Okay, so you’re thinking about buying a condo in Toronto. One of the first things you should do to prepare yourself is get a clear sense of how much your budget can afford in different neighbourhoods. What and where you buy in the end will come down to a lot of other things (like your feelings and stuff), but your budget is a perfect place to start. For instance, what could you afford in King West?
To help illustrate this, we hunted back through our blog for a post about what a budget of $400,000 could buy you in Toronto’s King West neighbourhood in 2014. As you might have guessed, price trends in Toronto have changed just a little bit since then. We’ve updated our previous post to see what a budget of $400,000 can (or cannot) buy in King West today in 2019.
What $400,000 can buy you in King West 2014 vs 2019
1 bedroom (619 SQFT)
The price of this condo for sale today: $589,288
1 bedroom + den (656 SQFT)
The price of this condo for sale today: $621,232
The Thompson Residences
1 bedroom (579 SQFT)
The price of this condo for sale today: $573,789
So, that’s how condo prices have changed.
But . . .
A more realistic budget for first-time buyers in today’s condo market in Toronto is around $550,000. Of course, it all comes down to you and what matters most in your search for condos for sale in Toronto.
Before you start searching, think about what matters most—your budget, your neighbourhood, or the features and quality of the condo you want. Even though $550,000 is more realistic for today’s marketplace, maybe $400,000 is still the budget you’re working with to buy a condo. So . . .
My $400,000 budget is most important!
iLofts in Mimico
1-bedroom 560 SQFT
“I never thought I’d live this far west, but it’s within my budget and the layout’s pretty sweet.”
Tango 2 in Bayview Village
1-bedroom 565 SQFT
“The commute downtown is a little long, but it fits my budget and the Bayview Shopping Centre is a one-stop-shop!”
715 Don Mills in Flemingdon Park
1-bedroom 606 SQFT
“I wanted to get into the market on my budget, and I’m expecting the value will grow once the Eglinton LRT is finished.”
My King West neighbourhood is most important!
1 bedroom 410 SQFT
“Yeah, It’s not that flashy, but I’m finally living the dream of a King West lifestyle!”
The Thompson Residences
1 bedroom 398 SQFT
“The chequered floors are a bit funny, but we’re next door to King West restaurants!”
My condo type and quality is most important!
Studio (342 SQFT)
“A studio next door to the Royal Alexandra Theatre, I’m pretty excited for the rental income opportunity.”
1 bedroom + den (1155 SQFT)
“We were looking for a place that let us both have our space with lots of natural light. Bonus that it’s downtown.”
The condos in Toronto that we’ve used in this blog post are just examples of what we’ve seen listed recently and may no longer be on the market. The point we’re trying to make is that it is possible to buy a home in the Toronto condo market, and there are many options out there depending on what you’re actually looking for. Beginning with your budget is a great start because it let’s you know what you can afford, but you might find that it’s not the most important factor in your condo search.
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