Strata.ca has identified several homes that are 32% less than the city's average, which it lists as $1.5M for a Toronto house and $742,300 for condos, or $904 per square foot (PSF).
However, if you're willing to venture outside the downtown area, the report lists five "underrated" areas in North York, Etobicoke and Scarborough that offer more bang for your buck.
Birch Cliff-Cliffside: Scarborough
22 East Haven Dr.
Birch Cliff-Cliffside, a Scarborough neighbourhood in Toronto, is offering houses and condos for 30% and 5% less than the city's average, respectively, according to Strata.ca.
"The reason why real estate prices might be lower in this area is simply due to a lack of awareness," the report writes, but cautions that competition is rising and many buyers are willing to pay "about 3% above the asking price."
Some of the Strata.ca identified properties up for grabs include:
- 1247 Kingston Rd | $1,270,000
- 145 Kalmar Ave| $769,900
- 22 East Haven Dr, Unit 925| $627,700
Richview: Etobicoke
132 Widdicombe Hill Blvd.
According to Strata.ca, Etobicoke's Richview neighbourhood has homes that are 7% cheaper than the city's average. Condos, on the other hand, are a whopping 32% cheaper in Richview than in downtown Toronto.
"We can reasonably expect real estate values in Richview to inch closer to the city’s average, given the neighbourhood’s close proximity to major highways, including the 401 and 427," the report writes.
Some of the Strata.ca identified properties up for grabs include:
- 132 Widdicombe Hill Blvd, Unit 310 | $699,900
- 389 The Westway, Unit 1 | $949,900
- 15 Sabrina Dr | $1,479,999
Caledonia-Fairbank: York Crosstown
Strata.ca identified that the Caledonia-Fairbank neighbourhood in York-Crosstown has houses in this area that are up to 30% cheaper than the city's average, although it didn't offer an estimate for condos due to limited availability.
"If there’s any reason to consider this York-Crosstown neighbourhood, it’s the potential that could come from the new Eglinton Crosstown LRT," the report writes.
While the properties listed above are closer to the average of $1.5M in Toronto, both are huge properties with multiple rooms and baths, along with other amenities.
Some of the Strata.ca identified properties up for grabs include:
- 262 Nairn Ave | $1,499,900
- 328 Gilbert Ave | $1,498,888
Flemingdon Park: North York
5 Shady Gfwy
In Flemingdon Park, according to Strata.ca, you can snag a condo unit for 26% less than the city's average, but it's not the best area for detached homes.
The neighbourhood, located in North York, has historically been known for its high-rise rentals but is seeing more development take shape.
Some of the Strata.ca identified properties up for grabs include:
- 6 Sonic Way, Unit N2408 | $669,888
- 5 Shady Gfwy, Unit 507 | $679,900
- 215 Wynford Dr, PH3001 | $1,035,000
Eringate-Centennial-West Deane: Etobicoke
Eringate is a sprawling northwest neighbourhood in Etobicoke that's ideal for anyone who loves having lots of green space nearby. Strata.ca found that houses in this neighbourhood are 25% cheaper, and condos are 7% cheaper.
"Public transit isn’t as easily accessible, which could explain why real estate is relatively cheaper here," the report writes.
Some of the Strata.ca identified properties up for grabs include:
- 714 The West Mall N, Unit 1201 | $709,900
- 26 Hardwick Crt | $788,800
- 24 Triburnham Pl | $1,188,000
Map of average rent in Toronto from Feburary 2022 to March 2022. 