[mijols3]

Hi -- I just discovered this site over the weekend and have been reading many of the posts with great interest. We are seriously considering buying a condo near UofT, Yorkville or Queen's Park... a location that has cafes, bars, restaurants and shops all within a few blocks walk... I especially like Bay Street and we are also considering the Young & Eglinton area. We live about an hour outside of Toronto -- this would be our weekend pad/investment which is why we are most keen on location. I am hoping to get some feedback on the following: Is a one bedroom @ $250k realistic in these areas? Does the MLS list all available properties? I suspect if the builder is selling the units they are not listed there -- is this the case? Do we need an agent from the get go to help find a place? And are the stories about the bidding wars true? We have been told that if a place is listed at $250 -- the bids go well above that price for tiny condos -- is this the case?
I am trying to understand how it all works. Your feedback is greatly appreciated!! Mij

 

[alafleur]

just sent you a PM...

 

[Observer Walt]

In general, new condos (in the "sales phase", not yet built) are not listed on MLS. You can of course get a real estate agent to represent you, in buying either such a property, or a resale property, which would more likely be found through MLS.

Bidding wars do happen in the condo world, although not so much as with detached houses, especially in certain of the hotter neighbourhoods. Don't get carried away in a bidding war. Do your homework in advance, decide how much you are willing and able to pay, and stick to it.

As a very general rule, you will find that condos in the Bay Street corridor are more moderately priced than Yonge and Eglinton. There will of course be exceptions, and I obviously exclude the very "high end" buildings near Yorkville.