When it comes to real estate, who doesn’t want a good bang for their buck? According to a new report by Strata.ca, there are a few Toronto neighbourhoods with cheaper-than-average homes.

The real estate website says that the current average house price in the city of Toronto is just over $1.5 million, and $742,300 for condos.

The report names five “underrated” neighbourhoods around Toronto where you can get more for your dollar.

The catch is that you have to be willing to leave the downtown area to find them — these areas are located in North York, Etobicoke, and Scarborough.

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However, there is one neighbourhood included in the list that is in midtown Toronto, and just a short drive or transit ride from the downtown core.

Below are five Toronto neighbourhoods with cheaper-than-average homes, according to Strata.ca.

Also included are the percentages of how much cheaper homes and condos are in each area compared to Toronto’s average.

Birch Cliff-Cliffside (Scarborough)

  • Houses: 30% Cheaper
  • Condos: 5% Cheaper

Richview (Etobicoke)

  • Houses: 7% Cheaper
  • Condos: 32% Cheaper

Caledonia-Fairbank (York-Crosstown)

  • Houses: 30% Cheaper
  • Condos: N/A

Flemingdon Park (North York)

  • Houses: N/A
  • Condos: 26% Cheaper

Eringate-Centennial-West Deane (Etobicoke)

  • Houses: 25% Cheaper
  • Condos: 7% Cheaper

The report even includes a few listings of properties currently for sale, like this detached three-bedroom home in Eringate for under $789,000.

You can also snap up this modern ground-level stacked townhouse unit for less than $700,000.

It turns out that house-hunting on a smaller budget isn’t impossible in this city. You just have to know where to look!