So, you are looking forward to buying a condo. You have finally managed to save enough for a deposit, so you are browsing the market. Whether you go through an agency or check the market yourself, you will find lots of contrasting prices. Some condos cost a few times more than others, meaning the actual location is extremely important in the process. Of course, there are more considerations in the process, but what are the best places to find your next home when it comes to the location?
Considering downtown Toronto
Downtown Toronto condos are suitable for a few categories of people. Practically, this option is more suitable for investors. You plan to spend some money on a quality condo, then live in it or rent it out. Renting it out could be a better choice from a financial point of view, so seek to buy to let opportunities. You can also buy a condo for yourself. You have a good job, and you work downtown, or you want to be close to all the amenities, so you settle in the area.
When it comes to prices, they vary widely – even downtown. There are different areas and districts to consider, but on the same note, expect to pay more downtown than anywhere else. With these thoughts in mind, you will find better deals on the outskirts of Toronto. For instance, the east and the west provide better deals – better value for money too. But then, if you do not drive or you cannot stand being too far from work or amenities, downtown remains your best choice.
Now, what are the best areas to consider in town and why?
Varying prices in downtown Toronto
Different districts come with different prices in Toronto. Are you interested in Canary District condos? There are lots of opportunities around. For instance, a simple one-bedroom condo covering just under 700 square feet will cost you around $1,000 per square foot. The bigger the property, the better value for the money you get. In other words, a two-bedroom condo measuring just over 900 square feet will cost you around $900 per square foot.
Now, how about Bay Street Corridor condos? The area is well seen, and there are lots of amenities around. Condos here are more diversified. You can pay anywhere between $500,000 and $1,000,000 for a condo, but it depends on what exactly you want – surface, exact location, number of bedrooms, and so on. Again, the higher the area, the better value for money you will get.
When it comes to Regent Park, for example, prices vary widely, but an average condo will cost between $400,000 and $500,000. Of course, a massive place in an area with lots of amenities will cost more – the overall surface is probably the most significant indicator in the price.
Ideal locations for investors
Certain places in Toronto are not so suitable for buying unless you are an investor. You will not get too much value for money if you plan to live there, but rent prices are incredibly high, so the condo will practically pay for itself in no time. Some of these places include neighborhoods C02, C08, C09, and C12.
Bottom line, there are numerous opportunities in downtown Toronto. As a general rule of thumb, if you find a deal that seems too good to be true, you better rush. Downtown Toronto is heaven for investors, and buying to let is by far the most cost-efficient option. However, buying to live in the condo is not a bad idea if you work downtown or want to be in the middle of everything.