What does a $500,000 property look like in Toronto these days? Is there such thing anymore? While the average house price in the city is well over $1 million, the options are limited unless you want that frightening downtown fixer-upper or one of those claustrophobic-inducing condos.
The real estate market has skyrocketed in recent years with affordability in hot neighbourhoods at an all-time stand still. Don't expect to find a hidden gem anymore in the $500K range, especially in areas like the Annex or High Park. Your best bet is to travel far east or west of the city for increased affordability in close proximity to the downtown core.
While there are plenty of reasons to love Toronto, sometimes it's tempting to pack up and move to one of those urban palaces in Hamilton, Ontario or even Detroit.
Here's what $500,000 buys you today in six Toronto neighbourhoods. Take a look.