5 one-bedroom condos you can buy for less than $450k in downtown Toronto right now
In case you’re not a real estate speculator and haven’t yet heard, the condo market in Toronto has taken a complete nosedive in the last few months, with sales activity at a nearly 30-year low, new developments being put on ice left right and centre, and a shocking number of units up for sale.
While the lull has hit single-family homes to a far lesser degree, and prices in that sector remain sky-high, it seems condo prices have finally eased in response to the lack of buyer eagerness amid such robust inventory.
As such, here are just a few of the now numerous one-bedroom condos that are currently up for grabs downtown for under the “affordable” (for Toronto) $450,000 mark:
707 – 15 Beverley Street
Rare Real Estate, Brokerage/condos.ca
This one-bedroom, one-bathroom unit in the heart of the city is priced at just $399,999, which is staggeringly low given its location and the modern boutique building it is in.
Though it has the typical aesthetic and floorplan of most new cookie-cutter units and is compact at just 552 square feet, it is bright, clean, and has all of the necessary amenities to make it ideal for a lower-cost, single-person starter home.
Pluses: low price, extremely central location, modern
Drawbacks: relatively high maintenance fees ($717.00 per month), on the small side, no outdoor space, basic and often-hated Toronto condo design
411 – 320 Richmond Street E
Right at Home Realty, Brokerage/condos.ca
Realtors aren’t lying when they advertise this unit as having “fantastic value,” with 1+1 bedrooms and two bathrooms for $450,000.
The unit, located in Moss Park, is larger than the above at 699 square feet, and includes a balcony to boot, but no parking. It also has more of a bedroom space rather than the corner pocket bedroom that many smaller one-beds in the city have.
Though the layout is, again, predictable and the “plus one” bedroom is more of a walk-in closet, there was a time a unit like this would surely go for more than it’s priced at.
Pluses: low price, modern, bigger than a one-bedroom, two bathrooms
Drawbacks: basic and often-hated Toronto condo design
22C – 86 Gerrard Street E
RE/MAX Hallmark York Group Reality, Ltd./condos.ca
As the largest and most unique place on this list, this one-bed, one-bath unit near Gerrard and Jarvis boasts 775 square feet across two floors, along with its own parking spot and balcony.
The upstairs bedroom makes the condo feel much more like a townhome, as do details like the fireplace and non-shoebox layout.
At only $399,999, it feels like a steal.
Pluses: ample space, non-traditional floorplan, bright, modern, parking space, balcony
Drawbacks: high maintenance fees ($1,013.57 per month), may not be the perfect neighbourhood for everyone
2210 – 40 Homewood Avenue
Sage Real Estate Ltd., Brokerage/condos.ca
Another unit with its own parking spot, which can add six figures to a home price! Like the home above, this unit has a more desirable configuration than many new Toronto developments, mainly because it is in an older building.
It is cozy at 489 square feet for one bedroom and one bathroom but has a sizeable balcony and more up-to-date fixtures than many might expect from a 51-year-old tower. Priced at $439,900, it is one of the more affordable one-bedrooms in the city.
Pluses: parking space, reasonable maintenance fees ($493.85), balcony, layout
Drawbacks: older building, low square footage
1100 – 38 Joe Shuster Way
Homelife/Miracle Realty, Ltd./condos.ca
Though there are comparable units in this neighbourhood for around the same price that we could have included on this list, this unit is more distinctive than others in either building, again due to its setup (the similar home nearby is another with a small corner bedroom built into the living space behind glass partitions).
Within close walking distance of Liberty Village, Parkdale, and West Queen West, this $399,999 unit has an orientation that gives the living space more natural light and has its own little outdoor space.
It is a little small at 540 square feet and also lacks parking, but it is in a great area and a newer building (and the bedroom actually has its own window).
Pluses: Low price, good area, better floorplan than most, balcony, low maintenance fees ($480 per month)
Drawbacks: No parking, not particularly large