10 condos you can buy for less than $400k in downtown Toronto right now

Toronto's real estate market is in an unprecedented downward spiral which continues to scare away buyers worried about what snail-paced sales and a growing backlog of listings will mean for their future investment.

But, for those brave enough to fulfill their dream of property ownership amid such an uncertain market (and economy in general), there are some serious deals to be had, with house, townhome and condo prices inching downward, in some cases to levels not seen in many years.

For the first time in a long time, units in downtown T.O. are getting snagged for around the $350,000 mark — one, in fact, sold for only $295,000 this week — with dozens currently available in the $300k range, which would have been unheard of just a few years ago.

Here are some of the most affordable units on the market right now:

1014-251 Jarvis Street

KW Living Realty, Brokerage/condos.ca

This clean, bright studio may be small and cookie-cutter, but what it lacks in square footage and originality, it makes up for in value-for-cost.

Yes, it is located in a new building that admittedly has had its fair share of issues in its few short years of existence — but still, how can one not do a double-take at the chance to own a piece of downtown real estate for a mere $319,900? Plus, the listed maintenance fees appear to be among some of the lowest in the city, at under $400 per month.

1711-40 Homewood Avenue

Keller Williams Real Estate Associates/condos.ca

Another quite compact studio, though this one, for slightly more money, with a more unique layout and greater storage, and in a far older (though more reliable) building.

This spot is totally livable, with a separate kitchen nook, a surprising amount of closet space and a balcony with 17th-floor views. Sure, it's not the epitome of luxury, but it's an affordable way to get your foot in the door of the city's real estate market, with a list price of just $324,900.

729-111 Elizabeth Street

Royal LePage Terrequity Realty/condos.ca

Here's a unit that feels a little more cramped than the others, at least with the way it's staged, but it's all about location, location, location with this one.

Steps away from Yonge-Dundas Square, the property is going for just $400,000, and is touted for details like its wood floors and ample balcony, along with the modern amenities of the complex (which features a Longo's and a Starbucks on the ground floor).

2610-28 Wellesley Street East

Condowong Real Estate Inc., Brokerage/condos.ca

This $399,900 space may be the cutest of the lot, with tons of natural light (even in the bathroom!) thanks to floor-to-ceiling windows, pretty epic skyline vantages from the 26th floor, and a comfy, cozy vibe — emphasis on the cozy, given that it's a bachelor-sized home of just 321 square feet.

Maintenance bills are the lowest on this list, at $308.04 a month, and, as the listing notes, "in today's market, finding a downtown condo at this price, in this location, with this much natural light, is nearly impossible." 

152-415 Jarvis Street

Sutton Group-Admiral Realty, Inc./condos.ca

This home is a unique find, as it's not what one would think of when they think of a "condo," as it's actually a unit in a townhome-style complex.

On the lower level, it is a charming spot with a sizeable kitchen that includes barstool seating on one side of the counter. And even though it's a studio, it has an outdoor terrace that extends your living space, plus comes with an underground parking space, all for just $339,999.

2505-8 Colborne Street

Keller Williams Referred Urban Realty, Brokerage/condos.ca

This home's design is actually quite practical, and makes the place feel spacious despite not having a separate bedroom. The bed sits in an alcove on the other side of the kitchen, and windows abound to make the home feel airy and bigger than it is. The 25th-floor views help, too.

For just $375,000, it's yours!

506-88 Charles Street East

Kingsway Real Estate, Brokerage/condos.ca

Once home to the Waldorf Astoria Hotel, this address is now the Waldorf Astoria Lofts, which come complete with tons of character (for downtown Toronto condos, at least), including stunning old hardwood floors and granite counters.

Unlike other units on this list, this one is actually a proper one-bedroom, with 550 square feet of living space and, somehow, two parking spaces. It's listed for $395,000.

1909-705 King Street West

Keller Williams Referred Urban Realty, Brokerage/condos.ca

This listing comes with its own built-in space-saving Murphy bed to take the hassle out of planning how your joint living room-bedroom will work. It's another studio, but a sun-drenched one both south and southeast-facing windows taking up the entire far wall.

It's priced just under $350,000, which is a total steal, all things considered, especially for this established King West location.

311-600 Fleet Street

Royal LePage RCR Realty, Brokerage/condos.ca

With a separate bedroom off to the side (that has built-in storage, to boot), newer developers would consider this place a one-bedroom rather than a bachelor.

Whatever it's deemed, this home is a little cramped, yes, but is workable and larger than many other comparable properties, with a small balcony, a distinctive floorplan (read: it's not shoebox-shaped), and everything you need in-unit, in the building and in the area.

It's also by the waterfront, which is a key selling feature for just $360,000.

1203-32 Trolley Crescent

Pope Real Estate Ltd., Brokerage/condos.ca

Another new build for under the $400k mark, this one in the up-and-coming West Don Lands.

Yes, you have to step through the bedroom area to gain entry to the kitchen and main living space, but the sleeping quarters are still sectioned off, making this an interesting one-bedroom.

Concrete ceilings and exposed ducts give those renovated loft vibes that are complemented by modern, minimalist fixtures and design in the bathroom and kitchen.

It's nothing super exciting, but it's a nicer unit in downtown Toronto for just $394,990.