general surfer
New Member
hi folks, i'm completely new here, just want to know is there any chance get a good property with the budget around 200k in toronto nowadays, prefer a good hood.
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looking to buy a property
- Thread starter general surfer
- Start date
andrejeffry
Active Member
I'm afraid 200K won't buy you much in Toronto nowadays.
Be prepared to pay 300K for unit in nice hood
Be prepared to pay 300K for unit in nice hood
general surfer
New Member
wow, no way around 200k eh, even with a smaller size townhouse or small loft? too bad thats what we could afford at the moment! any suggestion?
JayBee
Senior Member
cdr108
Senior Member
as a very general rule of thumb, you're looking at $400 PSF for any type of 'average' housing in a d/t hood ... not prime locations like Cabbagetown, Annex, Yorkville, Prime Riverdale.
So if your budget is $200K, you will be looking at 500 SF shoebox.
So if your budget is $200K, you will be looking at 500 SF shoebox.
general surfer
New Member
i dont mind live in a shoebox as i am from somewhere very exp on living, as long as in a decent area and enuff for a couple is fine!
cdr108
Senior Member
how much space would you consider to be adequate for a couple?
what are you seeking - 1bed, 1bed + den, etc?
if you're coming from a place where the cost of living is expensive, then 500 SF (if you use metric, ~ 45 square meters) maybe considered a castle to you, while for many in North America it would be small (ie. shoebox).
general surfer
New Member
yeah, i know, to me,500sf is eunuff, like 1 bed plus den will be great!
actually looking for small bungalow will be perfect .
Observer Walt
Senior Member
You will not find a bungalow in Toronto for $200K. Nor will you find a townhouse, unless in a poor location and / or poor condition.
You can get a one-bedroom condo apartment for that much. Look at
www.realtor.ca to get started.
You can get a one-bedroom condo apartment for that much. Look at
www.realtor.ca to get started.
AKS
Senior Member
There's a few on mls for under 200k but they are kind of far away. between Markham Rd and Morningside. But there aren't many. Even in the 905, almost all are over 200k
cdr108
Senior Member
the OP was looking for a good location too.
b/t markham and morningside is not really what i would call a good place.
b/t markham and morningside is not really what i would call a good place.
tissot
Active Member
I remember Fly Condos had/has units starting from $159k, but they're only 400sf.
general surfer
New Member
oh i guess i have to settle with condos or apartment, right? folks, reason i dont like condos or apartment is the high main fee. and you never know who is your next door neighbour, that's the down side of it, but if the market is down now, then i guess i have no choice.
Eug
Senior Member
Also note that many of the lower priced bungalows or semi-detached homes are very old and may require significant upkeep. While there is no monthly maintenance fee, you still have to pay for maintenance, gas, electricity, cable, etc. yourself.
Plus, if you want anything half-decent in that category in a not-too-terrible area, you're looking at starting at twice your budget and going up from there. ie. $400000 is at the low end, with many bigger and nicer semi-detached homes in nicer areas being several hundred thousand more than that.
For a couple, I would recommend expanding your budget closer to $250000-300000 for a 1-bedroom condo, or else just rent.
Plus, if you want anything half-decent in that category in a not-too-terrible area, you're looking at starting at twice your budget and going up from there. ie. $400000 is at the low end, with many bigger and nicer semi-detached homes in nicer areas being several hundred thousand more than that.
For a couple, I would recommend expanding your budget closer to $250000-300000 for a 1-bedroom condo, or else just rent.
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AKS
Senior Member
between $250k-300k, there are options for houses in the GTA. Albeit old houses. Of course, if you want to live in the core, condos are the only option. If the person keeps renting for the next few years and wait for the recession to pass. Chances are it's going to get even more difficult to buy a home later. Prices of homes seem to have gone up to high and will continue climbing after this slow down. Older buildings are now around $325-400 psf. Newer ones are around 400-500 psf. Pre-constructions are around 500-700+ psf. Even if it drops slightly less if economy stays down. Once it picks up prices will get higher than current ones. The only option to stay afloat on inflation seems to be owning a home. Money in the bank erodes in value over a period of time.