The First Online Tamil Lifestyle Magazine

How to Find a Matrimonial Condo Without Breaking the Bank

Author:   |  Published: April 21, 2014  |  2 Comments

The birds are chirping; the snow is melting; and Scarborough billboards are peppered with beautiful women decked out in gorgeous designer saris.  This can only mean one thing… wedding season is upon us!

Wedding-stressed women and men are scrambling all around Toronto searching for the perfect décor and centrepieces, haggling with hipsters with DSLR cameras, debating whether to get a real or fake cake and, of course, deciding which estranged family member not to invite.

If you’re one of those love struck (or arranged marriage struck) individuals planning a wedding, let me ask you one thing—have you thought about where you are going to live once you’ve tied the knot and all the leftover rich cakes are thrown out?

Where do you even begin?

Well for starters, you’re reading the right publication. And before I get into the nitty gritty of it let me say—at the risk of sounding sappy—that at the end of the day it’s not about where you live, but who you live with. Finding your soul mate is far harder than condo shopping. So don’t be overwhelmed, the hard part is over. Everything from here on in is all gravy.

Now let’s get to it.

For our purposes, I am going to assume you’re on tight budget since you’ve already blown the equivalent value of a brand new BMW on a one-day event—sucker. Secondly, I will assume most newlyweds prefer the convenience, coziness and inherent romance, of a modern, 1-bedroom condominium.

scarborough-town-centre-condos

Scarborough:

The condominiums surrounding Scarborough Town Centre Mall in the neighborhood of Bendale, offer an affordable matrimonial start for couples on a budget.  Builders saturated this location with supply that exceeded the demand present and condominium prices stagnated. 1-bedroom suites average around $1300 to lease and are about $240,000 to purchase (with parking and locker included).

For this relatively low price, young professional couples are walking distance to restaurants, bars, entertainment and shopping galore. Not to mention – the 401 and Scarborough RT are just a stone’s throw away.

More valuable than all this, is the close proximity to your parents house – for those raised in Scarborough.  This equates to free weekend lunches and a week supply of frozen meals. And eventually this means, that free daycare service is just around the corner. The mortgage practically pays for itself!

North York Pic

North York:

Although dominated by ugly apartment buildings, the neighborhood of Henry Farm in North York is undergoing rapid changes. With 6 new towers under construction, this area will look very different 3 years from now – gentrification at its finest.

The modern Heron Hill Towers and Emerald City Phase 1 offers great layouts, good amenities and even free shuttle services to Don Mills station. 1-bedroom suites average $1400 to lease and around $280,000 to purchase (with parking and locker included).

Yonge and Sheppard is now saturated but Henry Farm is still growing with great potential. The neighborhood boasts easy access to two major highways, a great mall and even TTC subway access. Buy now and sell in 3-5 years to avoid inevitable over-development!

 

Downtown Loft 2

Downtown Toronto

For a young, newlywed couple deep in honeymoon phase – nothing beats the romance of downtown Toronto. Surround yourself with culture, endless activities, five-star restaurants and amazing sports facilities.  However, there is a premium to pay for this wonderful lifestyle. 1-bedroom suites in prime downtown locations can soar as high as $500 000, with no parking!

The most affordable downtown neighborhood is Liberty Village. Located 15 non-rush-hour minutes from Union Station, Liberty Village is home to art galleries, great restaurants, trendy retailers and more hipsters as far as the eye can see.

Lofts are the preferred style of living here, with exposed brick and ductwork running above.  Many parents tend to confuse lofts with unfinished construction zones, so you may not get parental approval.

Nevertheless, Liberty Market Lofts on 5 Hanna St is one of the many great choices in this downtown neighborhood.  This low-rise blends chic stainless steel appliances with large industrial walls and floor to ceiling windows. 1-bedroom lofts with parking and locker hover around $1800 to lease and $340,000 to purchase.

Etobikcoke condos

Etobicoke

Unlike other world-class cities, Toronto is not surrounded by ocean. Instead we have a polluted lake that is frozen half the year. Nevertheless, lake view properties carry a hefty premium in Toronto, especially downtown.

However, if you venture out west into Etobicoke, you will notice affordable new high-rise glass towers by the lake.  Lakeshore and Windermere road are home to several new towers that offer beautiful lakeviews and cityscapes.  Surprisingly, suites in these buildings are rather cheap considering the close proximity to the lake, the Gardiner and the Bloor TTC line.

You can lease a 1-bedroom unit with a lake view, parking and locker for only $1400 or purchase a suite for a very reasonable $270000.

 

Want to share your advice on how to approach the daunting task of buying your first property? Don’t live in Toronto, and want to shed some light on investing in real estate in your city? Contact us at [email protected]

 

Images courtesy of Urban Toronto, Ram For Homes, Condo Living West , and Realtor.ca