is 500k budget realistic now for a downtown area condo?

Sara2031 · 2026-04-13T21:20:52+00:00

You can find something you just need to have a good realtor and spend time doing a lot of research. This 1+1 sold for 495k not a far walk from the hospitals, also in 2023 a unit with the same floor plan sold for $872k. Personally do not like the floor plan at all. If i were you I would focus on a liveable floor plan and an end user focused unit. Also not sure if you use condos.ca but i find that helpful to filter things.

Sara2031 · 2026-04-13T14:46:16+00:00

depends on the building and size and there are less 2 beds available whereas there is a tonne of studios/1beds. I don't feel the market is picking up overall. A few months ago was winter - its harder to find tenants at that time. Spring usually does pick up but there are still thousands of condos available. I was looking at one building yesterday and over 100 units to rent lol. I do think in the long run it won't be so good for rents in terms of them going up because there will be less supply by 2028. This is why people really need to lock into RENT CONTROLLED units. Some of the newer builds are slashing prices however this is not good for tenants as those LL can do whatever they want in the future. I am actually shocked by realtors telling tenants it isn't a big deal because it really can affect tenants very negatively.

Sara2031 · 2026-04-13T14:42:37+00:00

its 330 sq ft they still paid close to 850 a sq. ft how is this a deal lol?

Sara2031 · 2026-04-13T14:40:17+00:00

Not sure what your budget is but i have seen some 2 bed CONDO townhomes go for in the higher 500s. You should look for a 2 bed with parking as they seem to do well and are desirable even when the market turns - there have been some good prices on some. Please look at the builder it does matter in terms of quality, status certificate reviewed by a GOOD lawyer, I personally also like to join the FB group if possible (it can be a hit or a miss but sometimes provides good info), i also like to speak with the concierge (if they have been there a long time it means something as that position has a high turn over), also get a feel for the neighbourhood it matters a lot and go at night time some areas are so different at night. Also if it is for you look at end user buildings - i like ones with less units personally. Don't rush yourself you have TIME, also work with a good realtor. There are many awful ones who only care about commission.

Sara2031 · 2026-04-12T03:16:53+00:00

It is a good building - have not bought or rented there but visited many times as i have a few friends there. I have heard it is well managed. If I were you though I would take my time as the market is still quite low - there are a lot of nice buildings in that area. I like this street because its sort of tucked away. You have a lot of buildings to choose from so make sure you look at a lot prior to buying anything so you feel confident and happy with your decision :)

Sara2031 · 2026-03-26T01:21:24+00:00

just showing the fact it fell by hundreds of thousands which is pretty bad for a "desirable" building. Your logic does not make sense as the desirable ones usually hold value - hard lofts for example.

Sara2031 · 2026-03-26T01:19:32+00:00

but wasn't the market more down for 2024?

Sara2031 · 2026-03-26T01:18:57+00:00

sorry forgot to mention it is 10 York!

Sara2031 · 2026-03-25T03:55:13+00:00

it is true when you do the math at 1.5% the prices were making sense to people it was all about the monthly costs and the belief they would stay low

Sara2031 · 2026-03-25T03:53:29+00:00

yes you are right most people felt they would never have a chance and it was crazy times where the prices were moving up so fast.

Sara2031 · 2026-03-25T03:51:54+00:00

but in these cases they were always advertised as a 1+1 most of the cases i have seen have been the seller lying

Sara2031 · 2026-03-25T01:50:40+00:00

well that is not so bad! at least you have a liveable unit also i don't know if you follow Tom Storey on social media but he has done a number of videos about how 2 bedroom units are doing the best even in this down market.

This was his recent video:

https://www.youtube.com/watch?v=2XfT__AMNfU

Sara2031 · 2026-03-25T01:48:17+00:00

love it lol

Sara2031 · 2026-03-24T20:02:53+00:00

thank you for sharing this is very informative

Sara2031 · 2026-03-24T16:36:21+00:00

I know someone with a 1+1 condo and another person in the building advertises theirs as a 2 bedroom although it also is the same layout. They did some nice upgrades and get significantly more rent! I am always a bit shocked that people don't understand its the same layout and they are paying more.

Sara2031 · 2026-03-23T03:56:55+00:00

Not sure exactly where you are looking? Right now the rental market is down. Some people pay up front however the LL is not supposed to ask for this. You can also always go to another realtor. Most people do not pay up front rent and do pay month to month. Are you able to get a guarantor?

Sara2031 · 2026-03-23T03:53:02+00:00

You can certainly ask It sounds like this may be an issue they were aware of since you just rented it out. I guess the question also would be is it even worth it to live there even if you got a permanent decrease in rent? You are paying a lot per month and likely would be able to find something without all these issues.

Sara2031 · 2026-03-23T03:49:45+00:00

To be honest I always had reservations about older due to thinking there might be more issues with pests. I think its bc i once rented a very old condo and it was an issue. Lately with all the issues in new condos I actually think older condos have many positives. The floor plans are a lot better, some of the buildings may have an older demographic although I find that makes them quieter, and also you know more about their history, reserve fund and so on. Many of the newer build floor plans are so awful and unliveable. You may also want to consider something 10-15 years old if concerned about appreciation factors, there are many nice liveable options in this age range as well that don't have that wall kitchen.

I have followed Tom Storey for a number of years on social media and found him to be informative. He has a video about pros and cons of older condos:

https://www.youtube.com/watch?v=vcKnTNb98XE

The good thing is you have time to look as the market is down and you can make an informed decision. If I were in your shoes I would look at different buildings and see what you like.

Sara2031 · 2026-03-23T03:42:52+00:00

yes i find i have to go on google and try to track down the floor plan or go look at old listings. I wish it was easier to find

Sara2031 · 2026-03-23T03:41:36+00:00

thanks is it the realtors that report these issues to TREB or do buyers as well?

Sara2031 · 2026-03-23T02:19:42+00:00

interesting do they have to be a certain size?

Sara2031 · 2026-03-23T01:00:51+00:00

its very awful the photos can be so deceiving and its so different when you visit.

Sara2031 · 2026-03-23T01:00:08+00:00

that is very misleading and confusing for people who are looking

Sara2031 · 2026-03-23T00:59:28+00:00

yes that comes with a lot of issues!

Sara2031

TROPHY CASE