Looking for your first home in Toronto? Some Midtown listings offer one of the most accessible real-estate entry points in the market, and we’ve rounded up some properties in the area to get you started.
Toronto certainly has many different attractive areas when it comes to real estate, from downtown’s busy lifestyle to North York’s convenient but less chaotic vibe.
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When it comes to first-time home buyers looking to get their foot in the door, King Realty Co.’s agent Shawna Menton says the Midtown area offers one of the most strategic entry points in the market, especially for those looking for properties under $500,000.
“What makes this area, this price point, particularly attractive is the financing flexibility. qualified first-time homebuyers can actually enter the market with as little as five per cent down [payment],” she told Now Toronto.
Over the past 90 days, the realtor says there have been 39 condo sales in the area with an average selling price of $445,622, with properties being sold for 96 per cent of their asking price. At the same time, these condos were in the market for an average of 39 days, which means the market is active and offers an opportunity for buyers to negotiate.
“This actually suggests that buyers searching for value in this price range should strongly prioritise considering this area in their search, as it offers a higher concentration of attainable opportunities over time. Overall, first time homebuyers looking to step into the Toronto market in this segment get a balanced combination of affordability, location and long term upside beyond price point,” Menton explained.
The price is not the only thing that makes this area attractive to buyers. According to her, the area offers a series of lifestyle conveniences, including easy access to transit, walkability, and plenty of desirable communities around, with some of these being:
- Mount Pleasant;
- The Annex;
- Yonge and Eglinton;
- Briar Hill-Belgravia;
- Lawrence Park;
- Casa Loma;
- North James Town;
- St. Clair;
- Yorkdale.
With the market currently on the buyers’ side and the spring real-estate market bringing even more listings, Menton says now is a great time to start the search.
“I do think it is a good time to invest, especially with the spring market just right around the corner. We’re going to see more buyers coming into the market, because this is when the market typically picks up,” she said.
“With that being said, you really want to get ahead of the spring rush right now. With less buyers searching, you have the opportunity to beat those multiple offer scenarios.”
To help buyers get ahead and kickstart their process, Now Toronto has compiled a list of five properties in Midtown under $500,000.
902 – 43 Eglinton Ave. E.
Listed for: $419,900
Type: One-bedroom apartment
This unit is located in one of the best Midtown areas, putting residents steps away from transit, local businesses, grocery stores, and much more. Although this is a one-bedroom unit, its optimal design makes the 633 Sqft. highly functional, with a u-shaped kitchen, lots of living space, and an ample bedroom, plus a 30 Sqft. balcony for more natural light and added space. This building is located 2-minutes away from transit, close to the Eglinton subway station and the upcoming Eglinton Crosstown LRT. For more information, visit the listing.
2206 – 25 Holly St.
Listed for: $449,000
Type: One-bedroom apartment, plus den and two bathrooms
Located at Plaza Midtown, this apartment promises functionality, comfort and great city views. With stainless steel appliances, open-concept layout and modern cabinets, the unit offers that modern feel, while its ample living space and generous den grant an even more functional space. Its location is also great for convenience, being close to the subway station and major highways, as well as local businesses and amenities. For more information, visit the listing.
1133 – 8 Hillsdale Ave. E.
Listed for: $388,000
Type: One-bedroom apartment
This one-bedroom apartment might not be too ample, but it offers a great opportunity for first-time buyers to put their foot in the door. This condo has floor-to-ceiling windows, an open-concept layout, a modern kitchen with quartz countertops, and an open balcony with garden views. The building also features several amenities, from a well-equipped gym and yoga to a swimming pool and hot tub. For more information, head to the listing.
609 – 33 Helendale Ave.
Listed for: $468,000
Type: One-bedroom apartment
This unit promises the best price in town, for less than $900 per Sqft., plus it’s been freshly-painted and professionally cleaned for that brand-new feeling. With an open layout, plenty of living space, one bedroom, and media space, the apartment offers functional living. On top of that, the prime location puts residents close to the subway and bus station, local parks and shops. For more information, access the listing.
610 – 68 Merton St.
Listed for: $499,000
Type: One bedroom plus den apartment
This unit just had a price change, which put it just under $500,000, and promises one of the best spots in Midtown. With 500-plus Sqft. of space offers a well-designed kitchen, spacious primary bedroom with large windows and closet, and a versatile dent which is good for an office or reading space. Located in the heart of Midtown, the building is located steps to Davisville subway station, and is close to grocery stores, local eateries, shops, and more. For more information, visit the listing.
