In a market where prices are changing so fast and units are selling so quickly, it’s hard to know the best places to look for reasonably priced 1 bedroom condos. You don’t want an bad area, you want to avoid buildings that are not so great, but you also cannot spend 800K on a 1 bedroom unit in the core!
The Toronto Condo market is getting even more challenging for first time buyers, or investors who are limited in their price points. 2018 was a unique and challenging year for Toronto condo buyers. Firstly, the banks added a stress test to buyers, lowering the qualification for their purchase. Simultaneously the Toronto condo market still continued to climb in values. While other markets around the GTA saw prices come down, the Toronto condo market still went up!
The combination of these 2 factors has become a challenge for buyers with a 500K purchase cap. I personally have seen this, and worked with many buyers facing this struggle. Luckily, for 2019 we are expecting no major changes in mortgages and buying power.
But there is hope! The key to still getting a great unit, is knowing the buildings, the areas and the unit types. And I can personally say, there is still a lot of great opportunity for 1 bedroom units around or less than 500k.
To help you in your search, I have provided 8 GREAT buildings that consistently have great 1 bedroom units for 500K and, BONUS: I provided 9 tips on how to find the right condo unit for under 500K in this post here.
King West Condos | Liberty Village | 65 / 75 / 85 East Liberty Street
The ever popular Liberty Village community just on the West side of the Toronto Core. This area is stand alone in the Toronto Condo landscape. It has the most unique atmosphere and community feel. Right alone East Liberty street line King West Condos. These condos host a verity of unit types, with views of either Liberty Village or the lake on the south side. The buildings have great amenities, pool, gym, party rooms the whole 9 yards.
It is very possible to find 1 bedroom units for under 500K in these buildings! Generally under 600 sqft, and the maintained fees are super low! Under 300k for the units selling under 500K. There are also lots of options for units just over 500K, in the 525 – 550 range. Slightly higher price range will get you a larger unit, and most cases parking!
Panorama Condos |CityPlace | 38 Dan Leckie Way
CityPlace is a vibrate, youthful, and convenient place to live. It continues to grow and offer local residents more and more each year. Home to Canoe Landing park with sporting arenas and fields. Now a new school and community centre is coming. Spadina Street car line, and walking distance to the core Financial district and Entertainment District. At the very south end of CityPlace, right on Lake Shore Blvd, is the Panorama condos. Super location close to the water, TTC and right in the Toronto Core. Great building with gym, party rooms – just no pool. Built in 2010 by the same builder as all of CityPlace; Concord Adex
This is one building that constantly offers great 1 bedroom units for under 500K. In fact, it is super possible to scoop up a unit for the low low 400s, and it still be over 500 sqft. If you jump up slightly over 500k, into 525k – 540K you get parking and a 600+ sqft unit! Panorama condos offers great units that don’t break the bank, are great in size and location. Down side to this building?… None really. Functional and no wasted space. The views from the building can be amazing. South views of the water, and north views of the financial core! Bonus: Maintenance fees are super low! Generally in the mid 200s per month.
Yes! You can absolutely have a 1 bedroom condo in the core of King West entertainment hub. This building is an amazing location. Close to everything, parks, King Street, sports, entertainment and the Toronto Financial Core. King West is Toronto’s entertainment central, loaded with the best and most vibrant restaurants, lounges, and bars. Built in 2009, this building offers great functional 1 bedroom units, and often larger than 800 sqft.
The units are great layouts, and over 800 sqft. The prices range in the high 400s to low 500s. A rare opportunity to get a large functional unit in King West, without spending way over 500K. The maintenance fees are slightly higher than over condo options under 500K. But the units are over 800 sqft, and you pay by size of unit. Also more expenses are covered in the fees like hydro.
Reve Condos | King West | 560 Front Street
Another great King West opportunity under 500k. Reve Condos is a relatively newer building, built in 2011 by the very reputable Tridel. A boutique building only 14 storey’s tall. Awesome location right on Front Street at Spadina. Close to King Street, close to the Financial District, super close to entertainment. Located directly in front of the new CityPlace pedestrian connection bridge, putting CityPlace and the waterfront that much closer!
Modern units, clean and functional layouts. Generally in the range of 500 – 570 Sqft. Prices are under 500K for a 1 bedroom unit. Kitchen layouts are great! Either the open galley kitchen, or the large U-Shaped kitchen. Maintenance fees are moderate in the mid 300s per month. The building has everything but a pool.
Life Condos | Mount Pleasant | 68 Merton Street
Let’s move up north a little bit, outside of the core. Life Condos is super close to the exciting scene of Yonge and Eglinton. Mount Pleasant area is surrounded by luxury homes, amazing condo buildings and entertainment at Yonge and Eglinton. Also, 68 Merton happens to be on the west end of the street, right at Yonge, and about 5 minutes from Davisville Subway Station on the Yonge line.
Life Condos is a newer building, built by Chesnut Homes in 2016. Great functional units over 500 sqft. Prices range from 450K to 510K for really good units. In the 480-510K range you could scoop up a 1 plus den unit as well with more space! Life Condos is a great choice for being outside the main core area, getting a newer building, great units, close to subway and not breaking the bank!
King+ Condos | St.Lawrence | 39 Sherbourne Street
The St.Lawrence Market community is rich in history, exciting and not a crazy busy community like the Toronto Core. St.Lawrence Market is Toronto’s largest public farmer market with over 120 vendors, and had been named by National Geographic as the largest and number 1 food market in the world. The area is close to the Financial District, TTC, King Street East and the waterfront.
King+ Condos is a newer building, built in 2016. The Unit layouts are very functional, well sized and modern. Perfect location in the east end of the city at the corner of King Street East and Lower Sherbourne Street, with Front Street East just south of the front door. Both King Street East and Front Street East are loaded with shops, convenience and plenty of things to do. Distillery district is just a few blocks away.
The Brant Park Condos | Queen West | 39 Brant Street
A exceptional condo for those seeking everything wrapped in one package. The Brant Park Condo is located in Queen West on the corner of Adelaide and Brant Street. King Street West is just a few steps from the front door. The Brant Park Condos sits right in front of a beautiful city park, St. Andrew’s Playground.
The Brant Park Condo is a very new building, completed in 2017. The units are ultra modern, clean design and functional layout. A boutique building only 10 storeys tall. A very open layout, with the bedroom open to the hallway. Every unit has an impressive wall to wall, floor to ceiling window. The Brant Park Condos is one of the higher priced buildings in the area based on its excellent location. The unit sizes tend to be slightly under 500 Sqft. With the open layout, modern touches, and the large window, it feels a lot larger. Maintenance fees are low, usually under 300 per month.
Thompson Residence | King West | 629 King Street West
The Thompson Residence is by far the closet you can get in the King West entertainment district as possible, for under, or just around 500k. Located right on King Street just east of Bathurst Street, Thompson Residence is right in the action, just step out the front door. Don’t mistake this condo for the Thompson Hotel / Condo. The Thompson Residence is a separate building with no connection to the hotel, or the hotel amenities. Not to fear though, Thompson Residence has a roof top pool, lounge, restaurant and night club.
The 1 bedroom units at the Thompson Residence range in price from just 480K, to 510K. Even with the epic roof top terrace, the maintenance fees are low, ranging from 300 – 350 per month. The building was built by Freed Developments in 2016, same builder as the Thompson Hotel. The units are just slightly under 500 SqFt, but ultra functional. From the front door to the kitchen, the hall is lined with storage, laundry and the built in kitchen. The Thompson Residence is a staple condo building in the King West scene.