Cheapest Condos for Sale in Toronto
It is well known that anyone looking to purchase a home in Toronto needs to have either a lot of savings or wealthy parents. Currently, a detached home in Toronto costs roughly $1.5 million on average. Due to this price increase, it makes sense to look for the cheapest condos for sale in Toronto.
In this article, we introduce the cheapest places to buy a condo in Toronto.
So keep reading this article, and then let us know your thoughts!
Where to Buy a Condo for the Lowest Price
The cheapest cities in the GTA to buy a detached home right now include Brock, Oshawa, Orangeville, Essa, and Scugog, according to Zoocasa’s January study.
You can think about living in a condominium if a detached home is not an economical choice.
Finding the cheapest condos for sale in Toronto is challenging, even though it could be very complicated and challenging. Thankfully, a new report from the Toronto Regional Real Estate Board (TRREB) has done the heavy work.
The TRREB condo market research predicts that sales of condominium apartments will increase in 2022 and that the average selling price will rise by more than 20% compared to the previous year.
Despite the grim reality that millennial homebuyers must face, cities like Oshawa offer some optimism.
According to TRREB, the city now has the lowest condo prices in the Greater Toronto Area, with the typical unit selling for $457,688. So to find the cheapest condos for sale, check out this city on Toronto Condo Home’s website.
With an average price of $381,795, Oshawa is the most affordable option for those looking to invest in a condominium unit and will feel much more connected to the “Big Smoke.”
With an average price of $711,933 as of November—more than half the price of the typical detached home—condo flats are one of the most affordable property options currently available in the Toronto Region.
Oshawa is a lot bigger and better connected than any other city that topped our affordability list. With 170,071 residents, more big-city facilities are available than in Orangeville and Brock.
In other words, to find the cheapest condos for sale, you should consider Oshawa.
Orangeville, New Tecumseth, Brampton, and Newmarket round out the list of the cities in the Toronto region that are the most cost-effective areas to purchase a condominium unit.
Kevin Crigger, President of TRREB, says, “Condominium apartments represent a key market segment in the GTA, providing housing for an array of households,” and “many first-time buyers see condos as an affordable entry point into homeownership. At the other end of the spectrum, condos provide a luxury alternative for many households.”
The five most affordable cities in the GTA are shown below:
Most Cost-Effective Condo Townhouses:
Cities With the Cheapest Condo Apartments:
- New Tecumseth
Cheapest Condo Buildings
Will places like The Shangri-La Residences and The Ritz-Carlton be included on this list? No, but you won’t see any cardboard boxes or run-down low-rises here. Here are the cheapest condos for sale, but still high-quality ones, in the downtown Toronto region, ranked by average price per square foot, based on a list of respectable and reasonably priced buildings.
The age of the majority of these condominiums unites them. They were often constructed in the early 1990s, when developers were famous for constructing bigger living quarters; for example, 700-square-foot one-bedroom apartments, as opposed to today, when developers successfully fit two bedrooms and a den into a 700-square-foot living quarter. You may see some condo plans here: 12 Standard Condo Plans.
New condominiums are required by law to have separate meters for electricity and water, which has been the case for over a decade now, and it is one of the reasons that old condos are superior to new ones. The other benefit that many of these old buildings have in common is that all utilities are included in the upkeep costs. The maintenance costs for a few of these structures are higher than usual. However, the additional costs are more than offset by the money you would save on your mortgage.
The most crucial point to remember is that even if prices fluctuate, most of these are still 20% to 35% “below” the average cost per square foot in the downtown center.
And now you can see the list of the cheapest condos for sale in Toronto:
- Minto Plaza – 38 Elm Street: One of the most popular side streets in the central business district is an older structure called 38 Elm Street. There are better condominiums for someone looking for a brand-new, glitzy boutique building with a feeling of exclusivity. Still, if you’re looking for value, 38 Elm St. currently sells for in the low $800s per square foot, while most condos on nearby Bay St. are closer to $1,100.
- 500 Queens Quay West: One of the most extraordinary condominiums in the Waterfront neighborhood is 500 Queens Quay West. With just 187 apartments and a medium-rise height of only 11 stories, it was finished in 2000 and exudes an air of exclusivity and community.
- The Star of Downtown – 225 Wellesley St. E: Popular mid-rise condominium 225 Wellesley St. East has a boastful (or some might say tacky) name. It was only 12 stories tall when it was constructed in 2009 and has 184 units. 225 Wellesley Street East is located in St. Jamestown, which is less appealing than Cabbagetown, according to some people.
- St. James Square – 95 Lombard St.: A somewhat unremarkable medium-rise condo on Lombard is located at 95 Lombard St. The only 65 units were finished in 1990. A sale occurs on average every two months, making turnover extremely low (or six per year).
- Horizon on Bay – 633 Bay St.: 633 Bay St., a 26-story condo building with 475 units, is not a building that many people would notice or pay attention to, but the suite sizes are difficult to ignore: Given the building’s age, the layouts are significantly more generous in size than are typical in newer buildings, and the building has been impeccably maintained.
- The Gallery – 25 Grenville: 25 Grenville, a 26-story building constructed in 1990, is immediately north of College St. between Yonge and Bay. It has 200 flats. The maintenance costs are higher than the city’s average. They do, however, include hydro, which is helpful, and 25 Grenville is situated in a very sought-after area of the city where the typical neighboring condo sells for around $175 more per square foot.
- Empire Plaza – 33 University Ave.: One of the condominiums on this list with the highest demand is 33 University Ave. The building is situated at University and Wellington in one of the most coveted areas of the city, where neighboring condominiums sell for around $900 per square foot. 33 University Ave is a smaller high-rise with only 224 units spread across 28 storeys and low turnover (only six sales in the previous year); this is roughly half the number of units found in a comparable-height newer condo. The condominium was finished in 1990.
Top Neighborhoods with Cheapest Condos for Sale
Here are five GTA neighborhoods where you can find the cheapest condos for sale. In these neighborhoods, condominiums are still selling for less than the area average, along with postings to show you the kinds of bargains you may find:
- Old East York
- Flemingdon Park
- West Mall
You can also search for your ideal condo on TorontoCondoHome.net.
How do I search for the cheapest condos for sale?
On TorontoCondoHome.net, searching for condominiums for sale in Toronto has never been simpler. Filter listings based on price, square footage, number of bedrooms and baths, etc., to focus your search. To ensure you get all the deals, you may also sort Toronto condos for sale based on price decreases during the previous six months. Are there any condominiums nearby that catch your eye? To find neighboring apartments for sale, use the map view.