Where Are The Cheapest Condos In Toronto?

I find it ironic that in a city where so many residents long for affordable real estate, people are more likely to ask, “What’s the most expensive house in Toronto?”  Rather than “Where can I find the cheapest condo?”

I guess at our core, we’re all just a bunch of dreamers.

But rather than look at photos of a $17,000,000 house with eleven bathrooms, let’s look today at some of the cheapest condos in the city of Toronto, and find out why they’re so cheap, and if there’s a catch…

DiscountBargain

If you’re reading this blog, then it’s safe to say you have a general interest in real estate.

This is probably not your first time reading a real estate blog, or trolling the Internet to look at houses and condos for sale.

So what would you say is the average price per square foot of a Toronto condo in 2014?

I know, I know – you want to know where we’re looking, as well as how old the building is, whether it has a parking space, how large it is, etc.

But just throw out a number – what would you say is the average in Toronto?  Not downtown Toronto, but the GTA?

Are we around $450/sqft?  Is that reasonable?

The average in the downtown core has probably pushed well past $600/sqft, on average.

So with cheaper condos available north, east, and west of the core, would it even out around $450/sqft?

So what is the lowest you could conceivably figure a condo would cost?

Picture the worst place in the city of Toronto, and tell me what the lowest price per square foot could be?

Less than $200/sqft?

Less than $100/sqft?  Is that possible?  Even with luxury downtown condos selling for upwards of $2,000/sqft?

Nope.  That would be high.

How about $48/sqft?

Is there a catch?  There simply has to be…

I went on MLS today and looking for condos in the Toronto area, the only search parameter I put in was “1-bedroom” to weed out the parking spaces for sale, as well as all the leases that agents have mistakenly put under sales (there are dozens, FYI…), and I found 30 condos priced at $89,000 or less.

The price per square foot of some of these units is lower than even I ever could have imagined.

Here are the five cheapest condos in Toronto, currently available for sale:

1) 4645 Jane Street – $38,500

4645 Jane Street

Everybody hears “Jane” and immediately waits to see if “Finch” comes next.

Are we that predictable?

This is Jane & Steeles, but no, it’s not a great area either.

There is a 600 square foot, 1-bed, 1-bath unit available for $38,500.

There is an 800 square foot,  2-bed, 1-bath unit available for $55,000.  And the taxes are only $900 per year!

Is there a catchThere has to be.  From the MLS listing in the broker’s notes: Please Ensure That Your Clients Have Private Financing As Major Banks Financing May Be Negative.

So I’m assuming that lenders won’t touch this building, although if those units are renting for $850/month like it says in the MLS listing, then the yield as an investor could be quite attractive!

2) 40 Panorama Court

40 Panorama Court

This building is located at Kipling & Finch, and it’s actually a stone’s throw from three different parks, and it backs onto the Humber River.

The location isn’t bad at all.

And the price?

There’s a 1,200+ square foot, 3-bed, 2-bath unit listed for $59,900!

That’s less than $49 per square foot.

Is there a catch?  Yes.  Oh God yes.  Try Googling “40 Panorama Court,” and you’ll probably find THIS article in the Toronto Star from 2011.

Don’t quote me on this because I don’t have the Status Certificate, but it looks like there is a special assessment of $202.30 per month, every month, until 2030, and that $202.30 per month is expected to increase to $352.30 per month as of 2015.

If that’s true (I’m taking this from an MLS listing), then this is perhaps the worst condo in the city of Toronto.

3) 320 Dixon Road

320 Dixon Road

According to MPAC, this building was constructed in 1971.

I was negative nine-years-old…

There’s currently a 2-bed, 1-bath unit of just over 900 square feet available for $69,000.

Is there a catch?  From what I can tell, there doesn’t seem to be one.  Other than the fact that this is a 43-year-old building, on Dixon Road.

But the maintenance fees are only $471/month, plus heat and hydro, but it’s not electric heat (very expensive!) like many buildings of this age.  I can’t find any information about a special assessment, so unless I’m missing something here, we’ve got a condo priced at $75 per square foot with property taxes of only $289.21 per year!

4) 10 Eddystone Avenue

10 Eddystone Ave

Well, the photo sucks, but at least there is a photo on MLS!

Here we have a 3-bedroom, 2-bathroom unit of over 1,000 square feet, priced at $69,900.

It’s up near Oakdale Golf & Country Club…..

……which is a stone’s throw from Jane & Finch.

I certainly am not trying to pick on Jane & Finch, but these five are the lowest-priced properties on MLS, so we’re simply going where MLS takes us!

Is there a catch?  I’d certainly say so.  The MLS listing reads as follows:

Property Sold “As Is”, All Offers Require Schedule “A”.  Seller Has No Knowledge Of Uffi Warranty.  All Measurements, And Lot Size Are Approx. Only.  Buyer To Verify Realty Taxes.  Min $2000 Deposit Required With All Accepted Offers.The Buyer Is Assuming Tenancy, The Following Clause Must Be Included In The Offer: The Buyer Acknowledges That The Property Is Currently Tenanted And The Buyer Is Assuming The Tenancy, If Any, On Closing.No Representations Are Provided By The Seller Regarding The Tenancy In Accordance With Schedule A.The Vendor Makes No Representation Or Warranty Regarding Any Info Which May Have Been Input Into Data Entry Form.The Vendor Will Not Be Responsible For Any Error In Measurement, Description Or Cost To Maintain Property.Please Contact Listing Agent For Further Information.The Buyer Acknowledges That The Property Is Not Retrofitted.The Buyer Acknowledges That The Property Is Currently Tenanted A Copy Of The Lease If Any Is Not Available For Production.

So basically this unit is being sold with a “mystery” tenant, who you can’t meet or interview, nor can you get a copy of the lease, if there is one.

It sounds like a real stand-up guy or gal lives in the unit!

I read through the “Schedule A” and it reads like a book called “101 Indemnification Clauses.”

I’d probably steer clear of this one…

5) 4060 Lawrence Avenue

4060 Lawrence

Here’s the best price per square foot in the city of Toronto, hands down!

$48 per square!

There’s a 3-bedroom, 2-bathroom unit of 1,645 square feet available for $79,000, and guess what?  It’s sold conditionally!

There’s definitely a market for these units, I’m telling you!

Is there a catch?  Well, if you can get past the fact that this condo is steps from “Galloway Road,” then I suppose the question depends on how you feel about the, um, “decor” of the condo as shown in these photos:

4060 Lawrence -1

I thought I really liked flowers, until I saw this…

4060 Lawrence - 3

I have the same pink guitar in my condo…

4060 Lawrence - 4

Despite the three photos above, this photo really creeps me out, since it’s an empty room, with some indistinguishable item in the middle of the floor.  Given all the crap shown in the photos above, whatever this is in the photo has to be something really, really weird…

4060 Lawrence - 2

Not everybody has to live at “La Snobb Boutique” in Yorkville, and not everybody can afford to either!

These bottom-barrel condos might lead you to believe that there are units available, oh, say around $200,000, in more desirable areas than Lawrence & Galloway, but that can provide space for a growing family.

As for the properties above, you have to believe that if it’s too good to be true, it likely is, and four of the five properties listed have either financial problems, tenancy problems, or both

28 Comments

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  1. Elton kane says:

    Looking for condos in your price range 647 9486100

  2. Alex D Rishea says:

    If you want more current information of 40 Panorama Court please contact me.
    From 2010 to 2015 there was a Court Appointed Administrator, Mr. Joseph Vero. Mr. Vero was responsible for the introduction of the special assessment.
    The 2011 Star article is old.
    The building has turned around dramatically for the better since October 2015, when the Court Appointed Administrator Mr. Joseph Vero, was dismissed by the courts.

  3. Ken D. Tieu says:

    Good morning,

    I was hoping to get some information/help after reding the entire post mixed messges here?
    If I had $50K CASH is there anything available up to date May 30, 2017 that I can consider purchasing? I am looking at a 1 bedroom for now, and would like to also consider the difference in a 2 bedroom pricing!

    Thank you kindly…

  4. Fatuma says:

    Hi, am looking for 2 bedrooms in march if you’ve any let me know thanks

  5. Suaad muqbil says:

    Please contract me I’m interest in 2 Or 3 bedroom

  6. brian ritchie says:

    I sold real estate at jane and finch for many years. too much stigma put on area by cmhc, most buildings in the area were poorly managed and had corrupt boards. The area has changed somewhat and the subway is coming. I have lived here for 35 years find it a great place to live. good people here

  7. Duckie says:

    Former grow ops and high risk of being the recipient of a violent assault. Aside from that, potentially good returns if you can rent it out and collect someone’s government assistance cheque (*tip, have gov’t pay you directly)

  8. […] As noted above, Hogue expects Toronto to be among the hardest hit regions, although I don’t necessarily share that sentiment myself. While I understand that it’s among the most expensive real estate markets in the world in some clusters, I would expect that some buyers may turn to less expensive properties and create a bulge in the middle of the price spectrum (There are places in Toronto for less than $100k). […]

  9. Tony Zale says:

    Just try to contact the people or the Directors at 475 Bramalea Road and they will have some real horror stories to tell

  10. ANVER KARIM says:

    By the way YCC #42 (FOR THOSE WHO DO NOT KNOW WHAT YCC #42 IS)
    IS 320 DIXON ROAD
    ANVER KARIM

  11. ANVER KARIM says:

    I am the treasurer on the current board the main reason for the low prices was the special assesment levied by the administrator from 2006-2012 collecting over 10,000.000,00
    a year yet running a deficit at the end of the year????
    The board took over after a nasty court battle and a referendum.( if the owners wanted
    a board or the administrator and 98% voted in favour of the board )and that is when
    I got elected and got appointed as the treasurer.
    since than no more assesment
    28% reduction in maintenance fees
    and currently we have over 3.000.000.00 in reserve fund
    check it out for your self and some banks are lending and yes we are working on CMHC

    ANVER KARIM
    YCC #42
    TREASURER

    1. Joseph Agius says:

      As an owner of a unit at 320 Dixon Road I can honestly say Mr. Karim has done an excellent job in turning this building around resulting in increased unit values.

      Great Work….

  12. ABB says:

    The board and management in these buildings are the real story to pursue.

  13. Kyle says:

    I like how they staged the Eddystone picture with a pink tricycle to appeal to families with young kids.

  14. anthony says:

    ……oh yes, any to some degree, unscrupulous the builders and investors and contractors also screwed up the owners and buyers …..

  15. anthony says:

    Dixon rd units were going as low as 20K, not too many years ago, so prices have increased! Eddystone, and Jane St units, maybe Panorama, have to do with fraudster managers and Board members and even corporation lawyers milking the owners…. I know, I saw, and poor owners just cannot catch up with the negative balances. I remember Caledonia Village and Kipling Ave…. have those places picked up, and how did they do it?

  16. Chuck says:

    320 Dixon… pretty sure there were major issues with the parking garage and that it’s no longer insured by CMHC (same as Jane Street and a few others around York U).

  17. Paully says:

    Take a look at the map just SW of 320 Dixon, and you will see that it is pretty much right under the final approach for one of the runways at Pearson. I don’t expect that they clear the building by much either, given the closeness of the airport. So if you don’t mind the sound of a jet passing through your living-room every three minutes from 6 am to midnight, then there really is no catch to this building!

  18. SCM says:

    I believe 320 Dixon Rd was the target of Project Traveller (where Rob Ford’s cronies live). I guess you can draw your own conclusions about the calibre of the building 🙂

  19. Amelia Haynes says:

    It’s a waffle iron. Or one of those sandwich presses they used to sell via late night infomercial.

  20. guest1 says:

    Aside from the 2 townhomes, I think these are rental apartment conversions to condos, not actually built as condos. Would be interested to see buildings that were built as condos.

    1. Felix says:

      The sad thing is the government allow these crooks to continue robing poor people who are mostly immigrants living in these building .I these were white Canadian living in these building they wount let this happen

      1. Bill says:

        You sound extremely racist and insecure. Have you thought about finding a job to improve your sense of self worth?

  21. Joe Q. says:

    There are lots of condos out there listing in the $100k to $200k range, but the monthly fees are astronomical, no doubt a legacy of poor construction and bad management. I wonder if some recent buildings will go that way in 20-30 years.

    1. Appraiser says:

      What does it matter to you?

      You’ll still be living in Mom’s basement and sock-puppetting the internet all day long.

      Isn’t that right:Greg, Aggregator, Canadian Watchdog, T.O. Bubble Boy, Frojo……etc, etc.

      Clown.

      1. Angelina says:

        Wow, do you posses any manner at all? What ever happened to “if you have nothing nice to say, say nothing at all”?

        1. Its - Ali says:

          Well said 🙂

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