Undoubtedly one of the toughest budget ranges for house Buyers in 2014 was the popular under $500,000 price range. Buyers in this price range compromised on location (moving further from the core), size (over half of the homes sold were 1 or 2 bedrooms) and condition (many were “fixer-uppers).

As of writing, in the neighbourhoods south of Bloor, from High Park to the Beaches, only 73 houses sold under $500,000 in 2014 Ouch! Of those sold:

  • 18 of the houses sold only had one bedroom
  • 28 had 2 bedrooms
  • Many of them were bungalows
  • Many were on main streets
  • Many were in REALLY rough shape

Bidding wars in this price range were fierce. There were actually 161 homes priced under $500,000 and more than half sold in bidding wars. Two of those ended up selling over $700,000 (including one of our own listings)

Here’s a sampling of the under $500,000 homes sold in central Toronto in 2014:

Quaint 2 bedroom rowhouse
Charming - but small house on Rhodes avenue.
Bungalow in the Upper Beaches
Corktown condo alternative with one bedroom
3 bedroom move-in ready home close to the Danforth

The good news? Outlying neighbourhoods became much more popular. If you’re in the ‘under $500,000 budget range, consider Corso Italia, East York, Woodbine-Lumsden. Or a condo. Keep reading.

Condo prices, while still increasing, haven’t seen the massive price increases that houses have, and as such, $500,000 bought a lot: 1 or 2 bedrooms, parking, good buildings with good finishes.

As of writing, 4,230 condos under $500,000 were sold in 2014 in the core (south of Bloor, High Park to the Beach). Here’s a sampling of what you got for around $500K:

Condo in prime King West Village
Soft loft at Glas in King West
Wicked loft conversion in Leslieville
2 bedroom loft in prime residential neighbourhood.
Wicked loft at Toy Factory in Liberty Village

 

 

  1. Julie Webster says:

    And this is why more than 50% of our buyers over the past two years have been selling their homes in Toronto and coming to Hamilton… I realize that many Torontonians who read that will say “ewwwww, yuck, Hamilton.” My buyers would in turn roll their eyes, and embrace their awesome 400-500,00 homes further.

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