Affordable & Liveable in Toronto Series: 117 Gerrard St E #404 — Downtown Condo with Full Utilities Under $400K

📍 Location: 117 Gerrard St E #404 (Cabbagetown South/St. James Town fringe)

💰 List Price: $400,000

🏡 Listed by: Candace Kaszas ~ KELLER WILLIAMS ADVANTAGE REALTY, BROKERAGE

🏠 1 Bed | 1 Bath | 597 Sq. Ft | 1 Parking (rented at $150/month) | No Locker | No Balcony

📆 Days on Market: 33

🧾 Monthly Cost (5% down): ~$3,078/month

• Mortgage: $2,045

• Taxes: $145/month

• Maintenance Fees: $678 (includes heat, hydro, A/C, water, and building insurance)

• Utilities/Insurance/Internet: ~$210

• Parking: +$150/month (rental)

🧩 Why It’s a Smart Buy

• Nearly 600 sq. ft. of interior space — larger than most entry-level condos downtown

• Functional galley kitchen with possibility to open it into the living space

• Well-sized living/dining area suitable for home office or a dining table

• All-in maintenance fees: Includes hydro, which is rarely covered in modern builds

• East exposure ensures quieter mornings, away from Gerrard traffic

• Great opportunity for a buyer looking to personalize the unit with upgrades

• Move-in ready, but renovation potential adds long-term value

📍 Neighbourhood Breakdown: Gerrard & Jarvis

This pocket of the downtown east core is undergoing transformation:

🏙 Key Highlights

• Proximity to TMU (Toronto Metropolitan University) and Allan Gardens

• Walking distance to College/Carlton Streetcar, Yonge Line (College Station), and bike lanes

• 10-minute walk to Eaton Centre, Yonge-Dundas Square, and Moss Park

• Surrounded by new developments, cafes (like Dineen Outpost), and improving infrastructure

🚧 Up-and-Coming Vibe

• This isn’t Queen West or King East — but for those priced out of central west end condos, this area offers great upside

• Lots of planned intensification and revitalization along the Jarvis corridor

• Easy access to both downtown business core and hospital row

💡 Rent vs Own Comparison

• Similar units (without parking) are renting for $2,100–$2,200/month

• With 5% down, ownership sits at ~$3,078/month all-in (including insurance, internet | parking additional $150/month)

• Monthly cost to own is roughly $800–$1,000/month more than renting, but:

  • You’re building equity

  • All-in utility inclusion reduces monthly surprises

  • Parking rental gives you flexibility — or potential future rental income if you don’t need the space

🏢 Building Features

• Full-service amenities including:

  • Concierge

  • Rooftop deck/garden with BBQ

  • Gym

• Older but well-run building with larger units and solid construction

• Quiet east-facing units shielded from noise despite urban location

🔎 Our Take

For under $400K, 117 Gerrard St E #404 provides:

• A larger-than-average 1-bedroom footprint

• Extensive utility coverage (hydro + HVAC = rare at this price point)

• Walkable downtown location that’s still on the upswing

• Real potential to renovate and improve long-term value

This unit is best suited for:

• Buyers who value space and function over flashy finishes

• Someone comfortable in a transitional neighbourhood with lots of upside

• Professionals or first-time buyers who want walkable access to the core but can’t stretch to the newer west-end builds

💬 Would you trade modern finishes for more space and better monthly cost control?

Send us a DM on Instagram with the message "GERRARD" to tour this one or compare it side-by-side with other affordable 1-beds downtown.

Rylie & Vanessa