<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=294326554740919&ev=PageView&noscript=1" /> What Can You Buy For Under $500,000? - Wilson Sisters

What Can You Buy For Under $500,000?

16 December 2015
Wilson Sisters

Everyone it seems, is talking about the Liberal's new mortgage rules announced last week. The most visibile change is that the minimum down payment required for purchases between $500,000 and $1-Million will double from 5 per cent to 10 per cent. The value of the purchase up to $500,000 will still only require 5 per cent.

For example, if a home buyer purchases a $700,000 property after February 15, they will require a $45,000 down payment ($25,000 for the $500,000 and $20,000 for the extra $200,000) instead of the $35,000 they would need before the changes come into effect.

While it may make things a little tougher for first time home buyers, it could have a positive affect on Toronto's overheated and frustratingly unbalanced market. For years we've heard predictions of the impending bubble burst, and it hasn't happened. This move by the Liberals may help us in Toronto come to a softer landing, one that is much needed as housing prices rise quickly out of reach for many buyers.

For buyers looking to spend under $500,000 in Toronto, the choices are not vast. Often, the properties will require a major renovation in this price range, or the area will be slightly off the beaten path. There are options though, and especially when you're looking for something that is not an easy find, you're best to have a Realtor keeping an eye out for you. So find yourself a good one. Here is an example of a property currently available for under $500,000:

4 Kenworthy Avenue - E3370710

 


Listed at $499,900, this renovated two bedroom, two bathroom bungalow is located in the Victoria Park and Danforth Avenue area, on a cul de sac street that ends on a park, which is pretty fantastic. For this price, you get a parking spot, a nice big back yard and a modern and completely updated home. The area is not bad, but with the park near by and the conveniences of shopping and TTC (from here you could walk to Victoria Park subway), it could be a solid choice. Quite honestly, this is the nicest property for under $500,000 we found during this search and the only one that didn't require renovations. (listed with Re/Max West Realty, Inc.)

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If you're willing to do some work, there are other options we'd be happy to share. Otherwise, a condo can be a great choice for a first time purchase or investment. For well under $500,000 you can get yourself a decent living space, with parking in a central neighbourhood.

We happen to have one available right now at 60 Homewood Avenue (C3355599) that offers 700+ square feet, two bedrooms (converted from a 1+1), an updated kitchen and bathroom, parking and a locker in a building with solid amenities, for $369,000. Solid value. 

And if you don't require parking, and your price point is a little lower, our listing at 120 Homewood Avenue (C3357528) could be a great choice. For $330,000 you get a modern 1+1 unit in an environmentally-friendly building that has gorgeous amenities. 

Questions? We are happy to answer them. Don't hesitate to get in touch.