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