How Much Money Do You Need to Buy a Condo in Toronto?
Toronto is one of the largest cities in Canada and an impressive hub. It is a vibrant city with lots of opportunities regardless of your goals in life, finances, and situation. It is excellent for families and elders looking for quiet retirement places or single individuals focused on their careers. Now, should you buy or rent?
Generally speaking, renting is suitable for those who require lots of flexibility. If you can save the money for a deposit, buying is the desired option. It makes no difference if you want to live in a condo or rent it out and let it pay by itself. There are some great affordable places in Toronto, as well as a few overpriced areas.
Where to buy a condo in Toronto?
The most expensive places are not the most desired ones. Sure, if renting costs in the area are incredibly high, it might be wise to purchase a property as an investment – rent it out straight away. Then, the most affordable places may not be the best either. Crime rates can be a bit higher, but you may also end up miles away from your workplace. However, it’s a good choice if you are climbing on the real estate ladder.
What is the best choice then? Luckily, there are plenty of middle choices as well. At this point, you do not want to be downtown, but not 20 miles away from it either. There are affordable places out there with good links around Toronto and lots of amenities around. So, how much money do you need to buy a condo in one of these places?
On average, the listing price for a condo in Toronto is just over $800,000. Different properties may cost more or less. So, what makes Cooksville such an attractive option then? Condos in Cooksville cost just under $600,000 on average. The area is not too far from downtown Toronto and provides access to numerous transport links and amenities. Sure, the price is higher compared to the past years, but it is still affordable compared to downtown Toronto and offers better value for money. The constant growth underlines another thing – the value is likely to go up.
Condos in Eringate are slightly cheaper than alternatives in Cooksville and much cheaper than in downtown Toronto. You can get a modern and newly refurbished condo in Eringate for just over $500,000. There are many amenities in the area, and there are lots of people interested in renting too. So buying here can make a good investment. Most people who buy in the area are interested in living there, though.
How about Trinity Bellwoods?
Trinity Bellwoods is an extremely diversified area. You can find condos in Trinity Bellwoods that barely fetch $500,000, as well as condos that will exceed the million mark. On average, Trinity Bellwoods is slightly more expensive than Eringate.
On a similar note, if you live by yourself or with your partner only, you can easily find condos in Kingsview that will cost less than $400,000 – excellent value for money. Despite being inexpensive, Kingsview is not unsafe at all. Crime rates are average, and public transportation links are excellent.
The bottom line, buying a condo in Toronto – regardless of the area – will ask for a decent deposit. You should be able to come up with anywhere around $30,000 upfront. More is always better. As for the total price, it depends on the area, size, and bedrooms.
The best part about this venture? There is lots of room to move around. There are numerous opportunities based on your current situation, finances, and future goals.