First Time Home Buyer
Can You Get A 2 Bedroom Condo Under 500k In Square One?Written by Eric Skicki Thursday, June 20th, 2019
In our previous blog, we have looked at prices in the Square One Area. Now we will take a closer look at 2 bedrooms under 500k and what buildings you can find them in. Yes, believe it or not, this means there are a few 2 bedrooms still below the half million dollar mark.
As everything has risen in price, it seems like affordable housing is almost non-existent unless you move very far out of the GTA. It is to no surprise that first timehome buyers are having a hard time entering the market, especially when looking at 2 bedroom units.
Where Can I Buy?
They are rare but not nonexistent. There are several buildings in Square One where 500k or less can get you a 2 bedroom unit. If you look at older buildings in the Square One Area, you can find quite a few units well below the half million dollar mark.
The good thing about buying in an older building is that the units are always larger. You will not find an old condo building with 750sq ft 2 bedroom units.
Most of these units are 1000 sq ft or larger. Most buildings, like 250 Webb Dr, have undergone some major lobby and hallway renovations to make the building attractive to buyers.
Another great thing about purchasing in an older building is that a lot of the units have been renovated extensively. What I mean by this, if you buy a newer condo, finishes are standard from the builder, with maybe a few exceptions.
These exceptions, however, get standard upgrades – extended kitchen cabinets, pot lights, hardwood throughout, blinds, gas line on the balcony (if applicable) etc.
Whereas in the older units you can get stuff such as modern fireplaces, brick or tile walls, custom kitchens and baths and more. For some, the extra square footage is already a big deal when comparing newer units to older ones.
What Are Some Other Options?
For some first time homebuyers, another option would be to look at a 1 bedroom plus den unit. There is definitely a lot more options when it comes to one bedroom plus den units on the market. This is a good option for a couple.
There are several buildings in Square One, which have dens that are separate rooms with a door. Others offer larger den spaces that you can turn into an office, a nursery, a sitting area, a closet or even a small bedroom space or home gym.
This would keep you under the half million dollar mark and it would allow you to purchase in a newer building in downtown Mississauga. If you want to own a preconstruction unit, then only 1 bedroom plus dens would be under the 500k mark.
However, you would own a brand new, never before lived in unit, if this fits your family dynamic. For pre-construction purchases, please click here.
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Thursday, June 20th, 2019 and is filed