5 Seriously Discounted Toronto Condos for Sale
From a high-rise waterfront unit with an impressive terrace, to a Markham townhome with 1,000 square feet of living space, there are deals to be found in the Toronto condo market today.
By Josh Sherman | 4 minute read
Toronto condo buyers who are dipping their toes in the market today have a chance to potentially score units for below-asking and perhaps below-market-value.
Prices for single-family homes have remained relatively stable across the Greater Toronto Area despite reduced demand, but those shopping around for condos are in a much better position to score deals these days.
Investors have come to own more than a third of the units in Toronto, but higher interest rates have spooked them from the market. The region’s condo segment has fallen into “recessionary territory,” market-watchers say, and a large share of investors have even found themselves overleveraged, with rents failing to cover their carrying costs. Some have subsequently been compelled to sell units to recoup whatever losses they can. In certain cases, investors may be accepting below-market offers.
Given the current condo-market dynamics, we scanned the Wahi condo listings using the “price decreased” filter to find units that have been re-listed for substantially below earlier asking prices. All are priced below $600,000. Here are the results of our bargain hunt:
Latest list price: $599,888
Located on the eighth floor of a multi-tower development from long-standing developers Pemberton Group, this roughly 1,000-square-foot turnkey unit was recently freshened up with new paint, flooring, and blinds.
It boasts a prime address in Mississauga’s Upper Erin Mills neighbourhood, right off Eglinton Avenue West. The well-appointed-and-situated unit features two bedrooms, so it should appeal to a wide range of buyers, from first-timers to downsizers, and it’s priced below the market average for this housing type. In fact, comparable units nearby have sold for more than $700,000 in the past.
Added bonus: the unit comes with not one but two parking spots and a storage locker.
Latest list price: $599,999
Condos take on many forms, from apartments in low-, mid- and high-rise buildings to townhouses (or stacked townhouses) in even lower-density communities. For homebuyers in the market for a more suburban lifestyle without sacrificing urban conveniences, this re-listed townhouse might be for you.
The approximately 1,000-square-foot three-floor townhome unit is nestled in a quiet low-rise neighbourhood. But don’t let sleepy appearances fool you. The home is also proximate to the Mount Joy GO Station, Markville Mall, and Highway 407.
A discounted list price isn’t the only savings to be found with this two-bath, two-bedroom home. Its open-concept kitchen has already been upgraded, and the monthly maintenance fees are barely $400 per month.
On the third floor, you’ll find a secluded terrace, and the sellers are also throwing in two parking spots and a locker as well.
Latest listing price: $599,000
You could be living the suite life in this sixth-storey waterfront condo. The highlight of this residence might just be its large 155-square-foot terrace. The stunning outdoor space provides spectacular vistas of the Canoe Landing park and the Toronto skyline.
Its flexible one-bedroom-plus-den layout features about 600 square feet of living space, and the unit comes with parking, which sometimes comes with astronomical costs in downtown Toronto.
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Latest listing price: $599,000
Sometimes, depending on the budget in question, homebuyers need to make compromises. Not so with this spacious two-bedroom condo, which spans about 825 square feet in a boutique 11-storey building in Toronto’s desirable Bayview Village neighbourhood. It features an upgraded kitchen and two bathrooms and one parking space.
The balcony, which has southern exposure, brings the unit’s overall footprint to an impressive (by Toronto standards) 900 square feet.
Latest listing price: $419,000
For about $100,000 less than the benchmark price of a Canadian condo (as of September, that’s $516,000, according to the Canadian Real Estate Association), you could own a unit in the heart of downtown Toronto. Not only does the 500-square-foot studio boast a killer location, but it’s also located in a hotel-condo complex that includes the restored and historic Dominion Bank Building.
Typically with a development like this, you’ll benefit from hotel-style amenities, and that’s the case here. With the money you save on this unit, you may be able to afford to splurge on room service, which is available to residents and guests alike.
The suite has been fully renovated, so the buyer will have the advantage of — among other things — an entirely new kitchen.
Josh Sherman
Wahi Writer
