Toronto (Yonge and Sheppard) Condo Market
I am thinking of buying a condo for a family member here in the summer -- does anyone know much about the current condo market at this location?
I'm from North York so I know the area, etc...but I haven't been back in a few years and wouldn't mind some info/thoughts if anyone has any.
I'm from North York so I know the area, etc...but I haven't been back in a few years and wouldn't mind some info/thoughts if anyone has any.
Comments
1 or 2 bedroom? 1 bedrooms start at about $250k. For decent size, probably looking at $275+. With the new subway line, there are a lot more options near Bayview or Leslie (a few towers going in around Ikea). This area has changed a lot in the last 10 years. Very congested now and a different crowd.
590.k close to St Lawrence Market.
Don't think so. The building is still there. My Bro in law and his wife bought a unit on the 26th floor just a little west of there.
Where the op was asking about.... lol
I have been by there a few times but it has been in the evening. I can find out if they did move it.
This is a good thread.
One of the better ones.
imo.
bump
It is cheaper than that per square foot -- I can find prices on MLS. I was more wondering people's opinions about the actual market situation in that area re: investing in a condo.
I think you really need to spend a lot of time looking at the individual buildings in that area and the amenities etc. Best to spend a weekend here with a knowledgeable agent that can show you a ton of units in the different buildings, and maybe some of the closer areas.
There are a lot of new buildings going up near Sheppard and Allen Rd (right beside the Downsview subway) which are still as accessible to the TTC. But you don't have access to the same amenities as you would living at Y&S. Also, I wouldn't count out Sheppard/Bayview or either further east on Sheppard as all these condos are also subway accessible now and probably much better price/sqr ft.
If your relatives are not going to use the usual amenities (pool, etc.) or care about 24/7 security, you might want to look for buildings without these features. Condo fees can really vary in this area. Also, some of the older buildings offer much larger units for the price, but typically have higher condo fees.
This area has really gone up in the last few years. I always look at buying real estate as a hedge since if you keep waiting and prices continue to rise, then you get screwed. If prices fall, bigger units also become cheaper so moving up becomes less costly. The key is not to own the most expensive unit in the building. If you buy a decent unit at the lower end of price scale in a certain building, you have much less risk if prices come down.
If you plan to keep this unit for a long time, as long as the rent will cover the carrying costs (which are a lot less of an issue now with great interest rates), you should be less concerned with price fluxuations.
This area is a lot more Korean and Chinese than 10-15 years ago with a lot of foreign students living in the area.