It’s time for part two of our houses under 1 million series! If you are a first time home buyer with a budget of 1 million or less you are in good company. Unfortunately, if you are particularly looking for three bedrooms, parking for one car and a small yard you have a lot of competition. We’re running a series featuring neighbourhoods where you can find this perfect first time homebuyers house. We’re not talking about houses that need to be gutted and renovated. These neighbourhoods have move-in ready homes for under 1 million. We’re also only featuring neighbourhoods that are “walkable,” because, chances are, you don’t want to be throwing baby in the car every time you want to go to the park. With Toronto’s hot market, this kind of house is becoming increasingly difficult to find.
Today’s neighbourhood is Woodbine/Lumsden. This area is great for first time homebuyers with many new families moving in. The number of mommy groups in this neighbourhood is staggering. Also, with extremely easy subway access, this neighbourhood is great for people who want to continue working downtown.
The woodbine/Lumbsden neighbourhood is located just north of the Danforth, bordered on the west by Woodbine Ave, the east by Main and the North by Massey Creek and Taylor Creek Park. The neighbourhood has a lot of small semi-detached homes equally small bungalows. What it lacks for in house size it makes up for in lot size. If you are buying here you are likely to get more space for your money than you would in other parts of the city.
Although this neighbourhood is quickly “up-and-coming” it is still relatively affordable, with the average detached house selling in the first quarter of 2017 for $999,112. At the time of writing, the last 20 sales reported on MLS in this neighbourhood sold for under $950,000, with most of them selling in the mid $700,000 range. Again, at the time of writing, there are eight listings available for under $850,000.
The huge benefit to this neighbourhood is proximity to the Danforth, where, in addition to offering great subway access, you will also find restaurants, cafes and grocery stores. A quick bike ride and you’re beach. What more could you want?