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Toronto Homes Under $1 Million West of Yonge

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Homes in the city of Toronto for under a million dollars west of Yonge Street

  1. Detached - Keele and Eglinton Area

    A bungalow with a 32x100 lot, recently sold for just under a million. Featuring two bedrooms on the main floor and a finished basement with a separate apartment and entrance, this property offers potential rental income of $1,400 to $1,700 per month.

  2. Bungalow - Mid 800s Range

    Close by, another bungalow with a 30x140 lot, sold for a steal in the mid-800s. Move-in ready with two bedrooms upstairs, two downstairs, and a finished basement with a separate entrance, this property provides significant rental income potential.

  3. Semi Detached - Keele and Rogers Area

    A semi-detached with a 24x125 lot in the mid-800s range. With three bedrooms and a finished basement, this property offers generous width, providing a detached feel on the inside. A great option for those seeking a wider living space.

  4. TownHome - Weston and Lawrence Area

    A townhome with a 15x102 lot, attached on both sides. Sold around the mid-800s, this property features three bedrooms upstairs and another bedroom in the finished basement, catering to a different lifestyle with neighbors on both sides.

Reasons why I want to show these examples:

  1. First time buyers can still get in because some of those examples do have an income suite.

  2. You can get a freehold. So freehold means a property that is not does not have maintenance fees, such as condos for under a million dollars.

  3. Because of lack of competition it might be depending and this is really a personal financial decision is if you are in a good financial position.

Conclusion for first time Homebuyers

  1. The fixed mortgage rates are, for the five year, is over 6%. The Bank of Canada benchmark rate is at 5%. rates are at the highest level they have been for the past 23-24 years. And affordability is an all time low.

  2. This might be a good time for first time homebuyers to get into the market to build equity over time.

  3. This might be a good opportunity for real estate investors because if you can get a property under a million have an income suite depending on the down payment

  4. If you are a first-time homebuyer and not quite sure what to do if you should wait if you should take advantage of some opportunities out there.

  5. On the flip side, if you're a real estate investor, again feel free to reach out. There might be some good opportunities to get under a million for freehold property in Toronto so with two units now, two bedrooms being around that 2,000 to 2,200 depending on location and condition three bedrooms, you're looking at thirty-five, thirty-six monthly rental income.

  6. The numbers could work if you have it set up with the right strategy so you have good tenants with the good pay on both units as well as structure the mortgage into a shorter term I as opposed to a five-year fixed, so there are opportunities out there.