At $700,000 in Toronto, your options expand meaningfully from the $500,000 range. This budget reaches 1-bedroom-plus-den and 2-bedroom condos in many neighbourhoods, condo townhouses in the east and west ends, and — in Scarborough and East York — the very bottom of the freehold market. What $700,000 actually buys depends heavily on which part of Toronto you're shopping and what property type matters most to you.
Note on financing: At $700,000, CMHC mortgage insurance still applies if your down payment is under 20% ($140,000). With 10% down ($70,000), your insured mortgage is $630,000 and the CMHC premium is 3.1% ($19,530), adding to your loan. With 20% down ($140,000), you avoid CMHC. Total monthly carrying costs on a $700,000 condo with 10% down: $4,200–$5,200/month including maintenance fees, property tax, and insurance. Understanding your down payment options is critical before shopping at this price.
What $700,000 Buys in Condos Across Toronto
Downtown Core: A 1-bedroom-plus-den (600–720 sq ft) in a mid-tier building, or a 1-bedroom in a premium building on King West or Queen West. 2-bedroom downtown condos start at $800,000+ in most cases. At $700,000 downtown, expect to compromise on size or building quality — not both.
Midtown (Yonge/Eglinton): A solid 1-bedroom (580–680 sq ft) in a newer building near the Eglinton Crosstown LRT, or a 1-bedroom-plus-den in an older mid-rise. Buildings along Yonge between Davisville and Eglinton have strong resale demand due to school catchments and transit access.
East End (Leslieville, Riverside, Danforth): A 1-bedroom-plus-den or smaller 2-bedroom in a boutique mid-rise building. East-end condos at $700,000 offer better neighbourhood character than comparable-priced downtown buildings — you're on walkable streets rather than in a tower canyon. Maintenance fees in east-end mid-rises run $450–$700/month.
North York (Yonge corridor, Sheppard): A comfortable 1-bedroom-plus-den or 2-bedroom in many buildings along the TTC Line 1 corridor. North York at $700,000 delivers solid transit access and good value compared to downtown — this is where many buyers discover they can get a 2-bedroom with parking at $700,000 when the same budget buys a 1-bedroom downtown.
Scarborough: A 2-bedroom condo or a small condo townhouse. Scarborough at $700,000 has the most options: larger units in established buildings, some 2-bedroom-plus-den units in older towers, and entry condo townhouses in newer complexes near Scarborough Centre or the Kingston Road corridor.
Etobicoke (Humber Bay / Mimico): A 1-bedroom-plus-den with lake view in a newer Humber Bay Shores tower, or a larger 1-bedroom in an inland Etobicoke building. Maintenance fees at Humber Bay Shores towers run $650–$950/month — an important carrying cost factor at this price point.
What $700,000 Buys in Townhouses
Condo townhouses at $700,000 appear in East York (Danforth area), North York, and Etobicoke — typically 2-bedroom units at 900–1,200 sq ft with a small private outdoor space and attached or underground parking. Monthly maintenance fees of $300–$500/month apply. These offer meaningfully more space and privacy than a condo apartment at the same price.
In Scarborough, $700,000 occasionally reaches freehold stacked townhouses or true freehold row houses in established communities. These are rare at this price and move quickly when they appear. A freehold town in Scarborough at $700,000 typically offers 1,000–1,300 sq ft, 3 bedrooms, and a small backyard — a significant step up from condo ownership at the same budget.
What $700,000 Buys in Freehold
Freehold at $700,000 in Toronto means Scarborough or the former City of York (Weston, Mount Dennis), and specifically older row houses, semi-detached bungalows, or small detached bungalows requiring renovation. These are not turnkey properties — budget an additional $50,000–$150,000 for kitchen, bathroom, and mechanical updates in a property at this price in city limits. The tradeoff is freehold ownership at one of Toronto's lowest entry points.
The case for buying a semi-detached home covers whether the freehold premium over a condo makes sense at this budget — it's a genuine question worth working through before committing either way.
$700,000 Toronto Options Summary
| Area | Best option at $700K | Typical unit | Monthly fees |
|---|---|---|---|
| Downtown Core | 1-bed+den condo | 600–720 sq ft | $600–$1,000/mo |
| Midtown (Yonge/Eg) | 1-bed+den condo | 620–750 sq ft | $500–$800/mo |
| East End (Leslieville) | Small 2-bed condo | 700–850 sq ft | $450–$700/mo |
| North York (Yonge) | 2-bed condo | 750–900 sq ft | $500–$800/mo |
| Etobicoke (Humber Bay) | 1-bed+den with lake view | 620–750 sq ft | $650–$950/mo |
| Scarborough | 2-bed condo or condo town | 800–1,100 sq ft | $350–$600/mo |
| Scarborough (freehold) | Row house or bungalow semi | 900–1,300 sq ft | None |
The Toronto MLTT at $700,000
Buying in Toronto at $700,000 means paying both Ontario and Toronto land transfer taxes. Combined LTT + MLTT on a $700,000 purchase is approximately $19,200. First-time buyers receive rebates of up to $8,475 combined, reducing net tax to approximately $10,725. Repeat buyers pay the full $19,200. This is a significant cash cost beyond your down payment — factor it into your total closing costs alongside legal fees ($1,500–$2,000), title insurance ($300–$400), and home inspection costs. See how Toronto's MLTT works for the full calculation.
Ready to explore? Browse Toronto homes under $700,000 on Condohill to see current inventory by area.
FAQ
Is $700,000 enough to buy a house in Toronto?
Barely, in limited areas. Scarborough and the former City of York have freehold properties — small semis, row houses, and bungalows — that occasionally appear at $700,000, though most require renovation. In Leslieville, Roncesvalles, East York, Etobicoke, and North York, freehold at $700,000 is not available. For most of Toronto, $700,000 means a condo or condo townhouse.
What's the best use of $700,000 in Toronto for a couple planning a family?
A condo townhouse in East York or a 2-bedroom condo in North York along the Yonge subway offers the best balance of space and transit access at $700,000. A freehold semi or row house in Scarborough — if one can be found in the $700,000 range — gives more long-term flexibility but requires renovation budget. Many couples at $700,000 in Toronto buy now and plan to upsize in 5–7 years as income grows.
How does $700,000 in Toronto compare to $700,000 in York Region?
In York Region, $700,000 buys freehold townhouses in Newmarket, Aurora, and East Gwillimbury — 3 bedrooms, 1,400–1,800 sq ft, no monthly fees. In Toronto, $700,000 buys a 1-bedroom-plus-den or 2-bedroom condo with monthly fees of $500–$900. The comparison strongly favours York Region for space and ownership structure; Toronto wins for commute time if you work downtown. Our York Region guide covers what $700,000 buys in York Region specifically.
Should I buy a condo or a condo townhouse at $700,000 in Toronto?
A condo townhouse generally offers better long-term value at the same price: more square footage, private outdoor space, no shared elevators, and a property type that appeals to families (broadening your future buyer pool at resale). Condo apartments have more amenities and potentially better transit proximity, but compete with ongoing new tower supply. At $700,000, a condo townhouse in East York or Scarborough is usually the stronger choice if you can find the right building.
What are closing costs on a $700,000 Toronto purchase?
For a first-time buyer: combined LTT after rebates ($10,725) + legal ($1,500–$2,000) + title insurance ($300–$400) + status certificate review if condo ($300–$500) = $13,000–$14,000 total closing costs. For a repeat buyer: $22,000–$24,000. These are separate from your down payment. Plan accordingly — running out of cash at closing is the most avoidable mistake in Toronto purchases.