Toronto Loft Conversions

Toronto Loft Conversions

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Modern Toronto Lofts

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Unique Toronto Homes

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Condos in Toronto

Condos in Toronto

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Toronto Real Estate

Toronto Real Estate

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Tag Archives: two bedroom condo

Downtown Toronto condo for $380,000? It really does exist

Rosemary Westwood – Metro

Some buyers are finding sweetheart deals in the downtown core amid predictions of another pricey year for real estate in Toronto.

The basic message from agents: Look southeast.

Comment: I have been saying that for years! That same unit would have been $350,000 a year or two ago. And under $300,000 from the builder. But they won’t stay low for long…

Regent Park condos
A two-bedroom condo in a building that’s part of the Regent Park redevelopment project, for example, sold for $380,000 last week — $4,900 less than the asking price in a city where bidding wars have become the norm. In the same area, a two-bedroom condo with a south-facing terrace will soon be on the market for $399,000.

Both are far cheaper than the average downtown two-bedroom condo, which went for $558,986 in the third quarter of 2014, according to the Toronto Real Estate Board.

“The same condo in King West would be $579,000,” said David Fleming, a realtor with Bosley Real Estate Ltd. Brokerage and the listing agent for the $399,000 unit. “The same condo in the St. Lawrence Market area, which is maybe three blocks south, three blocks west, would be $499,000.”

“There’s tremendous value in that new revitalized Regent Park area,” he added.

Comment: As the area is only going to go up. Once it is 100% complete, the area will be just like Liberty Village. Add in the West Don Lands, Pan Am Games and Canary District to the south and Toronto’s east end is going to see huge new life in the future. Then there are the Port Lands and the East Bay Front. Get in now, trust me.

Canary District Toronto
A Royal LePage forecast released this week showed Toronto’s condo and home prices are expected to continue their climb in 2015.

That makes the Regent Park development somewhat of a diamond in the rough, said Regent Park Life real estate broker Lamis Dantas.

“Whoever’s moving in here is coming to an area which is still a work in progress, so the prices reflect that,” she said.

Comment: Not as much as it was a couple of years ago. It is much more polished than it was. And in 5 years it will be completely gentrified.

Buyers tend to be “city people” she said, empty-nesters, first-time buyers and young families.

Derek Boswick is one of them.

Boswick bought a two-bedroom condo a few years ago. Other condos he looked at in the Wellesley and Yonge area, for example, were priced tens of thousands above his Regent Park unit.

“It saved me $30,000 so I guess I shouldn’t complain,” he said. “It’s a neighbourhood that’s changing, and it’s just going to get better.”

Comment: And he is going to see a nice appreciation over the next handful of years.

Toronto East Portlands
Elsewhere

How many areas are still undervalued in Toronto when it comes to real estate?

Outside the southeast side of the downtown core, “there’s not a whole heck of a lot,” said David Fleming, a realtor with Bosley Real Estate Ltd. Brokerage.

West Don Lands and St. James Town are about the only others, he said.

Developments in St. James Town are a few years ahead of the southeast side, making them slightly more pricey.

Some buyers are worried about oversupply with a massive new development in the West Don Lands area, he noted, but added that new parks, basketball courts and a skate park all point to an area on the rise.

Comment: The whole east end is the place to get into now. Like I said above, from the East Bay Front to the Port Lands, north though the West Don Lands and Canary District, up into Regent Park – even the Danforth is seeing condo development.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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