It's no secret that Toronto real estate prices have been out of control, but there are still some neighbourhoods where condo prices are considerably cheaper than the city's average.

The average price of a condo in the city is $740,000 right now, according to a report by Strata. However, prices are lower in Bayview Village, Cabbagetown and Leaside-Thorncliffe; the report says that homebuyers assume that these areas are out of reach, but, for various reasons, are now becoming more affordable.

On average, condos in Cabbagetown are $698,000, making it one of the last remaining areas in downtown Toronto with below-average prices, Strata reports.

"This past month, we're seeing condos in Bayview Village selling about 13% under the Toronto average as competition cools over the summer months. With a bit of patience, you can find 2 bedrooms listed under $700,000," said real estate agent Anna Afkari in the report.

As for the East York neighbourhood of Leaside-Thorncliffe, Strata broker Cliff Liu notes that properties in this area sold for roughly 0.27% below the listing price last month.

"The Eglinton Crosstown will have three stations in Leaside, making it more accessible to the Yonge subway line. So it's worth considering this area while prices still remain below the Toronto average," said Liu.

Condos on the market for below-average prices

The eclectic neighbourhood of Cabbagetown has listings even cheaper than its average — this property at 225 Wellesley St. E. is on the market for $499,000.*

According to Strata, Leaside condos are $684,000 on average, but some units are priced even lower. For example, this two-bedroom condo on Overlea Boulevard has an asking price of $529,000.

Condos in Bayview Village are $642,000 on average, according to Strata, but this two-bedroom, two-bath condo on Rean Drive is listed for even cheaper at $639,000.

This article's cover image was used for illustrative purposes only.

*This article has been updated