With prices going down in Toronto, first-time homebuyers and real-estate investors now have a great opportunity to secure a property in the city, and here’s what the east-end has to offer for under $500,000.
With buyers feeling the pressure from the current economic uncertainty, real-estate sales are still falling in Toronto, according to the latest Toronto Regional Real Estate Board (TRREB) report.
However, the report also indicates buyers now have an opportunity to buy for a lower price as demand slows down, with the average selling price in January sitting at $973,289, which is 6.5 per cent lower than last year at this time.
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Real-estate agent at King Realty Co., Kathy Hoang, tells Now Toronto that the current market offers a good opportunity for first-time buyers to enter the market.
“I think if you’re a first time homebuyer and you’re ready to go, like, if you have been pre-approved, if you have your deposit and you have everything ready, I think you’re in a strong position to buy something,” she said.
Under the current market, buyers are able to find housing in different areas of the city for as low as $500,000. This includes areas outside of the downtown core which often have less inventory, including the east end.
In addition, the market conditions also offer buyers the chance to negotiate prices to bring them closer to their budget.
“You can still definitely [find] one-bedroom condos, or even one [bedroom] plus den in the east end for under $500,000,” Hoang said.
“I think now a lot of sellers are open to negotiations too. I think even if it’s lifted up to $550,000, you could probably maybe even…get it for $500,000.”
East-end listings under $500,000
For those who are ready to explore their options in the city’s east-end, Now Toronto has compiled a list of properties in the area that are listed for under $500,000.
314 – 1630 Queen St. E.
Type: One-bedroom + den apartament
Listed for: $430,000,
Listed at only $430,000, this apartment in the Beaches promises incredible amenities, TTC access, and convenient access to local shops and entertainment in the area. This property is 587 Sqft., with one bedroom, one bathroom, and a den, plus a 61-Sqft. balcony, and it is located in a six-storey building, which includes amenities such as a rooftop terrace, pet wash centre, fitness center, party room, and more. For more information, visit the listing.
101 – 45 Connaught Ave.
Type: One-bedroom, two-bathrooms apartament
Listed for: $423,000
This unit promises the best location and quality for the best value possible, listed at only $423,000. Between 500-599 Sqft., this one-bedroom apartment includes two bathrooms, as well as a bike rack and a locker for convenience, and offers tons of natural light, laundry room, modern appliances, and more. The spot also enables quick access to the city, with quick transit access, and is only steps away from local shops, restaurants, parks, and the beach. For more information, check the listing.
23 – 2112 Queen St.
Type: One-bedroom apartment
Listed for: $384,000
This one-bedroom, one-bathroom apartment in the Beaches promises a “great opportunity for a wise buyer,” and is up for $384,000. With 588 Sqft. of space, the unit offers a large private balcony with a view to the lake. The balcony can also be accessed from the apartment’s spacious bedroom, which has lots of natural light and a walk-in closet. To top it off, the offer also includes two parking spaces. For more information, check out the listing.
703 – 1145 Logan Ave.
Type: Two-bedroom apartment
Listed for: $499,000
For just under $500,000, this spacious unit in East York offers the charm of a boutique condo with only three units per floor, combined with a modern finish and a contemporary feel. This two-bedroom apartment, with 700-799 Sqft. of space is designed with an open-concept layout, laminate flooring, modern light fixtures and a balcony that offers a space to relax and enjoy open sky views and the city lights. This unit is located in a convenient location, steps away from a bus stop, as well as parks, schools, local stores, a major highway, and more. For more information, check out the listing.
802 – 286 Main St.
Type: One-bedroom apartment
Listed for: $469,000
This modern and sophisticated one-bedroom unit promises comfortable urban living, just steps away from transit to move downtown, all at $469,000. Its open-concept layout and west-facing position allows for plenty of natural light and amazing views, including of the city’s skyline. The building also offers amenities such as gym, barbecue stations, kid’s playroom, pet spa, and more. Located in the Danforth, the apartment is also surrounded by local eateries, cafes, shops, and more, and offers easy access to the TTC and GO Transit. For more information, visit the listing.
How to prepare to buy
Hoang says she recommends those who wish to purchase soon to get everything ready before visiting properties, that includes getting pre-approved for a mortgage and getting your upfront deposit readily available.
“You never want to start house shopping without knowing how much you can actually afford, and making sure your credit is good, making sure you have the deposit readily available,” she said
“Make sure you have your closing costs and enough money to do all the other things, like furnishing and making sure that you speak to somebody about what your monthly outplay is going to be like once you purchase the property.”
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For a property within the $500,000, Hoang says buyers would need a minimum down payment of about six per cent, plus provincial and municipal closing costs, as well as lawyer fees.
