Toronto is well-known for high housing prices, but there are still areas with more affordable homes available if you know where to look. Finding a decent property in Toronto under $600,000 can be a bit of a pain, but there are a few options depending on what you need.
The average home cost in the Toronto area was $1,155,345 as of October. To make informed decisions, prospective first-time buyers should do ample investigation and pricing analysis for the houses and neighborhoods that fit their financial situation and lifestyle requirements.
Keep reading to see details on houses in Toronto under $600,000, as well as a breakdown of different information on the Toronto real estate market.
How Do I Search for Cheap Homes for Sale in Toronto, Ontario?
Using online listings can help you find options for the cheapest houses in Toronto. You can use search filters to narrow the search and compare prices easily. This is essential if your main concern is price.
Getting in touch with decent real estate professionals can also give you another avenue of discovery for cheaper homes in Toronto and the surrounding regions. Remember to do lots of research and shop around to make sure you’re connecting with the best professionals in your area.
Another way to find good deals on houses in Toronto is by checking out the condo market and open houses. Although the Toronto condo market is a bit more expensive than Vancouver, they are still typically more affordable than other types of real estate.
How Many Cheap Properties Are Available in Toronto, ON?
Despite high prices compared to the rest of Canada, the real estate market in Toronto is still fairly active. Online listings show over 1,000 homes available for less than $600,000. If you’re willing to stretch to $750,000, this number increases to over 2,000 homes.
When searching for cheap properties, it’s important to be patient and use all of the tools at your disposal. Don’t just check one listing website; check several. Don’t just consult one area of professional services; shop around and try to find one that works for you.
There is also the cooperative selling system, which is a type of non-profit housing that first appeared in the 1800s as a result of the co-operative movement, but it wasn’t until the middle of the 1960s that it truly took off in Canada as a way to provide families with cheap accommodation.
Homes for Sale in Toronto Under $600,000
There are a number of listings up in Toronto for properties under $600,000:
p101 – 455 Front St E
306 – 135 Leeward Glwy
- 3 bedrooms
- 2 baths
- 1,000 sqft
955 Bay St
407 Coxwell Ave
- 3 bedrooms
- 2 baths
- 1,000 sqft
2067 – 100 Mornelle Crt
- 2 bedrooms
- 2 baths
- 1,000 sqft
Cheapest Homes for Sale in Durham Region
Durham East of Toronto is known for its affordable real estate options compared to other Toronto areas around Lake Ontario. It has several small cities, including Oshawa, Ajax Clarington, and Whitby along with small towns such as Scugog and Uxbridge. In October, average home prices in Durham were $987,354.
Cheapest Homes for Sale in York Region
The York region is situated north of Toronto and includes several major towns such as Newmarket, Markham, Richmond Hill, and Vaughan, along with rural regions such as Georgina and King. In October, home-buying costs averaged $1,376,939 for this town.
Cheapest Homes for Sale in Peel Region
Peel Region was situated east of Toronto and comprises cities like Brampton, Mississauga, and Caledon, the larger region of rural Ontario. In September, the average price for homes for sale in Peel Region was $1,065,595.
Where Is the Cheapest Place to Buy a House Near Toronto?
With an average price of $774,500, Brock, a tiny town in the northern part of Durham Region, northeast of Toronto, is the most cost-effective location to purchase a detached home.
Second and third place with average values of $964,097 and $967,753 respectively are Oshawa and Orangeville. The GO Train is accessible from Oshawa, and the Bruce Trail and lovely parks are close by in Orangeville.
The average price for single-family homes for sale in Essa or Scugog, both in Durham Region, is less than $1 million.
How to Identify Real Estate Professionals in Toronto
When selecting a real estate agent in Toronto, there are a few rules of thumb you can use to help identify one that is right for you:
- Go with an agent who knows the area you’re looking in
- Check user reviews and referrals for home realty
- Inquire about all the services provided
- Ask questions and shop around
- Honest and forthcoming communication is key
Canadian Real Estate Association Comments on Toronto Disclosure Laws
When shopping for cheaper homes in expensive cities like Toronto, it’s important to make sure you’re not getting scammed into buying a home with major issues. Aside from major issues that are legally required to be disclosed, there is a phenomenon called “property stigma”
Basically, some properties have negative qualities that realtors are not legally required to disclose. Barry Lebow, a realtor in Toronto, explained in a CREA blog that “nowhere in Canada other than Quebec does a formal law require sellers to disclose property stigma to potential home buyers”.
Is It Cheaper to Build or Buy a Home?
It is important to know the costs involved in buying and building homes before you decide which option is better for you. The cost associated with buying or renting real estate includes closing expenses, insurance, property taxes, or homeowner’s association fees.
There is also the cost to repair or replace existing equipment in addition to renovating homes when they are not new. The cost of new construction carries varying costs. There may also be unexpected maintenance needs that do not come to light during an initial evaluation.
In the end, your decision should be based on your situation and what you’re willing to invest in. If you have the skills and funds to build a home, and there are attractive lots available with favorable conditions, then the building may be for you. Otherwise, buying is probably better.