Real-estate prices are dropping in Toronto, giving first-time homebuyers the opportunity to finally enter the housing market. Here’s what you can get in the city’s downtown core for under $500,000.
Toronto’s real-estate market has historically been one of the most expensive in the country. But King Realty Co.’s real-estate agent Jaleesa Bell points out that the pricier market also comes with great advantages, including proximity to transit, plenty of shops and amenities, access to entertainment, employment opportunities, and more.
According to the latest Toronto Regional Real Estate Board (TRREB) report, condo prices continue dropping in the city, with the average selling price at $973,289 in January, a 6.5 per cent drop from last year at this time.
The dropping prices now also offer a great opportunity for aspiring homeowners, who are now able to realistically find units under $500,000 in the downtown core, according to Bell.
Although units in this price range might be smaller in size, the realtor says the advantages of living downtown outweigh the disadvantages of navigating a smaller space.
“Something around $500,000 in downtown Toronto is realistic in today’s market. However, buyers should approach this price point with informed expectations. Properties within this price range typically include studios, one-bedroom condos, and the occasional one-bedroom plus den,” she said.
“Yet they’re often situated in highly desirable locations, offering access to the lifestyle that draws many people into the downtown core. So, for many purchasers, this becomes a trade off they’re open to making at the entry level.”
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Downtown Toronto listings under $500,000
For those who are on the lookout for affordable properties in the city, here are some options in the downtown area for under $500,000.
710 – 352 Front St. W.
Type: One-bedroom plus den apartment
Listed for: $485,000
This one-bedroom plus den apartment offers all the comforts of living downtown for under $500,000. With over 500 Sqft. of space, this property offers an open-concept layout which promises plenty of natural light, a functional living space, and a versatile den for additional storage. The condo also features impressive amenities including a fitness center, theatre and media room, barbecue area and more. The location is also steps away from public transit, stores, restaurants, and major city landmarks such as the CN Tower and Rogers Centre. For more information, check out the listing.
1006 – 38 Elm St.
Type: One-bedroom plus den apartment
Listed for: $479,000
This condo promises a spacious environment and highly-modern finishes in one of the most desirable neighbourhoods in the city, all under $480,000. This apartment with over 700 Sqft. of space features a generously-sized bedroom with an ample closet and in-suit laundry, as well as a spa-inspired bathroom with a jacuzzi and walk-in shower. It is ideal for everyday living and is just steps away from grocery stores, TTC subway and streetcar stops, and local shops, in addition to the condo’s amenities, which include indoor pool, sauna, gym, game rooms, and more. For more information, head to the listing.
1001 – 17 Bathurst St.
Type: One-bedroom plus den apartment
Listed for: $469,000
Located on Toronto’s Lakeshore Blvd., this one-bedroom plus den unit offers over 500 Sqft. of space. With 9-foot ceilings, wall-to-wall flooring, and floor-to-ceiling windows, this condo is filled with an efficient layout and lots of natural light for an ample feel. Besides an ample bedroom with closet space, its den with a glass sliding door can also be used as a second bedroom or home office. Located at The Lakefront luxury condo, the apartment also features a pet spa, outdoor lounge, kids’ playing room, indoor pool, and more. For more information, visit the listing.
1103 – 8 Colborne St.
Type: One-bedroom apartment
Listed for: $359,900
For less than $400,000, homebuyers can find this one-bedroom apartment at The Cosmopolitan. With a combined living and dining room, a balcony, sun-lit bedroom, and kitchen that features granite countertops and built-in appliances, this apartment promises a renovated feel. The unit shares hotel amenities including a rental pool, and is located near the financial district, with access to transit and local businesses. For more information, visit the listing.
1605 – 181 Huron St.
Type: One-bedroom plus den apartment
Listed for: $499,000
Located near Kensington Market, public transit, hospitals, dining, and shopping, this unit is a great option for professionals or students looking for a vibrant and convenient lifestyle. With an open floor plan, floor-to-ceiling windows, and a spacious den, the apartment features over 500 Sqft. of space. Building amenities include a rooftop terrace, fitness center, party room, and more. For more information, visit the listing.
Is now a good time to buy?
With prices now dropping to the lowest levels in years, Bell says she’d recommend interested buyers to take advantage of the market.
“What makes the segment noteworthy is many of these same corners were selling comfortably over $600,000 during Toronto’s peak. So, for buyers that are waiting on the sidelines, this adjustment actually created a window for renewed opportunity,” she said.
Besides the units highlighted, Bell says there are plenty of affordable options available, especially in certain downtown neighborhoods, including:
City Place
Entertainment District
Queen Street West
Yonge-Church Corridor
Regent Park
For those looking to make a purchase soon, the realtor says preparation is essential, including getting pre-approved for a mortgage and planning for any additional costs, which include legal fees, and provincial and municipal transfer taxes.
“It’s important they ensure that they have that ready, including their down payment and documentation in order as well,” she added.