The average price in Toronto is currently $1,091,300, however, detached homes are still out of the range for a lot of new buyers, making condos a much more affordable and plausible entry point into the real estate market for first-time home buyers.
While the average condo price in the City of Toronto is currently $728,271, there are still options available under $600,000. Here are some of the cheapest condos available on the Toronto market.
Prospective buyers should conduct further research and pricing analysis for the homes and neighbourhoods that match their financial circumstances and lifestyle needs to guide their individual decisions. The content is not intended to solicit buyers or sellers currently under contract with a brokerage.
Tips for Buying a Home in Toronto
Toronto has gained a reputation for a notoriously hot real estate market in recent years, with market conditions reaching record-breaking levels (to the benefit of sellers) in 2021 and into early 2022. While it’s true that buyers will likely face steep competition in today’s market, there are strategies that successful buyers can use to secure their first property on the ladder.
The first, and arguably the most important step, is selecting the right agent to represent you. Your agent should do much more than finding and showing you properties. The best agent for a first-time buyer in Toronto is one who understands the unique complexities of your neighbourhood’s market. They can inform you on the best negotiation practices and offer strategies that will help you come out on top in a bidding war. They’ll also be a helpful resource for connecting you to the right professionals, like mortgage brokers, movers, and lawyers, that will make your purchasing experience more seamless. This team of professionals will be invaluable for you when it comes to financing your purchase and can even help you navigate first-time buyer incentives. Understanding the stages of buying is another thing prospective buyers can do to set themselves up for success. There are a lot of moving parts when it comes to buying a home, so it’s a good idea to get familiar with the different stages of buying a property before you get started. For a more in-depth guide on how to purchase a property from start to finish, you can download our Home Buyer’s Guide here.
1. e – 39 – 7 Brimley Road South – $150,000
Property details:
- 1 bed, 1 bath, 2 parking
- 0-499 soft
- Walking Score 19/Transit score N/A
This houseboat gives you views of the water and spectacular Scarborough bluffs. The home has one bedroom and an additional pull-out couch. Sit out on the deck enjoying a coffee overlooking the water, or with such easy access you could go paddle boarding whenever you feel like it.
View the listing here.
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2. 822 – 4645 Jane Street – $214,900
Property details:
- 1 bed, 1 bath, 1 parking
- 700-799 sqft
- Walking score 10/Transit score 81
Just steps from York University, this condo is a perfect place for either investors or first-time buyers to get their hands on. The condo has been recently renovated and provides plenty of space for guests to come over.
View the listing here.
3. 608 – 50 Old Kingston Road East – $265,000
Property details:
- 1 bed, 1 bath, 1 parking
- 500-599 sqft
- Walking score 61/Transit score 74
This condo has an updated kitchen and bathroom, with a balcony from the main room overlooking the nearby ravine. The stunning complex that surrounds the apartment is incredibly well kept, and perfect for anybody with a love of nature and walking, or an interest in bird watching.
View the listing here.
4. 534 – 4645 Jane Street South – $310,000
Property details:
- 2 bed, 1 bath, 1 parking
- 900-999 sqft
- Walking score 10/Transit score 81
This bright and spacious condo is another perfect opportunity for first-time buyers or investors to get into the market. The location is excellent, close to a nearby subway and York University.
View the listing here.
5. 302 – 705 Brown’s Line – $319,000
Property details:
- 1 bed, 1 bath, 1 parking
- 500-599 sqft
- Walking score 28/Transit score 55
This west-facing unit features a large balcony which is perfect to enjoy the sunsets from. The main living area is bright and spacious thanks to the natural light coming in through the balcony door. The condo is also in a great location, close to Sherwood Gardens and downtown Toronto.
View the listing here.
6. 109 – 5949 Yonge Street – $319,000
Property details:
- 1 bed, 1 bath, 0 parking
- 600-699 sqft
- Walking score 62/Transit score 91
This condo has been totally renovated and upgraded throughout the years. It has an open-concept kitchen, with a quartz kitchen bar and countertop. It’s also in an excellent location close to the subway and other amenities.
View the listing here.
7. 504 – 4689 Jane Street – $319,900
Property details:
- 2 beds, 1 bath, 1 parking
- 800-899 sqft
- Walking score 11/Transit score 82
This condo has been recently renovated and has plenty of space to work in the living room. The kitchen is brand new, as well as the ceramic and vinyl flooring and the brand new coat of paint.
View the listing here.
8. 401 – 235 Grandravine Drive – $339,900
Property details:
- 1 bed, 1 bath, 1 parking
- 600-699 sqft
- Walking score 9/Transit score 67
This condo is in a beautifully maintained building. The spacious main room provides a lot of opportunity for decorating with the large open window providing ample natural light. The building is close to multiple different amenities such as the subway or York University, and is in a quiet location with beautiful greenery.
View the listing here.
9. 804 – 207 Galloway Road – $349,000
Property details:
- 2 beds, 1 bath, 1 parking
- 800-899 sqft
- Walking score 57/Transit score 69
This condo has an open-concept living and dining room and a walk-out to a balcony with excellent views of the city. It’s also located close to the University of Toronto, and comes with excellent amenities in the building, including a gym and a sauna.
View the listing here.
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