The word “condo” has been synonymous with luxury.
But there’s a growing list of condos being built that will be less pricey and easier to live in than the traditional, single-family homes that have dominated the market for decades.
As the real estate market gets better and better, the condo market has continued to get more affordable, says Toronto real estate agent Ian Taylor.
“There are more and more condos that are less than $1,000, so that’s the type of condos that you can buy now and that you want to rent for as much as possible,” he says.
“And that’s also the type that will have the appeal of the community.”
Here are some of the best deals available right now, according to Taylor: 1.
Rental for less than a million dollars 2.
Renting for under a million, and under $100,000 3.
Renting for less, and less than under $300,000 4.
Rents for under $150,000 5.
Rented for under 200,000 6.
Rent for under 500,000 7.
Rested for under 10,000 A condo in the Toronto area that is under 100,000 square feet and rentable for less could cost less than three months rent.
(CBC) The average price of a single-bedroom condo in Toronto is $1.6 million, according a recent report by real estate website RealtyTrac.
That’s down from the average $2.9 million price a year ago.
That decline is attributed to a number of factors, including the global economy and the rise of digital technology, Taylor says.
The city’s population is growing, but condo construction is still a relatively low-end market, he says, so the condo boom has not yet reached the heights of other parts of Canada.
Taylor says the number of condos available in Toronto now is so low, that “they’ve actually lost their appeal to the average buyer.”
There are still a lot of places where a condo can be rented for under two-thirds of the market price, he adds.
But if you’re looking for a place to rent, you may have to look elsewhere, because condos are not yet a high-end option for most people, Taylor adds.
“I think people are looking for cheaper options.”
For the most part, condos are only available in major cities, such as Toronto, Vancouver and Montreal.
They also have a higher price tag than apartments and townhouses.
“A condo in Vancouver, a condo in Montreal, they’re all under one million square feet,” Taylor says, “so they’re not cheap to rent.”
Some of the priciest condos in Vancouver are being built in the city’s West End, which has a growing middle class, he notes.
The median rent for a condo is $2,000 per month, and $3,000 a month for a townhouse.
Rent is $850 a month in Toronto, $1 a month elsewhere and $1 per month for single-story apartments.
Condos are available in a number new buildings, including one being built at the new University of Toronto Scarborough campus.
“The condos are all very high-quality and well-made,” Taylor explains.
“They’re not necessarily very pricey, but there’s still a way to get into the market.”
Rent is not free for the condo community, either, because a condo may have a sliding scale of monthly rent, depending on the size of the condo.
If a condo owner is able to keep the price of their unit low enough, that’s still cheaper than renting it for a year or two, Taylor warns.
The best part is that a condo building will have a lease term of up to 10 years.
In Toronto, that means that the condo owners will be responsible for paying rent for their condos for the entire period of the lease.
“That’s great,” Taylor adds, “because the city is very, very, careful about keeping that lease term very short.”
You can see the full list of the city condos that have passed through the rental door on RealtyTron.ca.
It includes all the condo buildings that are under 100 units and above, plus condos that include both single- and double-family units.
You can find out more about the condos on Realtron.com.