Yes, you can. Many buyers think a new build in the GTA costs too much. That is not always true.
Smart buyers now search condos for sale in Toronto and nearby areas such as Etobicoke. They compare price, size, and move-in date. This guide shows what $700,000 can buy today, where to look, and how Condos2Home can help you find the right home for your budget.
What Does $700,000 Buy Near Toronto?
A buyer can find new condos and townhomes under $700,000 in Toronto and nearby cities. The key is location and home type. Downtown suites often start near $700,000 or higher. Etobicoke, North York, Scarborough, and the GTA edges often cost less.
A one-bedroom or compact two-bedroom condo gives you the best chance. Stacked and low-rise townhomes also fit in some areas. A detached house rarely falls under this budget close to the city.
Most buyers pick space or location first. Then they adjust the other. Your down payment and mortgage approval also set your real limit, so talk to a lender early.
Where New Construction Homes Cost Less Near Toronto
Prices drop as you move away from the core. Etobicoke, Scarborough, and North York offer strong value. Cities like Brampton, Whitby, Oshawa, and Hamilton go lower still. Many buyers of pre construction homes Ontario wide choose these areas for bigger floor plans and better prices.
Builders often release projects in phases. Early phases usually carry lower prices. Later phases cost more as demand grows.
Transit matters more than distance. A GO station or subway stop can cut your daily commute. Check the route before you buy. Look at schools, parks, and shops too. A fair price loses its charm if the daily trip wears you down.
Condo or Townhome: Which One Fits Your Budget?
Condos cost less per unit. Townhomes give more space and a private entry. Compare both before you decide.
Many buyers start with condos for sale in Toronto because the entry price is lower. A small suite near transit also rents well. That helps if you plan to invest.
Townhomes cost more but suit families. You get extra rooms and often a small yard. Ask the builder what each fee covers, and ask about parking and storage. Those extras can add thousands to your bill.
Current Project Pricing Across Toronto Markets
Pre-construction homes that are open and selling have better picture about pricing. Two current launches prove the range near Toronto.
One sits well under $700,000 in Etobicoke. The other starts at that limit downtown. Compare their price, size, fees, and move-in dates to see clearly what your budget can buy today.
- Westshore Homes: Minto Communities builds it in Long Branch, Etobicoke. Prices start from $586,900. The project has 509 suites over three storeys. Units run from one to three bedrooms. Sizes range from 472 to 1,282 square feet.
- Westshore Access: Move-in is set for 2027. Long Branch GO Station and the TTC are close. The Gardiner Expressway and Highway 427 are nearby. Lake Ontario is minutes away.
- 101 Spadina: Devron Developments is building it in the Entertainment District. Prices start around $700,000. The tower has 397 suites. Units are two- and three-bedroom. Occupancy is set for 2028.
- Fees and Walkability: Maintenance runs $0.40 per square foot at Westshore. It runs $0.75 per square foot at 101 Spadina. The downtown address scores 100 for walking and transit.
Westshore gives you more room for a lower price. 101 Spadina gives you a downtown address at the top of your budget. But these are two examples of projects. This list can be way longer than this. The best way to determine whether you have suitable pre-construction projects for your budget is to contact our team. Prices can change, so confirm the pricing before you commit.
Costs to Plan Beyond the Price
The sticker price is not the full cost. Many buyers feel betrayed when their home costs more than the price tag they saw on the advertisement. However, it’s not something that should scare you. Budget for these items:
- Deposits, paid in stages during the build
- Closing costs, including legal fees and land transfer tax
- Development charges and HST, based on your contract
- Monthly maintenance fees, such as $0.40 per square foot at Westshore
Ask for a full cost sheet early. Many developers have easy deposit structures. This makes it easier for you to buy a home. A clear plan keeps you under $700,000 on paper and in real life.
Also check the closing date. Builders sometimes move it. Keep your mortgage approval fresh so you are ready when the date arrives.
How Condos2Home Helps You Buy Smart
Condos2Home lists new projects across Toronto and the GTA. You can browse by city, budget, and home type. The team shares floor plans, pricing, and move-in dates. They also explain deposit schedules in plain words, so you know what to expect.
You also get guidance from search to closing. The site offers a preconstruction investment and buyer’s guide, which helps first-time buyers avoid common mistakes. The team can compare projects side by side and match them to your budget.
Ready to start? Explore pre construction homes Ontario builders are launching right now, then book a call with Condos2Home. Call (647) 302-8111 for more information. Your new home may cost less than you think.
