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:
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: