Tuesday, April 22, 2014

What Do You Get for One Million Dollars ($1,000,000) in Toronto?

As some of you know, we are trying to move to Toronto to be closer to family.  We are looking for a condominium, townhouse, or house with 2 bedrooms plus a den or 3 bedrooms.  We want to be fairly central within the square bounded by the Don Valley Parkway, the 401, the 427, and Lake Ontario (big area).  The ideal place would have:

  1. At least 1400 sq feet of living space, a locker, and one parking space
  2. Nice building or house, no obvious immediate maintenance needed like a new roof.
  3. Nice neighborhood.
  4. Updated or recent flooring, bathrooms, and kitchen.
  5. Decent closet and kitchen cupboard space, enough to have a pantry, a linen closet, and one large clothes closet.
  6. Pleasing layout, no crazy angles or funny solariums turned into bedrooms or dens.
  7. Close to the subway.
  8. Close to shopping (walking distance).
  9. All living areas on one or two floors i.e. a townhouse would have the master bedroom, kitchen, living room, dining room on two floors, not three.
  10. A nice view of the city, lake, or something else.  Do not want to look at the 6 different kinds of recycling bins of the neighbour or a brick wall.
  11. Maintenance fees under $1200 if a condominium apartment or townhouse.
In terms of a house, you might get three (3) of these features for a million dollars.  Most likely, you would get a small old 1800 sq ft bungalow in a decent neighborhood that needs a lot of work, and the shopping requires a drive.  You would have to win a bidding war to get the tired old house.  We have "been there, done that" with our first house in Barrhaven Ottawa, not going to do it again.

In terms of a townhouse, you might get six or seven of these features for a million dollars.  Most likely, you would get a small older unit in a good neighborhood and the shopping requires a drive.  However, these units are as scarce as Toronto Maple Leaf playoff games.  Most townhouses have the master bedroom on the third floor with lots of stairs.

In terms of a condo, you might get eight or nine of these features for a million dollars.  Most likely, you would get 1500 sq ft in a decent building, close to shopping and subway, but no view and a high maintenance fee. This is our most promising alternative.

Our conclusions:
  1. $1,000,000 does not buy much in Toronto
  2. As usual in Canada, a price of $1,000,000 means you pay more because there is a "welcome suckers to Ontario and Toronto" tax of $32,200 making the total $1,032,200.

No comments:

Post a Comment

Comments are not moderated prior to posting. Mark