Homes in the city of Toronto for under a million dollars East of Yonge Street
Detached Houses:
Danforth and Main Area
A charming two-story detached on a 17 by 117 lot, fetching mid-900s. Three bedrooms and the potential for future expansion in the basement make this move-in-ready property a hidden gem.
Eglinton and Brimley
Situated further east, this bungalow on a 51 by 152 lot sold for just under a million. With three bedrooms on the main floor and an additional three in the basement with a separate entrance, it presents an excellent investment opportunity.
Semi-Detached Houses:
Riverdale (Bloor Area)
A beautifully renovated semi-detached property on a 15 by 100 lot, just under a million. Featuring three bedrooms, a finished basement, and two bathrooms, this home is ideal for move-up buyers.
Leslieville
Closer to the core, this 20 by 79 semi-detached gem sold in the mid-900s. Offering two bedrooms, a finished basement, and one bathroom, it provides a perfect transition for those moving up from condo living.
Townhome:
Leslieville
Nestled in central Leslieville, this 16 by 75 townhome sold just under a million. Move-in ready with two bedrooms, two bathrooms, and a finished basement, it encapsulates urban living at its finest.
Two (2) cohorts can benefit the first time buyers and real estate investors as long as:
They are financially in a good position and they can qualify and can afford the mortgage payments and the finances
If they have a short term approach when it comes to financing talking to The mortgage brokers and the people in the finance industry rates
Conclusion for first time Homebuyers
Keeping in mind that the five year fixed mortgage rates are hovering around the 6% points the Bank of Canada benchmark rate is 5% which puts variable mortgages around 7% so it makes it very difficult for potential buyers to buy their home.
Move up buyers it makes it difficult for them to sell because there is less demand and obviously makes it difficult for them to buy their next home it just slows down the whole market
We should start coming down late 2024 early 2025 and if we're at the peak and things are coming down, this is where it's prudent to position yourself in a shorter term type of financing
It looks like the economy is slowing down based on GDP numbers the opportunity here is for first time buyersand again I preface this with as long as you qualify and you can afford it this is not pushing people into the market
There could be an opportunity because sure you might not get the highest price for whatever you're selling so if you're coming out of the condo space you might not get the maximum price that you could have gotten a year and a half two years ago.
You might get a little bit less but because you're buying the bigger assets so if you're
buying a more expensive home if you're moving up to a larger home you can buy that larger home at a bigger discount