What kind of house does $500K get you in Toronto?

The $500,000 home in Toronto might be surprising to some who haven't been keeping tabs on the city's runaway train of a real estate market. A half a million bucks doesn't go very far these days. You're generally looking at two bedroom bungalows or semi-detached homes in areas with low walk scores, but even starter homes are rapidly appreciating in value.

Here's what a $500,000 house looks like in Toronto.

$499,999 in Guildwood
This is a good looking and spacious home with a huge backyard for the price point. Potential buyers will have to see past the decor to imagine what could be done with the space, but it's obvious that you can buy more home in this Scarborough neighbourhood that's not particularly well served by transit. Car ownership is virtually mandatory.

$489,900 near Oakwood and Vaughan
This is a pretty good indication of what you get for $500K in Toronto. While space is limited with only two bedrooms and a single washroom, there is a family room in the basement, a nice deck, and the neighbourhood is about as close to "downtown" as you're going to find in this price range.

$498,555 near Jane and St. Clair
This semi near Jane and St. Clair offers a finish basement, separated upper and lower floors, and three bedrooms. There's not much of a backyard, but the outdoor area does have a deck and has been well landscaped. The interior is dated, to be sure, but there's potential here, and the transit options are decent with the St. Clair streetcar ROW nearby.

$549,999 near Kingston Rd. and Midland
The closer you are to Kingston Rd. in Scarborough, the less space you'll get for your money. This is a well maintained home with a finished basement, but it's still a bungalow with only two bedrooms. You can fit a third downstairs, so this might work as a first home for a family looking to capitalize on the city's white hot real estate market.

$519,000 near Kipling and Rexdale
Moving to the other side of the city, this three bedroom home with a finished basement also offers more than you'll find closer to the core. The outdoor space is again a boon, but the bedrooms are understandably small, particularly on the second floor where the slope of the roof comes into play.

Would you buy any of these homes for the money? Let us know in the comments.

by Derek Flack via blogTO