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 Follow us on Snapchat: narcitytoronto
