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Looking to buy Condo under 200k

C

colinchrisc

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Hello,
I'm 24 and looking to buy a new 1 bedroom / bachelor / studio condo in North York / Scarborough / Downtown area for under $200,000. I was wondering if any other condo seekers know of any condos under development at this price point because after researching I'm finding it difficult to find any places for under 200k (for obvious reasons).
Thanks for your help!
 
urbandreamer said:
Yes. Can you wait until winter 2010-2011? Prices should be much cheaper then, probably "from $159,000" being the norm for preconstruction. Just look at today's stock market spook for idea where the local market is headed.:D
Click to expand...

Thanks for the response! How sure are you about this? I'm not an expert on the real estate market so I'm not sure what to believe what people say to buy now or buy later. I'm just really anxious to buy I guess but I can wait. I've seen some "from $159,000" now so I'm guessing there will be a lot more of these $159k pre-construction offers this winter...
 
Prices won't really go down per say, maybe level off for a bit. Typically prices are on the rise, you can try and grab one while it's slowing down. Also keep in mind rates are going up which will decrease your affordabillity.
 
colinchrisc said:
Hello,
I'm 24 and looking to buy a new 1 bedroom / bachelor / studio condo in North York / Scarborough / Downtown area for under $200,000. I was wondering if any other condo seekers know of any condos under development at this price point because after researching I'm finding it difficult to find any places for under 200k (for obvious reasons).
Thanks for your help!
Click to expand...

If your looking at North York and Scarborough then you should be able to find a few. I would however advise you to take your time, do lots of research and wait unti at least the third quarter. I think you will find a better deal then.
 
urbandreamer said:
Yes. Can you wait until winter 2010-2011? Prices should be much cheaper then, probably "from $159,000" being the norm for preconstruction. Just look at today's stock market spook for idea where the local market is headed.:D
Click to expand...

The canadian economy is recovering, the interest rates are still very low, even if they increase them they will be still good. last month 44.000 full times jobs were added to the economy by private sector. Then, I don't see why real estate prices will go down. $159k? yes, that is possible, maybe for a 250-300 sq ft bachelor.
 
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