Toronto has some of the highest real estate costs in the country – if not North America as a whole! Luckily, there are still lots of affordable homes only a short distance away. This is particularly true just east of the GTA in Durham Region and Kawartha Lakes.
As one of Durham Region and Kawartha Lakes’ longest-serving real estate teams, a question we hear all the time (especially from buyers leaving the big city) is can I still find a home for under one million dollars in Durham Region?
This short answer is yes – but it depends on what you’re looking for and where you’re looking for it.
All that said, if you’re on the hunt for a home in Durham Region, Kawartha Lakes, or elsewhere and have a budget below the seven-figure mark, this blog’s for you!
Ready to explore available listings? Click here to discover our selection of for-sale homes.
What Can $1 Million (or Less) Buy You in Durham Region?
The factors that influence a home’s asking price are nearly endless and they can change based on a whole host of factors. So, as you browse through available properties it’s important to keep in mind that every single home is unique. In some cases, two homes that look almost identical on paper can sell at drastically different prices because of one tiny detail.
That said, Durham Region and Kawartha Lakes homes below the million-dollar mark can share a few common features. If you’ll be heading to the market with a more modest budget there are certain qualities and characteristics you can (usually) expect to find.
As the market stands today, you can usually find a charming older bungalow between 1 and 3 bedrooms in a quiet, mature community for less than one million dollars. These homes can come with detached garages and plenty of outdoor yard space in the front and back.
If you’re looking for a multi-storey home on a multi-acre lot in a brand new development, you’ll probably have a harder time finding something that meets your budget.
Hoping to buy a home soon? Read these other blogs next for more advice.
- What Are My Mortgage Options in Today’s Market?
- Where Can I Find Affordable Homes East of Toronto?
- How to Budget For Your Next Home
Advice on Buying a Home With a Smaller Budget
If you’re looking to buy a home but want to be as budget-conscious as possible, there are a few other strategies you can employ in order to get the best value for your home.
A great first step is to be flexible in what you’re looking for. Everyone has a dream home, but they’re not always within budget. That said, by keeping an open mind during your home search and being open to compromise with certain items on your wish list, you’ll be able to expand what’s available to you – which in turn, can help you make the most of your budget.
Another way to find great value in your home purchase is by buying a fixer-upper – i.e. a home that needs a little bit of TLC to reach its full potential. Some buyers who are particularly handy or creative love fixer-uppers because it gives them the freedom to customize their homes to their heart’s content. However, these kinds of projects aren’t for everyone and, if you’re not careful, you could end up spending even more money than you would buying a home that’s turnkey.
If you’re not sure about which home characteristics you can do without or are serious about buying a fixer-upper, talk to your real estate agent. They can give you professional advice on how to find a home that suits both your lifestyle and budget.
Looking for more catch-all advice on buying a home in the country (or elsewhere)? Read these blogs next!
- 5 Things to Know Before You Buy a Home in the Country
- Moving Out of Toronto? Here Are 5 Tips For Transitioning to Life in a Smaller Town
- Am I Ready to Own a Hobby Farm?
Find a Home That Meets Your Budget
Whatever your home buying budget may be, the best way to find the right home for you is to partner with an experienced local real estate agent who can help you effectively navigate the market. That’s where we can help.
Across more than 175 years of combined team experience, Puckrin & Latreille have bought (and sold) virtually every type of home in Durham Region and Kawartha Lakes. Using this knowledge to your advantage, we’ll help you find the right home based on your needs and budget.
Searching for the perfect place to call home? We can help. Call 905-985-7300 to reach our team or click here to send us an email.
Stay Connected
With local real estate when you sign up for our newsletter. Join our mailing list here to get updates on the latest listings and expert insights.
