The condo market in Toronto is waking up and returning to how it was before the pandemic. The signs were there since the first quarter of 2021. Today, every data point suggests that. The demand is growing by the month and doesn’t show any signs of stopping, at least not in the foreseeable future.
If we analyze data coming from the Toronto Regional Real Estate Board, we will understand that there is quite a demand for condos under 500K. Unfortunately, with Toronto being Toronto, there aren’t too many decent neighborhoods where you can find condos for sale under 500K.
Of course, that doesn’t mean there aren’t any decent deals around. On the contrary, there is an excellent selection of condos under 500K in the right neighborhoods. Nowadays, with some luck, you can even find some great condos in Fairview Mall within that price range.
While it is very tempting to live at the doorstep of Fairview Mall, here is a shortlist of neighborhoods with a decent selection of condos within that price range. Not only that it makes sense to buy a condo there and make a living for yourself in any of the neighborhoods, but it makes sense from an investment point.
1. Upper Beaches
Generally speaking, Upper Beaches is a laid-back community mainly populated by middle-income families, seniors, and empty-nesters. There is a pretty decent selection of condos in Upper Beaches that are under the 500K mark. This is one of those neighborhoods that has never been the trendiest nor the center of some massive events. It is a typical neighborhood, with friendly residents, good restaurants, and nice little coffee shops. Three streetcars serve the community, which makes it relatively easy to get to other places. Plus, there is some pretty great entertainment in its proximity, such as the Kitschy Queen Street and Danforth.
One can find some of the most affordable condos in Toronto in Chinatown. But it is not just Chinatown condos that are affordable. Eating great food is quite affordable. Generally speaking, living in Chinatown is the most budget-friendly thing to do. The selection of amazing Asian restaurants is simply incredible. The only thing more spectacular than the eateries is the central location of the neighborhood.
3. Agincourt South-Malvern
There is a lot to love about this east-end neighborhood. Folks with children love it because of the parks and schools. Then there is the TTC and Go Transit access which makes traveling quite convenient. All in all, it is one of those neighborhoods whose laid-back energy is felt in every corner. A good selection of condos under $500K features amenities such as tennis courts and pools.
4. Flemington Park
This neighborhood is known as the home of the famous Ontario Science Center. It is an excellent area for those that are into walks and bike rides. This North York neighborhood is ideal for anyone on a tight budget. Also, there is no shortage of eateries, coffee shops, boutiques, and pretty much anything one might need for quiet city living. Don Valley Parkway is a stone throws away, which is also convenient for those that like to travel.