Real Estate

Where in Toronto is the best to buy a condo to rent out now?

  • Last Updated:
  • Feb 10th, 2019 2:28 am
[OP]
Newbie
Jan 15, 2015
30 posts
8 upvotes
Scarborough, ON

Where in Toronto is the best to buy a condo to rent out now?

I'm looking into investing for a condo to rent out. Somewhere around the 300K-450K price range. Which area would be best for this investment?
Preferably a place with a high rent price compared to my investment.

Thanks in advance to all the suggestions! Smiling Face With Open Mouth
15 replies
Deal Addict
User avatar
Nov 5, 2018
1646 posts
2542 upvotes
Toronto
Downtown or Yonge and Eg are my favourites.
I do not need approval, I do not need friends. I do what I want.
Deal Addict
Nov 14, 2006
2253 posts
1143 upvotes
GTA
Lavaris1 wrote: Toronto downtown
West of Yonge street, close to King w as possible
Deal Guru
Feb 29, 2008
12653 posts
7895 upvotes
CondoMan98 wrote: Downtown or Yonge and Eg are my favourites.
Would not buy anywhere else. That doesn’t mean there aren’t good investments outside of these areas, I just feel the most comfortable with those areas.
Deal Fanatic
Feb 9, 2009
9647 posts
7257 upvotes
He said 300-450.. almost impossible now to find condos downtown for that price
Deal Addict
Mar 14, 2006
1353 posts
728 upvotes
Toronto
Downtown Toronto if you can find one in that price range. Based on the price range, most like a bachelor unit if you are lucky. Won't find one in the 300's.
Deal Addict
Feb 22, 2007
1948 posts
217 upvotes
Mississauga
you could find one in mississauga for that price range
Newbie
Feb 5, 2019
2 posts
I say downtown Toronto.
The range may get you a studio unit?
There is a lot of multiple bidding going on with condos in downtown, most sellers are not accepting condition of financing on offer these days.
If you plan on getting a mortgage on the rental, make sure you have been pre-approved and ensure the building is not under on your lender's do not lend list.
Deal Addict
Jan 26, 2016
1639 posts
1468 upvotes
Toronto, ON
OP, if you want value and future potential, you can't be looking in the rear view mirror. Places like downtown and Yonge Eglinton already price in future growth, and you are tapped as far as growth as these areas are already developed. You will have growth for sure, but for investment you want to identify key areas that will go through future growth spurs.

Study future transit plans, and where future growth centres are planned.

Buying at Yonge Eglinton is like investing in stocks of a developed country like US. Everyone does it and is relatively safe, but the real growth is happening in developing countries like Brazil, India, etc. That's where your money will go further as there is more untapped potential.

Where are those areas? That's for you to find out, and I'm not sure if I'll tell you my research for free.
Member
Aug 16, 2011
362 posts
228 upvotes
OTTAWA
Go up the new Spadina line or East or west on the eg lrt... Like donmills and Eglinton... If you can wait 20 years when relief North gets up there... I would do it
Deal Addict
Mar 27, 2004
4627 posts
2276 upvotes
Toronto
450k max? Even buying something in north york would be difficult,Don Mills and sheppard? or Leslie and Sheppard?
Very hard to find anything. Maybe scarborough town centre.
Full-time Realtor
Deal Addict
Dec 18, 2006
1947 posts
353 upvotes
Markham
The Corporate Drive area in Scarborough (McCowan & 401) would have units within that range - however the maintenance fees are around $610/month (they include all utilities). Average rent for a 2BR, 2WR go for $2100-2200 per month.

Please note that in Toronto, you would be paying 2 land transfer taxes vs only 1 if you purchase outside Toronto (Peel/Durham/York regions etc)

There is also a new preconstruction project by Pinnacle coming up at Warden & Sheppard. PM me for details.

Good luck!
Jay Rana, Sales Representative
YOUR HOME SOLD GUARANTEED, OR I'LL BUY IT!*
CENTURY 21 Titans Realty Inc. Brokerage
@RE4L.ca
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