New condos that first-time buyers can afford

Last summer, we highlighted a few new condo projects in the Greater Toronto Area (GTA) that first-time buyers could actually afford. With the recent rental series from CBC, which highlights personal stories from Toronto tenants about the struggles of renting in the city, we felt it necessary to highlight a few new construction condos where young people in the city may actually be able to get out of the rental market and into homeownership.   

According to the Canada Mortgage and Housing Corporation (CMHC), the average monthly rent in Toronto was $957 for a bachelor. If you actually want a bedroom, be prepared to pay over $1,100 a month, and for two bedrooms it’ll cost more like $1,300. These averages are from October 2016. If you’re looking at a more modern condo, rent averages closer to $1,800 for a one-bedroom and more than $2,400 for two bedrooms.

We are going to list four new condo projects that may interest first-time buyers, but we should mention that we understand that the most difficult part about buying for a first-timer is coming up with the downpayment. If you already live in Toronto and you’re paying high rent, it’s difficult to set money aside for a down.

We think you’ll find more options at your price point if you extend your search to surrounding areas of Toronto. You don’t have to look too far from downtown to discover a lower price per square foot.

1) WestBeach Condominiums in Toronto by Marlin Spring

We recently posted the first rendering of WestBeach by Marlin Spring and it looks like it’s going to be a great addition to The Beach neighbourhood at Queen and Coxwell. The further east you go from downtown Toronto, the more you’ll get per dollar.

We don’t have much information we can share about the floor plans yet, but there will be some great amenities and interior features and finishes like custom linear built-in cabinetry, laminate flooring, and stainless steel appliances. Prices will start from the $300,000s.

2) The Peak at Emerald City in North York by ELAD CANADA

At the beginning of February, we visited Emerald City to get an update on construction. We also heard from a recent purchaser about her decision to buy at The Park Club at Emerald City by ELAD CANADA.

The Peak will have one-bedrooms starting from 475 square feet. In previous phases, including at Park Club, ELAD has seen a few first-time buyers deciding to call Emerald City home. The condo community is located at Don Mills and Sheppard, steps from the subway station. Fairview Mall is across the street and downtown Toronto is easily accessible without a car. Prices at The Peak will start in the high $200,000s.

3) Daniels City Centre in Mississauga

A few weeks ago, Daniels broke the news that they are returning to Mississauga City Centre to launch a new 40-storey condo at Confederation Parkway and City Centre Drive. Daniels has a rich history in this neighbourhood and they also have a history of working closely with first-time buyers to help realize the dream of homeownership.

Daniels City Centre isn’t launching until the summer, so we’re still awaiting some details. If you’re interested in receiving exclusive updates and priority invites, you can join the Daniels City Centre Inner Circle today!

4) Fairview Condominiums in St. Catharines by Niagara Innovative Living

So far, we’ve suggested condo hunting in The Beach, North York, and Mississauga. Now we’re going to look out in St. Catharines. Fairview Condominiums is a boutique condo by Niagara Innovative Living that is currently under construction.

Prices start in the $300,000s, but you’ll find that the suites are much larger than if you were to buy in Toronto or a surrounding area. The smallest unit is 943 square feet, so you’re clearly getting way more square footage for your dollar.

If you’re currently stuck in the vicious circle of renting (living downtown, making a decent amount of money, but not saving due to high rent), you will need to break free before deciding to purchase a new condo. More and more first-time buyers are receiving gifts from the Bank of Mom and Dad, but this obviously isn’t an option for everyone. Perhaps our next post will be about how to save while spending all your money on rent.