228 St George Street Toronto

This is what kind of apartment you can buy for $500k in Toronto right now

If you're not a fan of glass-box-in-the-sky type condos or lofts, having an apartment in an old 19th century Toronto home is definitely an alternative way to go.

This studio apartment is in a historic mansion in the Annex that has been divided up into several units. But despite being in a historic home, the entire space lacks character or any architectural significance you might expect. 

It looks like a lot of the student-type housing you'll find in this area: small with white walls and the bare minimum of what's needed in order to live. 

That's not to say it's bad, but for $499,900 it's a bit steep for what you're getting.

The home doesn't have any extras like you'd find with some of the other downtown condos that are listed for a similar price. There's no concierge, gym, or even a balcony with this unit. 

Not to mention you need to pay $615 a month in maintenance fees.

That being said, it's right next to the University of Toronto so if you didn't want to live there yourself you could definitely rent it out to a student.   

The unit is pretty much an elevated dorm room with a kitchen, four-piece bathroom and a living room/bedroom.

I'm a fan of the bay window that you could turn into a plant shelf or reading nook with some cushions. 

The apartment also comes with a washer and dryer (score) and, according to the listing, you can get all the furniture that's currently in the unit for an extra fee (double score).  

So if you're looking to become a landlord this might be an easy place to start. Otherwise there are definitely cooler studio apartments out there or at least ones with a kitchen counter. 

Photos have been removed from this post at the request of a representative from the realtor, Keller Williams Co-Elevation Realty, Brokerage

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