Let's Say You Have $500k To Spend On A Property, Where Do You Buy In Toronto?

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JAMIE KINCH

Buzzer

142

Let's Say You Have $500k To Spend On A Property, Where Do You Buy In Toronto?

So with the average selling price of a home in the Greater Toronto Area being $497,298 in 2012, if you had $500k total budget to spend on a property anywhere in the GTA where (and/or what) would you buy?

Ontario / General Chit-Chat

ALLEN

Buzzer

192

2 BEST REPLY

I second King West. I live in that area, just west of Bathurst and I really like the central location and is easily accessible to everything, but it still has a nice neighbourhood feel with lots of great small shops and businesses. East of Bathursts gets too obnoxious at night with all the bars and clubs in the area. My colleagues acurately call it "douche central".

King West is also acheaper alternative to the Entertainment District just to the east, which will be crowded with tons of new highrise condos.

Another area which I think is often overlooked is the Bathurst and St.Clair area. It's close enough to downtown with good access to transit, close to Cedarvale Park, great restaurants and Loblaws on St.Clair and if you are lucky you could find a semi-detached house for $500,000 (closer towards Oakwood/Vaughan). There's a few new condos going up there, such as The Rushton and Rise, and I won't be surprised if more condos will spring up in this area.

KEVIN KILLACKEY

Buzzer

Since I would never buy in the suburbs (only because I would never want to live there myself, not because it is necessarily a bad investment or not), with 500K one would only have a choice of buying a nice condo (as opposed to a freehold home). I would buy a niceresale corner unit in Central King West or Leslieville. I love both of those neighbourhoods and the core is quite expensive per square foot right now. If talking pre-construction investment I would look to the West Don Lands and other surefire up-and-coming pockets.

MATTHEW SLUTSKY

Senior Buzzer

2299

171

Is the $500k your total budget, or your down payment?

JAMIE KINCH

Buzzer

142

@Matthew Slutsky total budget.

BARBARA

Buzzer

Good one there Matthew In t=Toronto not so far off asking if $500,000 is downpayment or if total budget...sadly. I lie awake at night worrying about the 'kids' and whether they will be able to purchase a detached house!

ANDREA

NewBee

I'd like to be in Mississauga in a new development but it doesn't seem like there is much in that price range anymore.....that is, for a detached 4 BR house!

MATTHEW SLUTSKY

Senior Buzzer

2299

171

With that budget, I would do a condo on King West, around Bathurst.

NATALIYA KOLYDCHAK

NewBee

Definitely in Mississauga. One of the fastest growing cities in Canada. The land value has appreciated quite substantially since 2007. Detached home, not a condo....value is in the land, not a condo unit. No offense to condo owners, was one myself. If you buy a piece of land in applewood, lakeview etc, areas that are revitalizing, you will be very happy with your investment.

JAKE

Buzzer

I would eek out to the west in Mimico. Great lots and lots of future infill development potential for builders and flippers. Sit on it until the area got better, still close enough to the city yet far enough away.

BARBARA

Buzzer

GREAT IDEA, JAKE
..." I would eek out to the west in Mimico. Great lots and lots of future infill development potential for builders and flippers. Sit on it until the area got better, still close enough to the city yet far enough away"..

JAKE

Buzzer

Other areas where $500K still gets you something decent: Oconnor/Woodbine corridor is changing (albeit slowly), the border of Scarborough and Toronto along Kingston Road and the "upper upper" beaches and finally Vaughn road and St. Clair. Clients of mine just avoided the condo trap, got themselves a fresh 2 bedroom home with parking, a yard, and a basement apartment for sub $400K, not renovated but "updated". Guess whose property will rise faster: theirs or the people buying 550 square feet of air?

JAKE

Buzzer

And finally - don't forget Dupont and Symmington. I lives there for a few years and went back last weekend. The farmhouse tavern was full of young hipsters enjoying brunch, the cafes across the street were brimming with people and all it'll take is a few more young families moving in a hop away from the junction and voila, new area is born.