Where to Buy Condos in Toronto Under $500K in 2026 (Real Listings & Trade-Offs)
Let’s get one thing straight. Buying a condo under $500,000 in Toronto is no longer about finding “a steal.” It’s about making smart, informed trade-offs in a market that still rewards location, layout, and long-term fundamentals.
Most buyers searching this price range are told one of two things. Either “nothing decent exists anymore” or “just wait and the market will crash.” Neither is particularly helpful when you actually want to live somewhere. The truth sits in the middle.
Condos under $500K still exist across Toronto, but they show up in specific neighbourhoods, specific buildings, and specific unit types. Older buildings. Smaller footprints. Fewer amenities. Sometimes ground-floor units. Often great locations.
If you’re still weighing whether buying even makes sense right now, you may also want to read my breakdown on rent vs buy in Toronto, where I walk through the real numbers buyers are facing today. I also regularly publish Toronto real estate market updates, if you want context on where prices and inventory are actually heading.
9 Condos Listings You Can Buy Under 500K in Toronto Right Now
Below are real Toronto condos currently listed under $500,000, spread across the east end, west end, downtown, and midtown. Each one represents a different version of value. Some prioritize space. Some prioritize location. Some include parking. Others trade that off for lifestyle.
None of them are perfect. That’s the point. If you understand why a unit is priced where it is, you’re already ahead of most buyers.
336 – 1050 Eastern Avenue / Greenwood-Coxwell
Price: $499,000 | 1 Bedroom | ~570 sq ft
Parking: No | Locker: No | Maintenance Fees: $369 | Exposure: North
At approximately 570 square feet, this loft-style unit offers noticeably more interior space than most condos in this price range. Exposed concrete ceilings, built-ins, and a functional layout make it feel genuinely livable. Located in the Greenwood-Coxwell area near the Beaches corridor, this neighbourhood continues to benefit as buyers get priced out of Queen East proper.
Amenities here are extensive, including a large gym, coworking space, rooftop garden, dog run, and guest suites. While parking and lockers aren’t included, the monthly fees reflect strong amenity value.
Why it’s under $500K: No parking or locker, and the neighbourhood is still transitioning rather than fully established.
Best for: Buyers who prioritize interior space and modern finishes over a premium postal code.
922 – 1190 Dundas Street East - South Riverdale / Leslieville
Price: $489,000 | 1 Bedroom | ~460 sq ft | Parking: Yes | Locker: Yes |
Maintenance Fees: $472 | Exposure: West
Located at Dundas and Carlaw, this unit sits right between Leslieville and South Riverdale, a pocket known for its creative energy, independent shops, and long-term demand. Transit access is excellent, and quick DVP access makes this especially appealing for commuters.
At approximately 460 square feet, this unit isn’t large, but it’s efficient. More importantly, it includes both parking and a locker, which is increasingly rare at this price point in Leslieville and does real work for resale value. Maintenance fees are reasonable for a newer building with amenities like a gym, theatre room, concierge, and shared spaces that residents actually use.
Why it’s under $500K: Primarily size. You’re paying for location, parking, and building quality rather than square footage.
Best for: First-time buyers who want a true east-end lifestyle, or buyers thinking long-term who understand how valuable parking is in this neighbourhood.
511 – 88 Colgate Avenue - South Riverdale / Leslieville
Price: $479,000 | 1 Bedroom | ~426 sq ft
Parking: No | Locker: Yes | Maintenance Fees: $334 | Exposure: Southwest
This is a classic Leslieville loft entry. Colgate Avenue sits in one of the most character-rich pockets of the east end, surrounded by converted industrial buildings, cafés, breweries, and creative spaces. It feels distinctly different from glass-tower Toronto, and that’s exactly the appeal.
At roughly 426 square feet, this unit is compact, but features 9-foot ceilings, exposed brick, and southwest light, which help the space feel more open than the numbers suggest. Lower maintenance fees reflect fewer amenities, which many buyers prefer at this price point.
Why it’s under $500K: No parking and a smaller footprint. You’re buying character and neighbourhood, not convenience features.
Best for: Urban buyers who value walkability and vibe, and who don’t need a car as part of daily life.
333 – 380 Macpherson Avenue - Casa Loma
Price: $449,000 | 1 Bedroom + Den | ~655 sq ft
Parking: No | Locker: Yes | Maintenance Fees: $611.97 | Exposure: East
This is one of the best value-per-square-foot options on this list. Located just south of Casa Loma, this unit offers approximately 655 square feet plus a true den, soaring 14-foot ceilings, and classic loft character. Dupont subway station is a short walk away, and the area offers strong walkability without downtown congestion.
Maintenance fees are higher, but they reflect the building’s age, shared amenities, and inclusions like Bell Fibe. This is a good example of paying more monthly in exchange for a significantly lower purchase price.
Why it’s under $500K: Higher maintenance fees and no parking keep the entry price accessible.
Best for: Buyers who want space, ceiling height, and a real work-from-home setup near transit.
Looking at condos under $500K can get overwhelming fast. If you want help narrowing down which of these options actually fit your budget, lifestyle, and long-term plans, I’m happy to walk you through it properly.
708 – 50 Camden Street - Queen West / Fashion District
Price: $495,000 | 1 Bedroom | ~601 sq ft
Parking: No | Locker: No | Maintenance Fees: $534.91 | Exposure: North
Located in the Fashion District, just south of Queen West, this pocket consistently outperforms because it offers something many downtown areas don’t anymore: walkability without chaos. You’re steps from Waterworks Food Hall, St. Andrews Park, and transit, but removed from the constant churn of King Street nightlife.
At roughly 600 square feet, this unit is meaningfully larger than most sub-$500K downtown condos and benefits from a thoughtful layout, full-sized appliances, and real storage. The building itself is boutique in scale, which often translates to fewer elevators, fewer investor units, and a more stable living environment.
Why it’s under $500K: No parking or locker, and boutique buildings typically trade at a discount compared to luxury towers. You’re paying for layout and location, not amenities you’ll rarely use.
Best for: Downtown professionals or buyers who want Queen West access and livable space without the density and volatility of mega-tower living.
2108 – 101 Erskine Avenue / Yonge & Eglinton - Mount Pleasant
$485,000 | 1 Bedroom | <500 sq ft
Parking: Yes | Locker: No | Maintenance Fees: ~$324 | Exposure: South
This is one of the strongest value plays in midtown under $500K. Located just off Yonge Street, this unit benefits from immediate access to transit, daily essentials, and the evolving Yonge–Eglinton corridor, while being tucked far enough away to avoid the constant noise and congestion. The future Crosstown LRT only strengthens long-term value here.
Yes, the unit is compact. But it includes owned parking, south-facing light, and sits in a Tridel-built building, which matters more than most buyers realize. Lower maintenance fees reflect efficient building management and fewer unnecessary extras.
Why it’s under $500K: Compact size and no locker.
Best for: Buyers who want midtown convenience, strong resale fundamentals, and a polished building.
910 – 816 Lansdowne Avenue // Dovercourt–Wallace Emerson
Price: $486,000 | 1 Bedroom + Den | ~641 sq ft
Parking: Yes | Locker: Yes | Maintenance Fees: $559.39 | Exposure: West
Located in the Junction-adjacent west end, this area continues to attract buyers priced out of Roncesvalles and High Park, while still offering excellent transit access via TTC, GO, and the UP Express. It’s a practical neighbourhood that quietly rewards long-term ownership.
The unit itself stands out for its true den, generous square footage, and inclusion of both parking and a locker. That combination is increasingly rare under $500K and provides flexibility whether you plan to work from home, grow into the space, or rent it out later.
Why it’s under $500K: Neighbourhood pricing still lags trendier west-end pockets.
Best for: First-time buyers who want space, flexibility, and long-term upside.
3902 – 19 Bathurst Street // Fort York - Waterfront
Price: $488,000 | 1 Bedroom | <501 sq ft
Parking: No | Locker: No | Maintenance Fees: $405.53 | Exposure: West
This one is about view and proximity, not interior size. Fort York/CityPlace remains two of the most affordable ways to live near Toronto’s waterfront, with immediate access to groceries, transit, and the downtown core. From a high floor, west-facing exposure delivers panoramic city and lake views that materially impact how the space feels day to day.
At under 500 square feet, this unit isn’t trying to be something it’s not. It’s clean, bright, and positioned for buyers who value outlook and location over square footage.
Why it’s under $500K: Smaller footprint and no parking or locker.
Best for: Buyers who value views and proximity to downtown over interior square footage.
103 – 1005 King Street West // King West
Price: $499,000 | 1 Bedroom + Den | 605 sq ft
Parking: Yes | Locker: No | Maintenance Fees: $596.97 | Exposure: South
King West pricing is notoriously unforgiving, which makes this unit stand out. The nearly 70-square-foot den functions as real flex space, not an afterthought, and the inclusion of owned parking significantly strengthens long-term value.
Ground-floor units often trade at a discount, but here that works in the buyer’s favour. The layout is efficient, rooms are properly sized, and several key upgrades have already been completed, reducing near-term ownership costs.
Why it’s under $500K: Ground-level location and higher maintenance fees.
Best for: Buyers who want King West walkability, real space, and parking without luxury-tower pricing.
So, Is Buying a Condo Under $500K in Toronto Worth It?
In the right context, yes. Condos under $500,000 in Toronto aren’t unicorns, and they’re not consolation prizes either. They’re intentional entry points that come with clear trade-offs. Less space. Older buildings. Fewer amenities. Sometimes no parking. Sometimes higher maintenance fees.
None of those things are inherently bad. They only become a problem when they don’t match how you actually live.
Where buyers tend to get into trouble at this price point isn’t by compromising, it’s by compromising without a strategy. Stretching for the wrong location. Ignoring layout. Underestimating monthly costs. Assuming all condos perform the same just because they sit under a round number.
The buyers who tend to do well under $500K are the ones who:
understand why a unit is priced the way it is,
prioritize location and layout over surface finishes,
and think ahead to flexibility, resale, and long-term use.
Seen through that lens, buying under $500K isn’t about settling. It’s about starting in the right place, with expectations grounded in reality and choices made intentionally.And for many buyers in Toronto, that’s still a smart move in 2026.
Not Sure Which Condo Under $500K Actually Makes Sense for You?
The “best” condo under $500K depends on more than price. It depends on how you live, where you need to be, and how much risk you’re comfortable taking with layout, building age, and future resale.
If you want a clear, honest breakdown of which options fit you and which ones don’t, reach out. I’ll help you narrow the field, pressure-test the numbers, and build a smart short-list without wasting time on condos that look good online but don’t hold up in real life.
👉 Get a personalized condo short-list
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Quick FAQ: Buying a Condo Under $500K in Toronto
Are condos under $500K in Toronto still worth buying in 2026?
Yes, but only if you buy the right kind. Condos with efficient layouts, solid building management, and strong transit access tend to hold value better than flashy units with poor fundamentals. Under $500K, selection matters more than timing.
What are the biggest compromises buyers make under $500K?
Most buyers compromise on at least one of the following:
square footage
parking or lockers
building age
amenities
The mistake isn’t compromising. The mistake is choosing the wrong compromise for your lifestyle or long-term plans.
Do maintenance fees matter more at this price point?
Yes. Probably more than price itself. At $500K and under, higher maintenance fees can significantly impact monthly affordability and future resale. Always look at:
what’s included (heat, hydro, water, internet),
the reserve fund,
and upcoming capital repairs.
This is where many first-time buyers get caught off guard.
Is it smarter to buy a smaller condo in a better neighbourhood?
Often, yes. Location tends to outperform size over time, especially in Toronto. A well-located smaller unit with good transit access typically holds value better than a larger unit in a weaker or less connected area.
Should I wait for prices to drop further?
Trying to time the Toronto condo market is risky. Prices don’t move evenly, and good units often sell regardless of headlines. Buyers who focus on value, not predictions, usually make better long-term decisions.
Are condos under $500K good for future rentals?
Some are. Units near transit, universities, hospitals, and employment hubs tend to rent more easily. Layout, parking availability, and building rules all matter. Not every condo under $500K makes a good rental.
What should I prioritize if this is my first home?
Prioritize:
layout efficiency
monthly carrying costs
building health
flexibility if your life changes
You can upgrade finishes later. You can’t change location or condo governance.
