In the past, buyers from all over Toronto have specifically flocked to Etobicoke in search of homes below $1,000,000. If you’ve clicked on this blog post, you may be in the same boat!
While there are some homes in Etobicoke below the million-dollar mark, the selection and overall quality of these listings have shifted in recent years. So, if you’re heading to the market, it’ll help to know what you can expect from a home in the six-figure range.
Keep reading to learn more!
Are There Homes Under $1 Million in Etobicoke?
Finding a home under $1,000,000 anywhere in Toronto is not an easy task – including Etobicoke. While the area is still known for having some of the most (relatively) affordable homes in Toronto, average prices have surpassed the million-dollar benchmark in recent years. However, the number of for-sale homes in Etobicoke listed at or below $999,999 isn’t zero.
The short answer is yes, there are some houses for sale under $1,000,000 in Etobicoke. But they’re not usually what buyers are looking for. If you’ve got your hopes set on finding your dream home at an ultra-low price, you may want to reset your expectations.
Want to buy a home in Etobicoke? Regardless of price point, you’ll want to know a few things before heading to the market. Read these blogs to learn more.
- How Much Does It Cost to Buy a House in South Etobicoke?
- Buying an Etobicoke Bungalow (And its Potential)
- What to Expect When Moving From a Condo to a House
What Does $999,999 Buy You in Etobicoke?
While you can still find six-figure homes on the market in Etobicoke, they’re not usually up to par with what many buyers want or need from a home. As a local Etobicoke real estate agent myself, I can speak to this firsthand.
A lot of buyers with a budget below $1,000,000 enter the market looking for a 3 bedroom, 2 bathroom detached property with a garage on a quiet street. For the most part, that’s simply not possible in most areas of Etobicoke.
If you’re looking to buy a home below the million-dollar mark it helps to know what you can expect before you begin house hunting.
What Do > $1 Million Homes Look Like?
Most homes in this price range share a lot in common.
- Semi-detached
- 1 or 2 bedrooms, 1 bathroom
- No or unfinished basement
- Located on a busy street like Kipling Ave., Islington Ave., or Royal York Rd.
- Next to or across the street from less-desirable buildings like gas stations, fire or police stations, schools, low-income housing, or bus stops
- No street parking
- No garage (mutual driveway)
- In need of repairs/updates
This may not sound like your dream home, however, a property like this can make a great starter home. More on that next.
Buying a Starter Home in Etobicoke
In a real estate market like Etobicoke, most first-time home buyers aren’t usually able to buy their dream home right out of the gate – and that’s okay.
Instead, buying a starter home – i.e. a home that you can live in for three to five years while you save up more money (and build equity) can be an effective stepping stone towards a bigger, better home down the road.
By lowering your expectations and going with a home that meets most of your needs in the short term you can begin your home ownership journey sooner while still creating leverage for later moves. You can even consider doing renovations and updates that will add positive value to your home when you sell in a few years.
The most popular neighbourhood in Etobicoke for starter homes under one million is New Toronto. Click here to learn more about this quaint, lakeside community.
Looking to buy a starter home in Etobicoke? You’ll want to read these blogs too – they’re full of helpful tips!
- Getting to Know Etobicoke’s Starter Homes
- Can I Buy a Home in Etobicoke Without a Real Estate Agent?
- Should I Buy in Etobicoke if I Work Downtown?
Find Your Starter Home in Etobicoke
If you’re thinking about buying a home in Etobicoke (at any price point) you’ll want a local expert by your side – like me!
As a proudly local Etobicoke agent, I know our unique market inside and out. I have the connections, insights, and inside scoop to help you begin your journey of homeownership. After getting to know you and your family, we’ll work together to find a starter home that fits your needs, budget, and goals for the future.
Looking to buy a home in Etobicoke? I can help! Call or text me at 647-239-7587 or send me an email at melissa@southetobicoke.com to get started.
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