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Price: $ 739,000
Neighbourhood: Weston Road
X factor: The price of this three-bedroom end unit condo townhouse might be one of the cheapest you’ll find for a renovated townhouse in Toronto, which is right by the Humber River trail. It’s perfect for a young family that needs a lot of space and is willing to invest in an up-and-coming neighbourhood.
If you’re a first-time buyer, you might be wondering, is this a good deal? We brought in our expert, real estate agent Othneil Litchmore, to gain a better understanding on why this property costs what it does.
Why is it priced this way: The 1,200-square-foot condo at 2059 Weston Road is listed at $ 739,000 but can be negotiated down — even to $ 725,000 — as it’s been up for grabs for over two weeks with no offer date and no current bidding war, Litchmore says.
Other three-bedroom condos and homes nearby are going for almost $ 200,000 to $ 300,000 more. While other three-bedroom condos and homes priced simiarily would require renovations and fixing up, which isn’t the case for this location as it was renovated in 2017.
The condo townhouse is minutes away from the Weston GO and Union Pearson Express. Getting downtown isn’t a hassle either, whether that’s on the UP Express, or even by car with Hwy 401 just seconds away.
Also, when the Eglinton Crosstown LRT project is eventually completed, it will be about a 20-minute bus ride to Jane and Eglinton.
Litchmore thinks the Weston Road neighbourhood could potentially become the Brooklyn of Toronto, as great food and culture already exist and now it’s becoming even more accessible.
“It’s in an upcoming neighbourhood,” said Litchmore. “I believe in a few years, you will be able to get your money back big time (if you’re buying) because it will become a hot spot for young people that probably can’t afford downtown.”
It’s good to note that back in 2017, this same three-bedroom condo townhouse sold for around $ 500,000 compared to its current listed price of $ 739,000. The rise in price for this spot goes to show the potential of the neighbourhood and the condo townhouse in the future, says Litchmore.
Renting the place would cost $ 2,200 plus utility fees. To buy it, you’d need to put down a minimum of 6.6 per cent mortgage, which is about $ 47,500. On top of the mortgage, you’ll have to pay a monthly $ 439 maintenance fee, which covers snow removal and garbage pickup.
“The best benefit that this might prove for someone looking to get in the housing market is that later on if they don’t want to live there, they could rent it out,” said Litchmore. “It will be a good long term investment if somebody doesn’t want to live there just because it’s new.”
Tips to finding a place like this: In terms of finding a price like this, Litchmore says to look into neighbourhoods in the city that are gradually improving and on the rise with potential aside.
He says to look at neighbourhoods that might be getting more transit in the area. The Weston-Mount Dennis is a neighbourhood that’s transforming, specifically due to the transit being built around it.
Scarborough is also currently on the rise for those looking to stay somewhat close to the city as transit projects are also gradually on their way.
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