With the price of Toronto's homes skyrocketing over the past few years, you'd be hard-pressed to find a property for less than $400,000 these days. But does that mean it's impossible to find a home below this price point in Toronto's downtown core?

Not at all. In fact, there are still fantastic condos available in Toronto right now that come in at less than $400,000. At that price, you can probably pay a mortgage for less than what you might pay in rent.

So, where can you find these affordable condos in one of Canada's most expensive real estate markets?

1. #436 -231 Fort York Blvd.

Affordable Toronto Condos

Life is good at Atlantis! This stunning condominium building is located in one of the most highly sought-after neighbourhoods in all of Toronto! It's tough to come by properties - including condos - that are less than $400,000, let alone less than half a million! But this one easily slides under that price point at $389,999.

This spotless studio/bachelor pad features gleaming laminate flooring and a practical layout. Despite the studio classification, the kitchen has its own partition. The unit also features a walkout private balcony with great views accessed through the main living area.

Outside of the unit, you can enjoy the building's indoor swimming pool, gym, 24-hour concierge, and fabulous rooftop garden overlooking Lake Ontario. You'll be steps from Old Fort York, The Bentway, and waterfront parks and trails.

This is true resort-style living! Call Domenic Salvadore and Angelo Sol at 416-366-8800 to book a showing.

2. #114 -816 Lansdowne Ave.

Affordable Toronto Condos

For $399,900, you can call the trendy Junction neighbourhood home in this updated and modern 1-bedroom, 1-bathroom condo at #114 -816 Lansdowne Ave. at Dupont. The large open concept unit is light and bright with modern finishes. All 583 square feet have been carefully laid out for optimal functionality.

The kitchen boasts granite counters, a breakfast bar, and stainless steel appliances. Enjoy a walk-out balcony to your very own private courtyard!

The building is pretty great as well, offering amenities such as a party room, sauna, basketball court, yoga studio, billiard room, and free visitor parking for your guests. You'll be a hop, skip, and a jump from High Park, Earlscourt Park, and the TTC subway. It's a great unit in an equally fantastic neighbourhood.

Interested? Call Bill Saini at 647-286-7145 to view this gem!

3. #707 -311 Richmond St E

Affordable Toronto Condos

You can easily get into Toronto's real estate market with this fabulous open concept bachelor unit for $398,900. And the low maintenance fees make condo living at #707 even more affordable!

Located at 311 Richmond St. E, this 7th-floor beauty boasts large windows, stainless steel appliances, updated kitchen cabinets, a breakfast bar and mirrored closets.

Don't let the 417 square feet fool you - every square inch of this unit has been meticulously laid out for the ultimate in functionality and space. It's bright, spacious, well-kept and maintained, and oozes great flow.

You'll be just steps from George Brown College, St Lawrence Market, eateries, groceries, and TTC streetcars on King and Queen. It's a fabulous find in a great part of Toronto's downtown core.

Take an up-close-and-personal look at this great condo by calling listing agent Kannes Lo at 416-543-9933.

4. #2202 - 10 Sunny Glwy E

Affordable Toronto Condos

Great location, fully upgraded, plenty of amenities, and a great price for the city. What more could you ask for?

This bright 2-bedroom spacious unit at 10 Sunny Glwy E in East York offers fabulous views of the city perched atop the 22nd floor. Located close to the DVP, you'll have quick access to the downtown core for work, play, and everything else that the vibrant city of Toronto has to offer.

The unit is fully upgraded and modern, complete with new laminate flooring, fresh paint, new fridge, and new closet doors. The kitchen is sharp with dark cabinets and contrasting light countertops.

The unit itself is awesome, but so is the building itself. Amenities that you'll have at your fingertips include a swimming pool, fitness room, party room, and plenty of visitor parking. You'll be steps to the Ontario Science Centre, Agha Khan Museum, Costco, and parks.

Affordability in the city is real, and this condo is proof. Book your appointment with listing agent Ishtiaq Ahmed at 416-999-6975.

5. #620 - 650 Lawrence Ave

Affordable Toronto Condos

Why pay rent when you can own your own place? With a price like $329,900 and mortgage rates still relatively low, your mortgage payments can be cheaper than renting.

Get into the real estate market with this fabulous bachelor unit perched up on the 6th floor at 650 Lawrence Ave. You'll have great unobstructed northern views of the city in a high-demand location just steps to Lawrence West Subway, Allan Rd, the 401, Lawrence Square Shopping, Yorkdale Mall, Lawrence Heights Community Center, and great schools.

This move-in ready unit is waiting for you to make it your own! Enjoy a spacious open concept layout and private Juliette balcony to take in the views. You'll also have access to a party room and your own storage locker. And you'll feel super safe in this secure building with a security guard and system.

If you're looking for an affordable starter home in the city, this is it! Call Reg Vandergaast at 905-629-1515 to book a showing!

So there you have it: proof that you can own in the city with less than $400,000. And for an expensive market like Toronto, that's a huge feat. Be sure to check out any one of the above units to get into Toronto's real estate market without breaking the bank!

Toronto Condos & Homes