Not every first time buyer wants to live in a condo - so with a cool $500,000 here are some other options to explore in Toronto.

Townhouses under $500,000 can be found in many locations across the city and range in size from 650 to over 1,000 square feet. There are great locations to choose from: Little Italy, Leslieville, The Beaches, Liberty Village, and King West. In addition to the usual row house style townhouses - growing in popularity are the trendy and more affordable stacked townhouses, these are multi-unit buildings with their own private entrance placed on top of each other vertically. Townhouses are great options for home ownership, with usually lower maintenance fees than condominiums. Expect no amenities, with the exception of possibly some green space (hooray for dog owners), so make sure the neighbourhood has the coffee shop or gym that you need.

An example of the row house style. An example of the stacked townhouse style.

So where can you buy a detached home for $500,000 in Toronto? You’ll be looking in pockets known as The Junction, Earlcourt, Leslieville and The Upper Beaches. Depending on availability, you can still find a three-bedroom renovated semi-detached home at this price, however it won’t always be in the area you prefer. And not all come with that coveted parking spot, some may need a bit of work, but you’ll have your own home in the city - which is a reward in itself.

Toronto living is about give and take – determine what on your wish list you can do without, and what you just have to have to call a place your “home.”

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

LoriAnn Toplak is a sales representative with Sage Real Estate working in both Etobicoke and downtown Toronto.