Affordable by nature - here's what I think is the best First-Time Buyer Condo and Investment Property in East Toronto!

Scarborough's real estate market offers some of the most more attainable entry points into the Greater Toronto Area (GTA) real estate market than the downtown core. At the heart of this growth, the Me2 Condos present a prime opportunity for both first-time home buyers and savvy real estate investors.  This is your chance to own a newer built, modern unit in the amenity rich Me2 condos!  This area is one of the GTA's most rapidly evolving neighbourhoods.

What this suite offers:  Modern Finishes & Unbeatable Convenience

This bright 1 bedroom + den is move in ready & available for sale.  The 7th floor space featuring modern, finishes throughout.  It's carpet free, with upgraded LVP (Luxury Vinyl Plank) flooring in the living, dining & kitchen areas for durability and style.

The kitchen is equipped with quartz countertops and stainless steel appliances in light neutral finishes. The living room features an upgraded bulkhead with pot lights over the couch, and walks out to a private balcony with desirable unobstructed western views. Great for sunsets - and you can even see the CN tower in the distance!

The layout thoughtfully incorporates a versatile Den (+1) located next to the kitchen, which is ideal for a dedicated home office or study space . The large bathroom features a higher-than-standard vanity and convenient en-suite laundry. Upgraded roller blinds are also included.

The fees are highly reasonable: Maintenance fees include parking, locker, water & heat and are a low $396.97 per month. This suite offers exceptional value and convenience, as the sale RARELY includes both a Parking space and a Locker at this price point!

Here's the floor plan so you can get a sense of the layout: 

Me2 Condos: Resort Amenities & Low Fees

Choosing Me2 Condos offers several distinct advantages over other GTA condo options:

The luxury of an abundance of amenities: Experience the ultimate in condo living. The building features a Miami-inspired rooftop terrace complete with a pool, BBQ stations, and multiple relaxation areas. Residents also gain access to the exclusive ME 2 Club, offering a sports lounge, billiards, games room, yoga and fitness studio, party/dining rooms, guest suites, and even a private theatre. In the winter, the on-site pond transforms into a unique skating rink.  

In this family friendly area, there's even a gorgeous park & playground: 

Affordable and Inclusive Maintenance Fees: 

This low maintenance fee condo structure provides predictability and value, making monthly budgeting much easier.  Most new condos have ALL the utility fees downloaded to the owners, but 20 Meadowglen 728 includes water, heat, central air, all the great amenities and parking.  

Low taxes of $1,600 a year are great value, too! 

Prime Location within the Community: 

Of course, the real estate mantra is: Location! Location! Location! Ideally situated near Highway 401, numerous public transit options, and essential amenities like Scarborough Town Centre, the area is perfect for commuters and students. It is also ideally located near U of T Scarborough and Centennial College (great for rental demand as UTSC adds their medical school) 

 Benefits of Living in Scarborough: Affordability & Rental Demand Growth

Scarborough has rapidly evolved into a coveted destination in the GTA, offering a balanced lifestyle, and diverse population (hello foodies)

Unmatched Affordability: Scarborough condos generally offer a significantly lower average cost per sq. ft. for condos compared to many other parts of  Toronto making it a budget-friendly condo option without sacrificing amenities.

Educational Hubs & Investor Appeal:  The area is a hub for post-secondary education, being minutes away from the University of Toronto Scarborough Campus (UTSC) and Centennial College, which drives strong, reliable rental demand and makes this an ideal investment property. 

Students looking for reasonable rental rates, TTC access and great building amenities are coming to this area - and student turnover means landlords are able to adjust to market rate rents frequently. 

Exceptional Connectivity:  With easy access to major highways (401) and comprehensive transit routes commuting throughout the GTA is highly convenient.

Access to Nature: Residents enjoy proximity to stunning natural landmarks like the majestic Scarborough Bluffs, Lake Ontario, nearby Morningside Park & Rouge National Urban Park providing ample opportunities for outdoor recreation.

Q&A for First-Time Buyers and Investors considering a purchase at Me2 Condos: 

Q: Why is the Me2 Condo Unit a great option for First-Time Home Buyers?

A: This unit is a vital stepping stone onto the **property ladder** in the competitive Toronto market. The manageable price point, combined with low  maintenance fees ($396.97 month), makes the monthly carrying costs much more predictable and manageable. The rarity of having both a parking space and a locker included at this price further reduces your upfront costs. 

Additionally, first-time buyers in Toronto may be eligible for significant government financial assistance, such as the Federal First-Time Home Buyer's Tax Credit $1,500) and substantial Land Transfer Tax Rebates

Q: What are the key benefits for a Real Estate Investor?

A:  This specific unit offers a compelling investment profile. The den adds incredible value, providing flexibility to a potential tenant (e.g., a **home office or study space), which is a key differentiator. The proximity to UTSC and Centennial College ensures strong, reliable **rental demand**, helping to keep vacancy rates low. With the condo's high-demand, resort-style amenities, you can command premium rent prices, positioning the investment for excellent rental yield potential and long-term appreciation in this growing Scarborough community.  This is a solid option for passive income real estate.

With lower interest rates, and condo prices having dropped significantly - this unit is poised for good future appreciation. 

And, this unit is NOT RENT CONTROLLED!

Q: What are the pros of leasing to students:

A: Here are 3 pros: 

• Turnover - ability to raise rent between tenants.  
• Amenities attract high caliber tenants- students love to save money, so amenities like a gym and only paying for hydro help make this unit help them budget expenses.  
• Guarantors - many students have parents providing financial assistance, and they may have good, stable income

Q: What are the cons of leasing to students:

A: Here are 4 cons:

• They may be messy
• They may not have prior rental references
• They may not have a long credit history to establish past payment habits
• They may have been renting with roommates - if they weren't the primary lease holder you may have difficulty with rental references

Q: What down payment do I need to buy this condo?

A: You will need a minimum of $21,900 PLUS land transfer tax ($1,995 if you are a first time homebuyer) or $10,470.00 if you are not and of course, lawyer fees of around $2,000 for closing.  So if you're a first time buyer, you'll need savings of about $26,000. 

Helpful links & other useful real estate information:

Full listing 20 Meadowglen 728

Making a move - Should you Buy first or Sell first?

How accurate is the HouseSigma App?

Working with me - client testimonials

Purchasing your next home before selling your own: Understanding the "Condition of Selling Your Home First" in Ontario Real Estate

Many of my downsizing clients want to make sure they find the perfect home before they commit to selling their larger family home.

Buying and selling a home simultaneously can be a high-stress balancing act. In the Toronto real estate market, one way buyers mitigate this risk is by including a "Condition of Sale of Buyer's Property" (SOP) in their offer. This clause can be a crucial safety net, especially in a balanced or slower market.  

I often see this in smaller Ontario communities and have recently seen this closer to home, particularly in a cooler market where homes take a while to sell.   I have noticed this recently in retirement communities like Wilmot Creek, too.

What Does it Mean?

An SOP condition means the buyer's offer to purchase a new home is contingent upon the successful sale and closing of their current property within a specified timeframe (often 30 to 60 days). If the buyer fails to sell their existing home by the deadline, the agreement for the new purchase becomes null and void, and the buyer typically gets their deposit back.  

If you're searching homes on MLS and notice "SCE" that's industry short form for "Sold Conditionally with Escape Clause" to notify other potential buyers there is a conditional offer accepted by the seller in place.

A key component often added by the *seller* is an **Escape Clause** (commonly 48 hours). This allows the seller to continue marketing their property. If they receive a more favourable offer, they can notify the original conditional buyer, who then has a short window (e.g., 48 hours) to either waive the SOP condition (making the deal firm, regardless of their old home's status) or walk away.

What Are the Risks for a buyer?

For a buyer, the primary risks are:

• Pressure to Sell:  They must sell their current home quickly and competitively to meet the deadline, which may force a lower sale price.
• Risk of being bumped: If a better offer comes in and the Escape Clause is triggered, they may lose their dream home if they cannot firm up the deal immediately
• The seller will not accept the condition
• Stacking an SOP on other conditions makes it less attractive for a seller

What Are the Risks for a seller?

For a home seller the main risk is uncertainty and time off the market.  Accepting an SOP ties up their property for the conditional period, potentially missing out on other, firmer offers. If the buyer's sale falls through, the seller is back to square one.

While the condition benefits the buyer, the seller can protect themselves by:

1.  Insisting on an Escape Clause: This is your safety net. It allows you to accept backup offers and forces the initial buyer to make a quick decision if a firm offer comes along.

2.  Negotiating a Shorter Timeframe: A 30-day condition is less risky than a 60-day one, as it minimizes the time your property is conditionally sold.

3.  Vetting the Buyer's Property: An experienced agent will assess the buyer's current home—its marketability, price, and readiness—to gauge the likelihood of a quick sale.  An experienced agent may insist that some selling parameters are included in the offer, such as guarantee the seller will accept a specific price, that the home is professionally staged, the home is listed for a certain price and the home is put on the market within a specific time frame

My personal experience:

In a slower market in a rural community, I received a SOP offer.   I reviewed the offer in person with my seller.  The price met their expectations, and the buyers home was currently listed for sale.  As my client was not going to purchase a new home until their home sold, there was low risk. We accepted the SOP (there were other conditions as well) for 30 days with a 48 hour escape clause and the sale firmed up before the 30 day mark, resulting in a successful sale. 

Best Practices: 

Buyers:  Have your current home professionally staged, photographed, and ready to list before making an SOP offer. Offer a competitive price and a shorter condition period to make your offer more attractive.  NEVER remove your SOP condition if another offer comes in without discussing the risks with your realtor and a real estate lawyer. 

Seller: Always include an **Escape Clause** (e.g., 48-hour) in the accepted agreement. Continue to aggressively market your property to attract a firm, non-conditional offer. 

Both: Work closely with an experienced real estate agent and lawyer to ensure the clause is correctly worded to protect your interests and fully understand the Escape Clause mechanism. 

5 Q&A's on Conditional Offers

Q: Can the seller accept another offer while my SOP condition is in place?**

A: Yes, if the agreement includes an Escape Clause. If the seller accepts a new offer, they notify you and give you a short window (usually 48 hours) to remove all your conditions, including the SOP, or walk away.  In the industry we call this 'bumping' the first offer.

Q: If I waive the SOP condition, but my current home still hasn't sold, what happens?

A:  Your purchase becomes a firm, legally binding deal. You are now obligated to close and pay for the new home on the closing date, regardless of whether you have the funds from your old home.

Q: How long is a typical "Sale of Buyer's Property" condition?

A: While that's negotiable, most SOP's I have seen are 30 to 60 days to give the buyer a reasonable window to find a purchaser for their existing property.

Q: Does an SOP condition hurt my offer in a Seller’s Market?

A: Yes. In a strong seller’s market with multiple offers, a firm offer (with no conditions) will almost always be chosen over a conditional offer, even if the conditional offer is for a higher price.  "Stacking" conditions (adding more) makes your offer much less desirable. 

Q:  If the deal falls through because my home didn't sell, do I lose my deposit?

A:  If you fail to meet the condition, your deposit is returned in full.  Both parties must sign a mutual release to detail how the deposit is returned and release both parties from the sale.   A seller may still continue to market & sell the home without a mutual release in place.  

Want to check out some homes for sale in Wilmot Creek?  Call me today at 416-562-5002

I have met a lot of people lately interested in Wilmot Creek.  I thought I'd do a little Q&A here with the 10 most frequently asked questions I get! 

Q:  What's a land lease property?

A:  It's where the land is owned by the development and the individual properties are freehold.    So you pay a rental fee for your land & pay for upkeep and improvements on the house just like you would a freehold home.

Q: I see a monthly fee in the real estate listings - what does that cover?

A: In Wilmot Creek, the monthly fees cover your portion of property tax, your individual water use, maintenance & insurance of all the common elements like the roads and recreational facilities

Q: Is buying a land lease the same as buying a freehold property?

A: In Wilmot Creek, the process is the same (although the forms may be slightly different) . You can buy and sell using your choice of Realtor, for example; and you require a deposit for purchase.  You can conduct a home inspection on the property. 

 Where it differs is that Wilmot Creek requires a 4 day condition of a credit check and an interview before you can finalize your sale.  

Q: In some communities like this snow shoveling and lawn maintenance are included.  What about Wilmot Creek?

A: In Wilmot Creek you need to mow your own lawn and maintain any gardens.  They do plow your driveway in the wintertime

Q: Are there any special taxes I have to pay?

A: The benefit of buying the property but not the land, is you do not pay land transfer tax to the province of Ontario.  This can save you thousands of dollars compared to buying a condo or freehold house on private property.

Q: I think some of the homes look like mobile homes - are they?

A: Homes in Wilmot Creek have been built at different times.  You'll see not only a variety of exterior styles but interior styles, too.  They range from the 'mobile home' style where many do not have a garage or basement, to newer homes with a garage (sometimes double garages) and a full basement.   The newer styles are found in the western portion of the development.

Q: Can you drive a car in Wilmot Creek or do you have to drive a golf cart?

A:  While many homeowners have golf carts, you can absolutely drive a car on the roads! 

Q:  I heard from a friend that you have to turn back a portion of your sale proceeds to the community when you sell, or you have to use their own real estate agent.  Is this true? 

A:  There are a few life lease communities in southern Ontario.  In some communities this is the case, but not in Wilmot Creek.  Real estate is bought and sold in a free market using your realtor of choice.   I know that in some other communities the "fee back to the community" is to contribute back to operating expenses to keep monthly fees low.   

Q: Can you have pets in Wilmot Creek?

A: Yes, Wilmot Creek is a pet friendly community.  You must keep dogs leashed, but there is a dedicated area for dogs to run and numerous walking trails.  

Q: How is owning at Wilmot Creek different than buying at a similar development - say like Swan Lake Village in Markham?

A: At Wilmot Creek, you are purchasing a life lease property.  Swan Lake Village is a condominium development.  Both have monthly fees, but in Wilmot Creek your monthly fees include your portion of property tax. In Swan Lake Village you get a separate property tax bill.  You will have to pay land transfer tax when buying into Swan Lake Village, but because you don't own the land at Wilmot Creek, you don't pay land transfer tax.  Both developments offer a variety of home styles to choose from (although Swan Lake also has low-rise condos and Wilmot Creek only has detached bungalow homes)  Both communities are gated.  Both communities have a great social calendar & superb recreational facilities.  Wilmot Creek also features a 9 hole golf course for members to enjoy.  Both communities have properties with water views (although Swan Lake is a park owned by the City of Markham) 

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