The Most Affordable Places To Live In Toronto
Toronto's real estate market has been on a merciless rise in the past couple of months. Just this past June, the average price of a home in Toronto increased by a staggering 17% in comparison to the year prior. With an increasing demand for housing and a shortage of supply, buyers are faced with an uphill battle towards becoming full-fledged home owners.
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But this hasn't discouraged them from continuing their search. In fact, they're probably hungrier than ever - so much so that they're willing to put aside their must-have lists and consider every option available.
Some have even resorted to prioritizing affordability over everything else. To these individuals, anything with a low price is a valid option for purchase; even if the property doesn't necessarily deliver in other important areas. It's turned into a "buy now, worry later" type of situation.
Just to clarify, in terms of affordability, we refer to locations that have comparatively lower average home prices or monthly rent rates than other areas (such is not to be confused with cost of living). Parameters such as investment potential, demographics, crime, transit and amenities were not factored into the selection process.
For a more cultural perspective on the Toronto neighbourhoods, check out our article on The Best Neighbourhoods To Live In In The 6ix, written by Wyatt; one of our realtor contributors.
Here are the most affordable places to live in Toronto:
(Note: Prices are based on figures from 2015 or within the past year.)
HOUSING
Flemingdon Park
Average home price: $262,258
Weston-Pellam Park
Average home price: $533,700
Rouge
Average home price: $585,736
Highland Creek
Average home price: $654,827
Centennial (Scarborough)
Average home price: $675,161
O'Connor-Parkview
Average home price: $684,900
Danforth Village
Average home price: $698,200
South Riverdale
Average home price: $729,000
RENT
Regent Park
Average rent: $631+/month
Hillcrest Village
Average rent: $677+/month
West Hill
Average rent: $686+/month
Rustic
Average rent: $740+/month
Davenport Village
Average rent: $1000+/month
Corso Italia
Average rent: $1200+/month
Upper Leslieville
Average rent: $1200+/month
Sources: MoneySense, Toronto Life
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