Here are some Toronto homes on the market for under $500,000 (PHOTOS)

Today, we woke up to news that the Bank of Canada raised interest rates to 0.5% — the first increase since 2018. Add that to the fact that according to the Toronto Regional Estate Board the average price of a home in the GTA is $1,242,793.

It might seem like the odds are stacked against prospective Toronto home buyers but you can take solace in the fact that homes under $500,000 do exist.

Here are some great finds courtesy of Zoocasa. Some might need a few updates, while others are move-in ready.

320 – 10 Gateway Boulevard – $349,000

Slate Realty Inc.

• One-bedroom
• One bathroom
• 800-899 sq ft
• One parking
• Locker unit and close to the highway

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309 – 4064 Lawrence Avenue East – $349,000

Remax All-Stars Realty Inc.

• Two-bedroom
• One bathroom
• 1,000-1,199 sq ft
• One parking
• Recently updated, private balcony, pool, sauna, party room, and gym

202 – 4064 Lawrence Avenue East – $375,000

Green Hedge Realty Inc.

• Four-bedroom
• Three bathrooms
• 1,800-1,999 sq ft
• Two parking spaces
• Private balcony and access to a gym

322 – 24 Wellesley Street West – $563,000

Remax Hallmark DG Group Realty

• One-bedroom
• One bathroom
• 500-599 sq ft
• In suite laundry, party room, gym, and rooftop deck

1118 – 3050 Ellesmere Road – $399,000

HomeLife Today Realty Ltd.

• One-bedroom
• One bathroom
• 600-699 sq ft
• One parking
• Indoor pool, gym, party room, and near TTC

807 – 3650 Kingston Road – $399,900

Royal LePage Realty

• One-bedroom
• One bathroom
• 500-599 sq ft
• One parking
• Private balcony and close to shops

410 – 71 Jonesville Crescent – $439,900

Realty Toronto Inc.

• One-bedroom
• One bathroom
• 700-799 sq ft
• One parking
• Private balcony and close to LRT

116 – 231 Fort York Boulevard – $447,500

Keller Williams Referred Urban Realty

• Studio
• One bathroom
• 0-499 sq ft
• Walk-up entry from the street, private patio, access to gym and rooftop deck

1009 – 3088 Kennedy Road – $445,000

Century 21 Atria Realty Inc.

• Two-bedroom
• Two bathroom
• 900-999 sq ft
• One parking
• Media room, party room, and gym

501 – 921 Midland Avenue – $449,000

eXp Realty

• One-bedroom
• One bathroom
• 600-699
• One parking
• Private balcony, locker, gym, recreation room, and party room