Toronto Apartment Rent for $2,250 is it a good deal?

Alucader Verisme2 weeks ago

0 0 2 minutes read

#GTAHomeHunt is a weekly series from the Star, delving into the details of real estate listings in Toronto and the greater Toronto area. Do you have a tip? Email us at [email protected]

Price: $2,250/month

Neighborhood: North St James Town

X factor: This one bedroom, one bathroom rental unit at 395 Bloor St. E is slightly smaller. But the neutral-toned finishes convey a contemporary feel that might appeal to a new tenant.

The condo features an open floor plan, quartz countertops, in-unit laundry and a balcony overlooking the neighborhood.

Essential things like grocery stores, pharmacies and cafes are within walking distance. It is steps from Sherbourne tube station and close to TTC bus routes.

New research from Urbanation, based on data from Rentals.ca, shows that the median asking price for a one-bedroom apartment in Toronto reached $2,500 per month in February.

So at $250 below that average, is this a good find in today’s market? We spoke to broker Othneil Litchmore to get a better understanding of this device and what its price could mean for your hire hunt.

Rogers and its media companies Sportsnet and CityNews 680 are nearby and there are also banks, retailers and several office buildings.

Who is the right person for this place?

This apartment is approximately 535 square feet, which means it’s quite a bit of space.

Big employers in the area, like Rogers and its media companies Sportsnet and CityNews 680, could make hiring interesting for a young professional, Litchmore said. There are also banks, retailers and several office buildings towards Yonge Street whose employees can enjoy the proximity to commute.

“I would imagine that this place is for a single person. Maybe for a couple, but it’s not a very big space to share with more than that,” he said.

The condo features an open floor plan, quartz countertops, in-unit laundry and a balcony overlooking the neighborhood.

Why is it so cheap?

This building is the most affordable compared to other condos nearby in the North St. James Town neighborhood, Litchmore said, with other one-bedroom units in the high-rise available for as little as $2,100 and up to $2,300.

“It’s definitely a bit underpriced compared to the rest of the city, which is great in that the average keeps going up.”

With a new building that was built in the last five years in a supposedly best location, there could be other factors that make the property significantly cheaper, according to Litchmore, such as the lack of an included parking space or the density of the area – St. James Town is one of the most densely populated high-rise communities in Canada.

This building is the cheapest compared to other nearby buildings in the North St. James Town neighborhood, Litchmore said, with other one-bedroom units going as low as $2,100 and as high as $2,300.

Any other tips for those looking at places like this?

For Litchmore, this rental property seems like an affordable and decent option to consider, especially in today’s real estate market.

“It would cost well over $2,250 a month to buy this exact unit, so from a financial standpoint renting is a great option rather than dealing with a mortgage, maintenance fees and whatnot,” he said.

Litchmore also noted that a rental seeker can usually find more space and cheaper options on the outskirts of the city center, but he also said if you need to be as close to the bustling city as possible, “It’s good value.”