In a city where only a fortunate sliver of the population can own real estate without declaring themselves “house poor,” finding a reasonably-priced home is difficult, to say the least. Every once in a while, though, a property goes on the market that is actually affordable, at least by Toronto’s standards. It’s rare, but not impossible to find townhouses, penthouses, and condos for less than $500,000. For reference, the average price of a condo sold in the city over the past month is $719,050.
In fact, one of these homes costs less than $300,000, which is practically unheard of in this city. According to Strata.ca agent Francisco Hiebert, there are certain factors that give these listings a more affordable price point.
High Park Condo
This 1-bedroom condo is right by High Park and costs $489,000. The building went up in 1989, so age is a factor when it comes to the pricing, Hiebert told Curiocity. Older buildings tend to have higher maintenance fees, but the floor plans are often larger than newer condos. Buyers who snap up these older properties usually do renovations to give them a more modern look.
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King West Village Townhouse
This small, lower-level townhouse in King West Village is listed for $499,000. When it comes to townhouses, units located below ground level will always sell for less because they don’t get as much natural light as units on the ground or upper floors, Hiebert said. Nevertheless, it’s great for getting your foot in the door and the location is pretty ideal.
Condo near the Airport
This one-bedroom condo near Pearson Airport is well over 800 sq ft and costs $299,900. The spacious balcony overlooks a green space and the building has a pool and sauna. Age and location are the main factors for the lower price of this unit, as the building is over 30 years old. Plus, the building is mostly brick, rather than glass and steel that we’re used to seeing with modern condos.
“I wouldn’t recommend it as an investment to a client, as it won’t appreciate at the same rate as more modern condos, but with some renos, it would make a great home,” said Hiebert.