Toronto’s housing market is as diverse as its people: ranging in price, size, and location. I pick a Toronto listing to focus on each week and review it with a professional's eye. What makes a property a great pick - and what makes it a pass?
WHY ARE THESE CONDOS PRICED SO LOW?
If you’ve ever searched for condos in the Toronto or GTA area without putting a lower limit filter on price, then you’ve probably seen what could be interpreted as some “crazy deals” – 2, 3, and even 4 bedroom condos for sale listed under $250,000. The units are sometimes even completely renovated: new flooring, brand new kitchens and bathrooms, with some even being over 1,000 square feet. With all the talk in the media about soaring home prices, and the average cost of a two bedroom Toronto condo often well over $400,000, it makes you wonder: how on earth are these prices so low?
There are a myriad of reasons why condos can be priced below the market average, but I would say most fall into one of these categories:
- Neighbourhoods that have issues, are underdeveloped or are negatively stigmatized
- Condo buildings that have issues