Co-op living may be a doorway to Toronto’s real estate market

Courtesy of: RE/MAX Hallmark Realty Ltd., Brokerage

Rethinking real estate

By: Meaghan Franchi

As a student right out of college you may be feeling a little bit daunted about your options when it comes to home ownership in Toronto. With real estate prices continually increasing, it’s becoming almost impossible for people to own in the city.

With the average cost of buying in Toronto doubling over the course of the last 10 years, from $500,000 in 2014 to over 1 million dollars in 2024. It's got a lot of people wondering if home ownership will ever be a reality for them.

The good news is there are affordable properties in Toronto, but you may have to think outside the box.

Co-operative properties, specifically, can offer a lower mortgage and a lower cost of buying. Also, when you buy into a co-operative you're buying a share of the property and because all the residents partially own some of the building they have an invested interest in its upkeep.

Co-ops have their pros and cons, just like anything else but they're a great alternative for people looking to buy.

Here are some examples of co-operatives in Toronto:

1840 BATHURST STREET #B2 - $249,000

1840 Bathurst Street Unit #B2 is a JR 1 bedroom in a co-operative and is listed at $249,000. It's located near Bathurst and Eglinton in a quiet neighbourhood with many amenities surrounding it. This is a co-owned building. So, you wouldn't just be buying the unit you would be buying a share of the property.

The minimum down payment required to purchase this property is not 5%, though, as would be the case with most homebuying. 1840 Bathurst Street requires a 35% down payment, which is around $87,000. Quite steep for most people to be able to put forward up front but it would lower your mortgage payments every month and could potentially reduce your amortization period as well.

Also, co-ops and co-owned buildings have an internal vetting process for new buyers who are wanting to purchase a unit. The potential new owner(s) have to be approved by the board members of the building before they are allowed to buy into it.

Currently, 1840 Bathurst Street Unit #B2 is sold pending conditions. The conditions are the board needs to approve the new resident(s). If the board does not approve the potential new owners, it will go back in to the for-sale status again looking for a more compatible fit.

If you are interested in keeping up to date with this listing, you can contact the real estate agent Howard Burack at Keller Williams Portfolio Realty, Brokerage. 416-864-3888.

50 OLD KINGSTON RD #5-609 - $259,900

50 Kingston Road is another cooperative building in Toronto that is selling for less than $300,000. This unit is a 1 bedroom with a private balcony located in Scarborough. The building is exclusively for people 55 and older and operates as a owner/occupied property. It has many amenities including an indoor swimming pool.

Generally major banks won't do a regular mortgage for co-ops and co-ownerships. So potential buyers usually need to go to a B lender like a credit union to get the financing approved for the sale.

Like most co-ops and co-ownerships the property taxes are included in the maintenance fees and there is a vetting process for this building as well.

Currently 50 Kingston Road is currently sold pending conditions. The conditions being the approval of the new owner(s) by the board. It's a beautiful property for people aged 55 and older. Even though it may not be something a Seneca student could do right now, due to the age bracket, it is something to think about for the future. This could also be an incredible property that your parents or even their parents could want to look into.

If you're interested in this property and staying up to date with it you can contact Joe Duerr at RE/MAX Hallmark Realty Ltd. 416-699-9292.


With the average home costing over 1 million dollars these days $300,000 for a property seems almost too good to be true. It's not, though. If you're willing to think outside the box and have a few extra dollars set aside, homeownership CAN be a reality and you too can own a piece of Toronto.

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