So you’ve established with the help of a great mortgage advisor that your budget for a new home in Toronto is $600,000. Great work! You’re definitely doing something right to be at this point, and 600K is a good budget.

Looking at the math (don’t worry — I won’t do this for too long!)…your downpayment is somewhere around 30-120K (30K = 5% down and 120K = 20% down) and your mortgage payments if we consider a 20 year amortization at an interest rate of let’s say, 2.89%, are going to be around $2600-$3200 a month. ***

So here’s the thing. $600,000 is a lot of money and, like I said, a good budget. But 600K does not buy you what you get in Milton or Whitby or Brampton or Ajax. Toronto is a very expensive market. It’s also an extremely confusing one at times for a first time home buyer. Why? Because the listing price rarely (actually, almost never) equals the purchase price. If you are in the market to buy a house for example, more often than not it seems you’ll be paying more than the list price. If you’re buying a downtown condo on the other hand, you may be paying quite a bit less.

All that said, math and multiple offer wars aside, let’s look at what $600,000 buys you (well, this month anyway). Here I offer a hand-picked list of interesting offerings, some that are currently on the market (not holding back offers) and others that have sold at a price at or very close to 600,000:

 

C3043085

2191 Yonge Street, aka Minto Quandum

Neighbourhood: Yonge and Eglinton

Modern condo. 2 bedrooms plus den, 2 full-piece bathrooms, approx 1000 square feet, decent view, 1 parking spot. Currently listed at 599,700.

 

 

E303997868 Broadview, aka The Broadview Lofts

Neighbourhood: Riverside/Leslieville

Authentic warehouse post and beam loft conversion. 1 bedroom plus den, 1 bathroom, approx 1000 square feet, 1 parking spot. Currently listed at 579,900.

 

 

C3043246_17155 Dalhousie, aka The Merchandise Lofts

Neighbourhood: Downtown Yonge and Dundas

Authentic hard loft conversion. 2 bedrooms plus den, 2 baths, nearly 1500 square feet, 12-foot ceilings, 1 parking spot. Currently listed at 619,000.

 

 

C3050031539 Jarvis, aka The Jarvis Mansions

Neighbourhood: Jarvis/Wellesley/ North St James Town

Boutique 100-year old building. 2 bedrooms, 2 bathrooms, no parking, 1130 square feet, 9 foot ceilings. Currently listed at 600,000.

 

 

C3046051_1025 Stafford Street

Neighbourhood: King St W and Strachan Ave

Multi-level condo-townhouse! 1 bedroom plus den, 2 bathrooms, 1 parking spot. Currently listed at 600,000.

 

 

C300981218 Yorkville Ave

Neighbourhood: Yorkville

Modern Yorkville condo! 2 bedrooms, 1 bathroom, 1 parking spot. SOLD RECENTLY FOR AROUND 600K.

 

 

E3021945Bain Ave

Neighbourhood: Riverdale, east of Pape

Semi detached house. 2 bedrooms, 2 bathrooms (one in basement), landscaped back yard, no parking, fully renovated as per listing. (Blake St Jr Public School is catchment elementary school). SOLD RECENTLY FOR AROUND 600K

 

E3032751Main Street

Neighbourhood: East End Danforth / Main & Gerrard

Victorian rowhouse! 3 bedrooms (plus another in the basement), 3 bathrooms, 4 parking spots, beautifully maintained and renovated. SOLD RECENTLY FOR AROUND 600K.

 

 

C3014100Mechanic Street

Neighbourhood: Brockton Village

Victorian semi. 3 bedrooms, 2 bathrooms (one in basement), 1 parking spot, dated as per listing pictures, status of home inspection unknown. SOLD RECENTLY FOR AROUND 600K.

 

 

W3043824Runneymede Road

Neighbourhood: High Park, Bloor St W & Annette

Detached house! 3 bedrooms, 1 bathroom, 1 parking spot. Property sold “as is condition”. SOLD RECENTLY FOR AROUND 600K.

 

 

W3027997Franklin Avenue

Neighbourhood: Junction Triangle

Victorian rowhouse! 3 bedrooms, 1 bathroom, 1 parking. CUTE. Listing states updated wiring and plumbing. SOLD RECENTLY FOR AROUND 600K.

 

 

***need a couple amazing recommendations for mortgage advisors to help you to understand what you can afford?? Contact me for free, no obligation, no strings attached, no finder fees, honest-to-God recommendations

***information provided in the above section only discusses mortgage payment costs. Talk to your mortgage advisor or myself about the additional costs of purchasing and expected monthly carrying costs so there is never such thing as “hidden costs” in your home-buying experience.

***if you are interested in learning any more about these properties, both those for sale and those that have already sold, please contact me for more information

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