The most affordable house in Toronto real estate is on the water

Selling prices in the Toronto real estate market average more than $1 million, but a houseboat in the bluffs is less than half that


Courtesy of Royal LePage

The houseboat in Bluffers Park Marina is the most affordable detached listing in Toronto.

The most affordable house listed on the Toronto real estate market is a waterfront property in the Scarborough bluffs. But it’s a houseboat.

The cozy and modern open-concept one-bedroom detached home is docked at Bluffer’s Park Marina. The $339,000 listing at 7 Brimley South (unit E-55) boasts a front porch hanging over the water and easy access to kayaking and canoeing; not to mention the trails and views in Bluffer’s Park.

The houseboat at the bottom of the bluffs has lots of wood paneling and plenty of interior light from multiple windows. It comes with a refrigerator, four-burner glass top stove, built-in portable air conditioner and a pellet stove as the main source of heat. Property taxes are included in the $750 a month mooring fee paid to the Bluffer’s Park Marina that covers the maintenance of the area and garbage removal.

The summertime appeal of living on the water is easy to digest. However, winter living is a bit more challenging. The houseboats require a bubbler system to prevent the surrounding water from turning to ice. And the cottage-style living also involves a sewage system that requires pumping out a septic tank once every month or so.

When affordable homes in Toronto are non-existent, and the average selling price for in the real estate market is $1,045,488, those efforts required for a houseboat can be worthwhile. There are houses just up the street selling for more than $2 million.

But coming up with the financing for that affordable price tag comes with its own challenge, according to the listing agent Denise Doucet. She tells BlogTO that banks won’t offer a traditional mortgage on a boat. Potential buyers have to get creative. After co-living and laneway housing, living on the water could be the next way to finding something affordable in Toronto real estate.

@nowtoronto

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