$799,999 - 488 University Avenue Unit 4608, Downtown Toronto
Condo for Sale in Downtown Toronto
New — Listed 3 days agoNeighbourhood: Kensington-Chinatown
- MLS Number
- C13698686
- Property Type
- Condo
- Status
- active
- Days on Site
- 3
- Bedrooms
- 2
- Bathrooms
- 2
- Square Feet
- 800 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- None
- Exposure
- South
- Balcony
- Open
- Listing Brokerage
- NU STREAM REALTY (TORONTO) INC.
Welcome to elevated downtown living at **The Residences of 488 University Avenue**. Perched high on the **46th floor**, this beautifully refreshed **2-bedroom, 2-bathroom residence offers approximately 820 sq. ft. of interior space plus an impressive 160 sq. ft. private balcony**.The highly functional split-bedroom layout provides excellent privacy and efficient use of space. Floor-to-ceiling windows and desirable **south-east exposure** bring in abundant natural light and showcase spectacular city views. The open-concept living, dining and kitchen area is ideal for both everyday living and entertaining. The spacious primary bedroom features a walk-in closet and private ensuite, while the second bedroom is well separated for family, guests or a home office.**Freshly painted, professionally cleaned and carefully prepared for sale**, this vacant suite is move-in ready and shows beautifully.Enjoy luxury building amenities, 24-hour concierge and **direct access to St. Patrick Subway Station**, all from an exceptional downtown location steps to U of T, Queen's Park, major Toronto hospitals, OCAD, TMU, Eaton Centre, the Financial District, restaurants, shopping and entertainment.A rare opportunity to own a **true 820 sq. ft. two-bedroom residence with a 160 sq. ft. balcony on the 46th floor** at one of University Avenue's landmark addresses.
Estimate your monthly payments for this property
Estimated Payment
$4,104.41/mo
Includes CMHC insurance ($22,320)
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Kensington-Chinatown
Kensington-Chinatown is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Kensington-Chinatown
- •Convenient location in Downtown Toronto / Waterfront
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Kensington-Chinatown offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
488 University Avenue Unit 4608, Downtown Toronto / Waterfront
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Rental income estimator & ROI calculator
Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Fair Market Value
At $1000/sqft, this property is priced in line with current Downtown Toronto market conditions. The pricing suggests the seller has done their homework. We may have modest room for negotiation, typically 2-4% in today's market.
Just Listed - Act Strategically
This property hit the market within the last week. In Downtown Toronto's current market, desirable homes often receive multiple offers within 5-7 days. If you're seriously interested, I recommend booking a showing immediately. However, never let urgency override due diligence - we'll still do proper inspections.
Condo Considerations
For condos, I always review the status certificate thoroughly. Key things I look for: reserve fund health (should be well-funded), any upcoming special assessments, rules that might affect your lifestyle (pets, rentals, renovations), and the corporation's financial statements. We'll want to verify the monthly fees and what they include.
Efficient Living
At 800 sqft, this is a more compact space. The upside: lower utility bills, less maintenance, and easier cleaning. Consider how you'll use the space - built-in storage, multi-functional furniture, and good organization become important. Great for singles, couples, or those who prefer a low-maintenance lifestyle.
About Kensington-Chinatown
I know Kensington-Chinatown well from working with many buyers and sellers here. Each pocket has its own character - let me share what I've learned about this specific street and block. During our showing, I'll point out local amenities, school catchments, and what similar homes have sold for recently.
Investment Perspective
Looking at this as an investment: Downtown Toronto properties have averaged 5-7% annual appreciation over the past decade. Your estimated monthly carrying costs would be around $3,333 (mortgage, taxes, insurance). Consider whether you're comfortable with this as both a home and a financial commitment.