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MidnightSun82

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Hi everybody,

I will be moving to downtown Toronto this Fall. I am from Ottawa and I only visited Toronto twice. I don't know Toronto well. My spouse and I are going to pick a condo downtown. I am currently doing my homework about it - however a bit of advice from knowledgeable people in Toronto would help a lot.

Our budget is around 350 000. We want a 1+1 (we need a relatively large den though) with parking spot - I figure around 700 square feet, open concept and balcony. We want to live downtown - walkable distance to CN tower. We are not particularly picky - we only want a good condo with a reputable condo builder and good management. Hopefully this is not too much to ask.

I was advised by 3 persons living in Toronto to avoid CITYPLACE at all costs. Other than that, I was given apparently good addresses like the Icon at 250 Wellington and the Pinnacle Center (these 4 big towers near the water - south east of downtown).

Now the big question: Any suggestions ? Any pointers more than welcome (good areas, good addresses, good condo builders, etc).

Thank you very much for any assistance you may provide.
 
I'll admit up front that I have a bit of bias, since this is my neighbourhood, but definitely look into the downtown east of Yonge, especially the St. Lawrence Market area. Some recently completed buildings in that area that have gotten what seem to be good reviews (on here and other places) are the London on the Esplanade, Vu, and Pure Spirits. I'm not sure exactly what $350K would get you in one of those buildings, but you shouldn't be far off a 1+1.

The good thing about the neighbourhood is that you would be within close walking distance to the Financial District and CN Tower area, but you would be just outside the madness in a varied and livable neighbourhood (with the St. Lawrence Market itself plus tons of grocery stores, restaurants, cafes, pubs, etc) rather than isolated in a concrete condo canyon. The waterfront towers you mentioned have incredible views, but personally I find the immediate vicinity to be not that neighbourhoody, for lack of a better word, and even a little cut off from the downtown core because of the railway overpasses and the Gardiner ramps. This situation is improving, but slowly. In the winter it's very cold in that area with icy winds off the lake.

Of course, this is just my opinion, and I'm sure others would be strong defenders of their buildings! You're definitely posting in the right place, and you should be able to find something downtown that suits your needs. If anything the sheer number of viable options will be your problem.
 
Many thanks! I understand that everybody will be biased a bit towards their own areas or buildings - but any indications!

My employer is giving me a week of condo hunting in Toronto soon. Any good addresses / building I can add to my list is good. I will take a look at what you suggested for sure.

Thank God for the Internet.......!!!! :)
 
It's extremely risky to invest in a condo right now. I would also say it's rather foolish to buy in a place you hardly know. You may want to considering renting and getting to know the city and its real estate market first.
 
maestro said:
It's extremely risky to invest in a condo right now. I would also say it's rather foolish to buy in a place you hardly know. You may want to considering renting and getting to know the city and its real estate market first.
Click to expand...

Im doing my homework and I know several people living downtown Toronto too that can assist. We will go shopping in September for a closing date in November. We are hoping to get a good deal due to that time of the year.

Besides, I don't share rather apocalyptic views of the real estate economy in downtown Toronto.
 
Downtown is big... But I wouldn't expect too many deals and 350 for a 1+den and parking I think is pushing in the core... it honestly...

I would consider areas that are just off of downtown... such as queen east or west... The areas to the east are much more reasonable priced than others with great access to the core. Stay away from condo town homes that are mostly wood construction. They are horrible even though low maintenance fees and terraces are attractive... they are sooo hit and miss as far as noise and comfort!

Is there a specific area part of downtown you want to be in or any amenities you want within walking distance? Any buildings you considering?
 
LOL I tried to buy there last year but got stuck in an 8 way... boo ... the unit sold for like 60K over asking.. I went and bought at 11 St. Joseph instead. The building seemed awesome though! Spire is a nice building too!
 
I would strongly suggest renting for a year or at least half a year, then buying something, that will give you lots of time to become familiar with toronto and make a much better decision when you buy.
 
Polkaroo said:
I would strongly suggest renting for a year or at least half a year, then buying something, that will give you lots of time to become familiar with toronto and make a much better decision when you buy.
Click to expand...

To the original poster: I too am not a "doomsday" person when it comes to Toronto real estate, however I still think it's more prudent to make your first place in a new city a RENTAL rather than a PURCHASE. Please, for your own sake. Don't "bet" hundreds of thousands of dollars on a specific location in an unknown city! As you appear to be a well-educated and street-smart person I am sure you'll agree with this to some extent?

As well, there is no rush to buy in September unless you think prices will climb in 2011. Is that what you think?
 
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