rouge

Average home price: $585,736


Woodbine-Lumsden

Average home price: $627,800


Photo cred - theredpin

Highland Creek

Average home price: $654,827


Centennial (Scarborough)

Average home price: $675,161


O'Connor-Parkview

Average home price: $684,900


Danforth Village

Average home price: $698,200


East York

Average home price: $723,500


Photo cred - thehousefly

South Riverdale

Average home price: $729,000


RENT

Regent Park

Average rent: $631+/month


Hillcrest Village

Average rent: $677+/month


West Hill

Average rent: $686+/month


Oakridge

Average rent: $730+/month


Photo cred - rentseeker

Rustic

Average rent: $740+/month


Davenport Village

Average rent: $1000+/month


Corso Italia

Average rent: $1200+/month


Upper Leslieville

Average rent: $1200+/month


Sources: MoneySense, Toronto Life

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