Top 5 Most Affordable Condos in Toronto

As prices continue to rise among the 1,000-odd condos in Toronto, many buyers can’t help but seek out the most affordable options. Unfortunately, affordability isn’t synonymous with new and sleek, nor are sought-after loft buildings like the Candy Factory or Tip Top Lofts ripe with reasonably priced homes.

However, for those many buyers who value their bank balances over shiny, modern finishes (many of my clients), there are some great options to consider. Many of these buildings are a bit older, but still well maintained and in desirable locations.

Criteria I Used

There are dozens more reputable and affordable condos than the ones below, but for the sake of article length, I had to cap it at 5. If you’re interested in hearing about more reputable options from this list, email or call me and I’d be happy to discuss other strong contenders with you.

These condos are predominantly in the downtown area and are among the lowest priced from a cost per-square-foot perspective.

Without further adieu, the list:

#5: 360 Bloor St East — The 360

Average cost per-square-foot: $742

Neighbourhood average cost per-square-foot: $955

While the exterior of 360 Bloor St E won’t win any beauty pageants, there’s more than meets the eye in this 16-storey residence. To start, units are mostly open concept and spacious — and they typically sell for $742 per-square-foot, a bargain compared to the neighbourhood average of $955. Maintenance fees are also below average at $0.63 per-square-foot and cover water, building insurance, shared amenities, and parking.

Residents in the building have plenty of excitement in the Yonge and Bloor neighbourhood — they’re only a short walk from Yorkville, and the Sherbourne subway station is just across the street. Turnover is relatively low, though, and competition and prices can be high for north facing units that overlook the tree-lined Rosedale Ravine.

#4: 71 Simcoe — Symphony Place

Average cost per-square-foot: $727

Neighbourhood average cost per-square-foot: $1020

Considering how popular King West has become, it’s shocking that buildings like 71 Simcoe still exist. Though Symphony Place sits directly across the street from Roy Thomson Hall, and just steps from some of Toronto's biggest attractions, the price per-square-foot is only $727. Considering the neighbourhood average of $1020, that certainly counts as a steal.

Maintenance fees are less appealing though: while $0.90 per-square-foot covers water, building insurance, and a reasonable array of amenities, this can add up quickly in a building with such large floor plans. Some units might also be in need of upgrades, but spacious layouts and an incredible location make this building worth shortlisting.

#3: 70 Mill St — Lindenwood

Average cost per-square-foot: $713

Neighbourhood average cost per-square-foot: $982

70 Mill St is by far the most affordable condo in the Distillery District with its low price per-square-foot of $713; over at 390 Cherry and 70 Distillery (just a 30 second walk away), you’d pay more than $1,050 per-square-foot to get in the door.

Units at Lindenwood are spacious, open concept, and many have been renovated over the years. Amenities are a bit modest, but maintenance fees are a very reasonable $0.65 per-square-foot and cover water, building insurance, and comment elements. With dining, nightlife, cultural venues, cafes, public transit and public transit all nearby, residents of Lindenwood don’t have to sacrifice much in order to save.

#2: 71 Front St E — Market Galleria

Average cost per-square-foot: $637

Neighbourhood average cost per-square-foot: $894

71 Front Street E is home to one of the most nondescript condos in the St. Lawrence Market. Concealed by ground floor retail, the Market Galleria is an 8-storey boutique residence, containing only 54 units with low turnover (only 2 or 3 sales per year). Unique features found throughout this building include a large glass atrium and garden in the lobby, and wood burning fireplaces and skylights in some units.

At $673 per square feet, units here are well below the neighbourhood average of $900. Though the higher maintenance fees ($0.90 per-square-foot) would normally be a pretty significant strike against the building, it’s not uncommon for low rise buildings to have higher than average maintenance fees, as there are fewer owners to spread the costs among.

#1: 45 Carlton St — The Lexington

Average cost per-square-foot: $637

Neighbourhood average cost per-square-foot: $960

Located on the border of the eclectic and inclusive Village neighbourhood, The Lexington stands at 19 storeys tall and contains 343 units. The price per-square-foot is very appealing at just $637, however it’s important to note that with all suites in excess of 900 square feet, buyers should still expect to make a sizeable down payment while well renovated units can sell for significantly more.

Maintenance fees are $0.70 per-square-foot (a hair above the city’s average), and cover building insurance, common elements and water. Amenities include a gym, indoor pool, racquetball courts, saunas, and more. Between the price, amenities, and desirability of the neighbourhood, very few buildings can boast better value than this one.

Patterns Among These Buildings

As you may have noticed, there are some commonalities among these buildings: they all tend to be older yet impeccably maintained, and they’re all situated in highly desirable locations where the average condo is about $200 - $300 per-square-foot higher. Also worth noting is that many of these are low to mid-rise buildings, with none exceeding 23 storeys — resulting in lower turnover and a greater sense of exclusivity.

There are many other buildings out there that offer excellent value, but just missed the cut. If you’re interested in any recommendations, call me at 902-719-9121 or send an email to jenelle@strata.ca. I’m always happy to help!