Is it possible to find affordable housing in Toronto? Affordable Housing is the most popular phrase being used by politicians at all levels of Government. But they don’t know how to define it and how to build it. The answer is not more rental housing. In our graph below, you can see that Toronto rental prices are still on the rise. The Toronto Housing Authority cannot even maintain even what it currently owns. The answer is through Co-Operative housing projects. But that is a topic for another day.
Average Toronto Rent
October 2022
Instead, we checked to see if there were any sales under $500,00 in the Downtown Core of Toronto. From September 2022 to October 2022, we found 48 sales under $500,000. To put that in perspective, there were 1,873 sales in Downtown Toronto in October alone. That's only 2% of properties for sale in Downtown Toronto that are under $500,000. The average sale price out of these units was $459,356. The lowest was $335,000. These affordable condo units are spread over six areas. Torontos' Bay Street Corridor had the most units for sale at 13. Followed by Toronto's Downtown Waterfront, Regent Park, Kensington/Chinatown, South Etobicoke, and lastly, Niagara/King West.
Units under $500,000 exist throughout Toronto, but they are rare and are only a (very) small percentage of the available condos for sale.
Toronto Sales Under $500,000
September - October 2022
