Real Estate

Is this a good deal for a bachelor condo in downtown Toronto?

  • Last Updated:
  • Apr 1st, 2019 9:06 am
[OP]
Newbie
Mar 3, 2018
3 posts

Is this a good deal for a bachelor condo in downtown Toronto?

I'm close to signing a lease for a condo that's located a minute away from College station, and wanted to see if anyone could give me some insight in how the rent price is compared to the market.
The rent would be $1,700 a month, plus hydro. The unit is around 350 square feet, with a 90 square foot balcony (small, I know).
My budget is $1,750 including utilities for a bachelor unit in the downtown core - I work in the financial district, so ideally I wanted to find a place near Yonge/King, but this was one of the better deals I could find (and this condo was just built, so amenities and utilities are top notch).

Should I go ahead and sign the lease, or should I try to find a better offer in the next few weeks? I've looked for the last two weeks - but I'm willing to keep looking if necessary.
20 replies
Member
Dec 23, 2012
204 posts
146 upvotes
RICHMOND HILL
Seems reasonable, but you can use bungol.ca to find recently leased places pretty easily to compare to.
Sr. Member
Apr 14, 2017
797 posts
368 upvotes
DT Calgary
Seems typical for a bachelor downtown.
Deal Addict
Apr 6, 2008
1571 posts
951 upvotes
I don't know the Toronto rental market but I'm assuming it's still pretty hot. Depends on your situation, do you need to move on a certain date? If the place does what you need it to do, right price, good location for you, I say grab it. You never know what the future will hold but assuming you need to move it's better choosing something rather then taking what's left because you waited too long.
Deal Fanatic
Feb 29, 2008
7495 posts
2791 upvotes
It depends. Which condo? I’m very familiar with the area. It’s an excellent location. Used to live there.
Jr. Member
User avatar
Aug 14, 2011
183 posts
76 upvotes
Toronto
JayLove06 wrote:
Mar 31st, 2019 8:09 am
It depends. Which condo? I’m very familiar with the area. It’s an excellent location. Used to live there.
College station is an excellent location? Where are you comparing it to?
The constant noise and crazy shouting makes anything below 10 stories un-livable. Safety is also a question mark. Lack of green space and no reasonable day to day shopping (the Metro grocery store overcharges for basically any necessities) makes it hard for living too.
The only good thing about its location is the transit score.
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Deal Fanatic
Feb 29, 2008
7495 posts
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bosoxfanx wrote:
Mar 31st, 2019 8:24 am
College station is an excellent location? Where are you comparing it to?
The constant noise and crazy shouting makes anything below 10 stories un-livable. Safety is also a question mark. Lack of green space and no reasonable day to day shopping (the Metro grocery store overcharges for basically any necessities) makes it hard for living too.
The only good thing about its location is the transit score.
If noise bothers you then don’t live downtown. I used to live in the 3rd floor and 7th floor and noise was never a problem for me. Lack of green space? There’s a park a few blocks away. There’s also a new park right at College Park. Plenty of green space in the area.

Location is the most important thing you said it yourself. So what is the problem? Pricey grocery stores? Welcome to downtown Toronto.
Member
Aug 16, 2011
296 posts
161 upvotes
OTTAWA
If its college park condos, then yea i would go for it... but if its some 25 year old apartment pretending to be a condo, then I'd watch out.
Sr. Member
Dec 30, 2012
772 posts
802 upvotes
Toronto
Jeremyl007 wrote:
Mar 31st, 2019 10:53 am
If its college park condos, then yea i would go for it... but if its some 25 year old apartment pretending to be a condo, then I'd watch out.
Something built around 1995 is unliveable?
[OP]
Newbie
Mar 3, 2018
3 posts
The unit is located in one of the higher floors (20+) so I'm not worried about the noise (and it's downtown, I don't mind a little bit of noise).

I am a bit concerned about the fact that this condo is brand new, so I won't be covered by rent control. There also seem to be some rules in the lease agreement that are a bit iffy (asking for pre-dated cheques, covering the initial costs to repair appliances), but I'm worried that they'll just pick another tenant that'll be willing to sign it without hesitation if I start asking questions.
Deal Fanatic
Feb 29, 2008
7495 posts
2791 upvotes
botalk6 wrote:
Mar 31st, 2019 2:18 pm
The unit is located in one of the higher floors (20+) so I'm not worried about the noise (and it's downtown, I don't mind a little bit of noise).

I am a bit concerned about the fact that this condo is brand new, so I won't be covered by rent control. There also seem to be some rules in the lease agreement that are a bit iffy (asking for pre-dated cheques, covering the initial costs to repair appliances), but I'm worried that they'll just pick another tenant that'll be willing to sign it without hesitation if I start asking questions.
I think I know the building you’re talking about. As far as appliances, the landlord is responsible for that unless you purposely damages it. Brand new condo so appliances should be covered by manufacturer 1 year warranty and there is ration as well. Was this added to the lease by the landlord? I can’t remember reading that language in a lease.

As a landlord I don’t charge my tenants on repairs. That is just the cost of being a landlord.

As far as rent controls, You can expect an increase once that building closes. I own a building on the same street 10 years old and bachelors there go for 1900+. They’re a little bigger though. Would also check prices of bachelors in the area now. There are good number of newish buildings in the area
Jr. Member
User avatar
Aug 14, 2011
183 posts
76 upvotes
Toronto
botalk6 wrote:
Mar 31st, 2019 2:18 pm
The unit is located in one of the higher floors (20+) so I'm not worried about the noise (and it's downtown, I don't mind a little bit of noise).

I am a bit concerned about the fact that this condo is brand new, so I won't be covered by rent control. There also seem to be some rules in the lease agreement that are a bit iffy (asking for pre-dated cheques, covering the initial costs to repair appliances), but I'm worried that they'll just pick another tenant that'll be willing to sign it without hesitation if I start asking questions.
Residential Tenancy Act doesn't allow landlord to require post-dated cheques, if I recall correctly

I am concerned about your way of thinking, why wouldn't you ask questions? You would never want to sign into something if it will be a problem for you in the future. Of course I don't rent so my view is a bit ignorant, but I would still advise caution
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Deal Fanatic
Feb 29, 2008
7495 posts
2791 upvotes
bosoxfanx wrote:
Mar 31st, 2019 4:39 pm
Residential Tenancy Act doesn't allow landlord to require post-dated cheques, if I recall correctly

I am concerned about your way of thinking, why wouldn't you ask questions? You would never want to sign into something if it will be a problem for you in the future. Of course I don't rent so my view is a bit ignorant, but I would still advise caution
First and last and 10 post dated cheques are the norm in Ontario.
Jr. Member
User avatar
Aug 14, 2011
183 posts
76 upvotes
Toronto
ah i guess tenants agree to do so for leverage
it’s illegal to have it as requirement though...
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