$599,000

$630,000For salePrice drop↓ $31,000 (5%)

#631 505 Richmond Street West, Toronto (Waterfront Communities) - Single Family for Sale

#631 505 Richmond Street West, Toronto (Waterfront Communities), Ontario, M5V1Y3

1 bed1 bath0 parking250 ft²$483/mo condo feeListed 21 days ago

Overview

This 1-bedroom, 1-bathroom condo in Toronto is for sale offering roughly 250 sq ft of space. Listed at $599,000, it is attractively priced about 5% below the $629,900 median asking price in Toronto. It has been on the market 21 days, fresher than the Toronto average of 57 days.

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Description

Experience sophisticated downtown living at the iconic Waterworks Residences! Located in the heart of Toronto's vibrant Fashion District, this stylish suite combines contemporary urban living with the charm of a beautifully restored heritage building. Enjoy an unbeatable location steps from St. Andrew's Playground, Waterworks Food Hall, Queen West, King West, The Well, trendy restaurants, cafés, shopping, and public transit. Exceptional building amenities include a concierge, fitness centre, party room, visitor parking, and bicycle storage. Includes a separate owned storage locker. An excellent opportunity for investors, first-time buyers, or anyone seeking a convenient downtown lifestyle in one of Toronto's most desirable neighbourhoods. Don't miss this opportunity! (id:66096)

Property Details

MLS®: C14084244
Property Type: Single Family
Bedrooms: 1
Beds (above / below): 1 above · 0 below
Bathrooms: 1
Parking: 0
Interior Size: 250 ft²
Basement: None
Heating: Forced air, Natural gas
Cooling: Central air conditioning
Garage: Garage, Underground
Condo Fee: $483/mo
Fee Includes: Common Area Maintenance, Insurance
Ownership: Condo/Strata
Property Tax: $2,541/yr
Listed: 21 days ago

Features

Appliances: Oven - Built-In
Exterior: Brick
Lot Features: Elevator, Balcony, In suite Laundry

Features and services as supplied by the listing brokerage.

Market Timing

Days on market

21d

Toronto (Waterfront Communities) listings, avg age

57d

Price / ft²

$2,401

List price

$599K

Homes here sell faster than most markets

Sold homes in this market spent an average of 33 days on the market over the past year, against a median of 48 days across the markets we publish.

Homes here sell below asking price

Homes in this market sold for an average of 94.6 percent of their asking price over the past year, below the 96.4 percent median across the markets we publish.

Haho

This 1-bed single family in Toronto (Waterfront Communities) has been listed for 21 days, which is 36 days fresher than the city average of 57. Act while there is still low competition.

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Listed by HOMELIFE LANDMARK REALTY INC. · PEDRAM RAHBARAN

Location

Approximate location — exact address confirmed upon showing

Nearby Places

Area context

Neighbourhood profile (M5V)

This home lists at $599,000, about 6.6× the local median household income of $91,000.

Carrying it typically needs a household income of about $117,006 (20% down, 25-yr amortization, stress-tested) — roughly 29% above the area median.

Median household income: $91,000
Population: 59,912
Median age: 32
Owner / renter: 42% / 58%
Avg. household size: 1.6

Source: Statistics Canada, 2021 Census (FSA M5V)

$599,000· $2,401/ft²

For sale

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Full Cost Breakdown

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Down Payment5.83% · $34,900

Min 5.83%50%

Mortgage payment$3,127/mo

↳ CMHC premium ($22,564 capitalized)

Property tax (est.)$212/mo

Condo fee$483/mo

Total monthly$3,823

Cash Needed to Close

Down payment (5.83%)$34,900

Land transfer tax$16,910

Est. closing costs$4,297

Total cash needed$56,107

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