By LoriAnn Toplak, of WhatsHappeningToronto.ca

Considering buying a property in Toronto, but feeling discouraged after hearing stories of what you can (or can’t) purchase for $500,000? Be dismayed no longer, as I’m here to bring great news. Yes, you can buy a property in Toronto for under a half a million - maybe not in your first choice of location or with your entire wish list covered, however there are still options in the city that will leave a dollar in your pocketbook.

Many first time buyers prefer condo living – its affordable, maintenance-free, and there’s the possibility of having lots of amenities right in the building. $500,000 can buy you into a 700 to 1,000 sq.ft one to two bedroom unit, even once in a while, a two bedroom + den unit. Choices in area can range from The Beaches to Bay/Bloor, Entertainment District to King West, or St Clair/Bathurst to Yonge/Eglinton. And yes, this price can include parking. Expect to pay anywhere from $450 to $600 per square foot depending on location. But luxury and waterfront buildings can go as high as $700 to $1,000 psf.

When looking at condo buildings, consider your needs. Do you want amenities a short elevator ride away, or do you like walking around the neighbourhood? Would you use any of the facilities offered, or will you be paying for maintenance you’ll never use? Do you love having lots of people in your building, or do you prefer fewer units?

Larger tower buildings are in high density areas and usually offer smaller units in lieu of an array of conveniences. The area should keep you so busy you only need your room to sleep in. Tower buildings can offer such amenities as a concierge, exercise room, games room, guest suites, gym, media room, indoor or outdoor pool, party room, rooftop terrace, sauna, and even bowling.

Smaller buildings are more frill-free, and may only have a few amenities such as visitor parking and a rooftop terrace. The focus is on the neighbourhood where you’ll find everything you need a short stroll away. Usually the maintenance fees are lower and the building can have more of a community feel to it.

Older buildings generally have higher maintenance fees, however the units are usually larger and the buildings are most likely are equipped with security, pools, gyms, and more.

Consider your lifestyle when making a list of what you must have in a home, and what you’d like to have. Toronto home ownership is like a relationship – it’s all about compromising.

Find out what you can afford with the BMO Mortgage Payment Calculator.