Looking for condos for sale in Toronto under 400K? These entry-level listings offer great value in one of Canada’s most in-demand real estate markets. Whether you’re buying your first home or adding to your portfolio, these condos are a smart place to start.

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PH7 40 Homewood Avenue

Cabbagetown-South St. James Town Toronto M4Y 2K2

$399,900

Residential Condo & Other beds: 1 baths: 1.0

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• Details
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Status:

Active

Prop. Type:

Residential Condo & Other

MLS® Num:

C12713808

Bedrooms:

1

Bathrooms:

1

• Photos (21)

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Discover effortless urban living in this penthouse residence, where space, light, and views come together beautifully. This condo presents a rare opportunity for both end users and investors seeking long-term value. The well-proportioned one-bedroom layout is enhanced by soaring floor-to-ceiling windows, filling the home with natural light and offering abundant storage throughout.A true highlight of the suite is the oversized 18-foot balcony, oriented west for uninterrupted skyline views and unforgettable sunsets. With ample room for outdoor dining and lounging, it's an ideal extension of your living space-perfect for relaxing evenings or entertaining friends. All-inclusive condo fees cover heat, hydro, water, Bell Fibe Internet, and Crave TV, providing exceptional convenience and cost certainty.Located in a vibrant, highly walkable neighbourhood just moments from downtown, major universities, transit, dining hotspots, grocery stores, and retail, with quick connections to the DVP and Gardiner Expressway, this penthouse offers a refined city lifestyle with everything at your doorstep.

General Info:

Property Type:

Residential Condo & Other

Property Sub Type:

Condo Apartment

Home Style:

1 Storey/Apt

Total Approx Floor Area:

500-599

Exposure:

West

Bedrooms:

1

Bathrooms:

1.0

Kitchens:

1

Bedrooms Above Grade:

1

Kitchens Above Grade:

1

Rooms Above Grade:

4

Additional Info:

Heating type:

Forced Air

Heating Fuel:

Gas

Storey:

PH

Balcony:

Open

Basement:

Other

Fireplace/Stove:

No

Garage:

Underground

Garage Spaces:

1.0

Parking Features:

Underground

Parking Type:

Rental

Parking Spaces:

0

Total Parking Spaces:

1.0

Locker:

Owned

Family Room:

No

Possession Details:

TBD

Financial Info:

HST Applicable To Sale Price:

Included In

Maintenance Fee:

$588.93

Maintenance fees include:

Heat Included, Water Included, Cable TV Included, Common Elements Included, Hydro Included, Building Insurance Included

Development Charges Paid:

Unknown

Taxes:

$2,028.5 / 2025

Assessment:

$- / -

County:

Toronto

Listing Area:

Toronto C08

Listing Sub-Area:

Cabbagetown-South St. James Town

Interior Features:

Other

Pets Permitted:

Yes-with Restrictions

Rental Items:

Unit is currently tenanted for $2,100 a month. Tenant is month-to-month and would like to stay if possible.Underground Parking available for $100 a month.

Inclusions:

Fridge, stove, elfs, window coverings, and A/C unit.

Exterior Finish:

Brick, Concrete

Room Information:

Floor

Type

Size

Other

Main

Living Room

13'11"4.24 m × 12'11⅛"3.94 m

Parquet, W/O To Balcony, Double Closet

Main

Dining Room

13'11"4.24 m × 12'11⅛"3.94 m

Parquet, Combined w/Living, Large Window

Main

Kitchen

9'7¾"2.94 m × 5'6½"1.69 m

Tile Floor, Large Window

Main

Bedroom

12'4"3.76 m × 8'11"2.72 m

Parquet, Double Closet, Large Window

Other Details:

Special Designation:

Unknown

Air Conditioning:

Window Unit(s)

Central Vacuum:

No

Seller Property Info Statement:

No

Laundry Access:

Coin Operated, In Basement

Business Info:

Condo Corporation Number:

75

Property Management Company:

ICC Property Management Ltd. 905-940-1234

Listing Info:

Date Listed:

Jan 20, 2026

Original Price:

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Previous Price:

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Listed by CHESTNUT PARK REAL ESTATE LIMITED

Data was last updated January 21, 2026 at 12:15 PM (UTC)

Area Statistics

Listings on market:

20

Avg list price:

$624,000

Min list price:

$399,900

Max list price:

$1,649,000

Avg days on market:

47

Min days on market:

1

Max days on market:

282

These statistics are generated based on the current listing's property type and located in Cabbagetown-South St. James Town. Average values are derived using median calculations. This data is not produced by the MLS® system.

Get market change alerts

• DARYL KING
• RE/MAX HALLMARK REALTY LIMITED
• 1 (905) 9075464
• homes@darylking.com

This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website. The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the PropTx MLS®. The data is deemed reliable but is not guaranteed to be accurate.

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Features of Condos for Sale in Toronto Under 400K

Affordable units in this price range typically offer:

• Studio or 1-bedroom layouts ideal for singles or couples
• Functional kitchens, open living space, and in-building laundry
• Access to TTC, grocery stores, and local amenities
• Older buildings with good structure and lower tax rates

Why Choose Toronto Condos Priced Under $400,000

• Ideal for first-time buyers or downsizers on a budget
• Lower monthly payments with CMHC-backed mortgage eligibility
• Opportunities to renovate or rent out for passive income
• Reduced land transfer tax and closing costs

Where to Find Condos for Sale in Toronto Under 400K

Great value can be found in neighbourhoods such as Weston, Scarborough, East York, and parts of North York. Many buildings here offer established communities and access to transit.

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Each link provides updated listings and expert insights.

FAQs – Condos for Sale in Toronto Under 400K

1. Are there move-in-ready condos under 400K in Toronto?
Yes. While some need updates, others are renovated and ready for immediate occupancy.

2. Can I get a mortgage with just 5% down on these properties?
Yes. As long as the unit price is under $500K and you qualify, you can buy with 5% down.

3. Do condos under 400K come with parking or storage?
Some do, but it’s not guaranteed. Be sure to check individual listings for included amenities.

4. Are Toronto condos under $400K a good investment?
Absolutely. They’re affordable entry points into a strong market, often located in up-and-coming areas.