Where Are the Cheapest Houses in Toronto
People, young adults, in particular, tend to spend a good chunk of their adulthood living in affordable houses, from detached ones to condos. Therefore, given the high cost of living in Toronto, it is of utmost importance to make them aware of the hot deals so they can get the best bang for their buck. In this article, based on the recent data, we’re going to guide you in making one of the biggest financial decisions you’ll ever make by showing where are the cheapest and most affordable houses in Toronto.
The Average Price of the Cheapest Houses in Toronto
The volatile nature of the housing market, which depends on a myriad of factors like government policies, makes it challenging for real estate agents to firmly suggest where one can find the cheapest houses in a world-class city that is Toronto. Adding to the complexity is your own gut feelings and personal circumstances. Having acknowledged the peculiarity of the situation, we’re going to show you the most affordable neighborhoods in which you can find the cheapest houses.
According to the latest reports and data, you can find the cheapest houses in the neighborhoods located outside of the center of Toronto like Mount Dennis and Malvern. The figures reported here are bound to change as a result of high demands or other factors. Still, the following list should narrow down your search in finding a cheap and affordable house.
Currently, these are the neighborhoods that you should be seeking for cheapest houses in Toronto. Mount Dennis, Malvern and Black Creek offer the cheapest houses, followed by Jamestown and Rockcliffe. Furthermore, you can glean future ideas from the list as it shows how much you should save up to move into a better neighborhood, hence, a better house.
Where are the Cheapest Rents in Toronto
You might say it would be an oxymoron to have “cheapest rent” and “Toronto” in one sentence and you would be right as the average rent prices are significantly high. You can, however, make the best of the situation and see how a Toronto real estate agent can help you out. From apartments to condos, there are various options at your disposal. Here, we’re gonna give you an idea of where you might find the cheapest rent.
As you can see, the cheapest rent you can find is located in E10, Scarborough, the Average rent for a 1 Bedroom unit is $1,550, and Average price of a 2 bedroom unit is $1,850. The list goes beyond the cheapest rents in Toronto and gives you a clue of how expensive the rents are throughout different wards and how much of a gap there is.
You can, however, make plans for the future with these costs in mind and hopefully, move into the better neighborhoods of the city.
For example, the average rent of a One bedroom-condo in Downtown Toronto is $2,359 per month and Average rent for a 2 bedroom condo in Downtown Toronto is $3,363 per month. As you can see the rent gap between cheapest neighbourhoods and expensive neighbourhoods is big. However, neighbourhoods like Downtown Toronto, and or King West area, offer a wider variety of amenities and qualities for dwellers.