Top luxury condos under $500k

Finance Minister Bill Morneau recently announced that, effective Feb. 15, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for houses more than $500,000. However, the minimum down payment for houses less than $500,000 remains at five per cent.

The new law has resulted in a new problem: you want to live luxuriously but can't afford the down payment. Keep in mind, a luxury condo is always a viable option, and contrary to most detached houses, you can live luxuriously – for under $500K. Here are some luxury condos currently on the market:

Downtown Vancouver

Project: Tate Downtown
Developer: Bonds Group of Companies
Price: starting in the high-300s

Located in downtown Vancouver, Tate Downton is a new condo and townhouse development that caters to people with varying budgets. While prices for units in this development go upward to $2.6 million, there are one-bedroom floorplans starting in the high-$300s. The building includes a large 3,500-sq.-ft. lobby, concierge service, private library and fireside lounge. Click here for details on new condos in Tate Downtown by Bonds Group of Companies.

View more new condos in Vancouver.

Sunnyside-Kensington, Calgary

Project: Kensington
Developer: Bucci Developments Limited
Price: starting from $389,900

If you're living in Calgary and looking for a luxury home without the astronomical price tag, Kensington, named after its surrounding Sunnyside-Kensington neighbourhood, is a good fit. The open-concept floor plans, nine-ft. ceilings, stainless steel kitchen appliances with high-gloss cabinetry and the large bathroom vanity mirrors give this place a luxurious feel. Units also have outdoor patios equipped for BBQ hookups and provide beautiful views of downtown Calgary to the south. Click here for details on new condos in Kensington by Bucci Developments Limited.

View new condos in Calgary.

Downtown Edmonton

Project: Symphony Towers
Developer: Allen Wasnea Engineering Limited
Price: starting from $469,000

For less than $500K, you can live in a brand new, two-bedroom, 2.5-bathroom home that totals 1,987 sq. ft. The building offers stunning architecture within the burgeoning neighbourhood of downtown Edmonton. The 27-storey building has world-class architecture with views of of Edmonton River Valley, City Centre and Legislature Grounds. Each room comes with a glass balcony and BBQ outlets. Click here for details on new condos at Symphony Towers by Allen Wasnea Engineering.

View more new condos in Edmonton.

Liberty Village, Toronto

Project: Liberty Central by the Lake Two
Developer: CanAlfa
Price: $409,900

Live luxuriously by the lakeside in the latest addition to Toronto's sought-after Liberty Village neighbourhood. The building includes a four-storey podium that features s a main lobby, retail spaces and a fully landscaped and amenity-filled rooftop terrace. You'll also be located in close proximity to the trendy King West neighbourhood. Two-bedroom, two-bathroom units at 749 sq. ft. are going for $409,900; however, prices range from the high-200s to the high-400s. Click here for details on new condos at Liberty Central by the Lake Two by CanAlfa.

View more new condos in Toronto.

Centretown-Downtown, Ottawa

Project: Tribeca East Condominiums
Developer: Claridge Homes
Price: $419,000

For under $500K, you can get a 955-sq.-ft., two-bedroom, two-bathroom unit in Ottawa's Centretown-Downtown neighbourhood. The private balconies offer views of city, and the open-concept layout and high ceilings create a spacious atmosphere. The building is complete with a pool, gym, media room and splash pad. Other units are available starting from the mid-200s. Click here for details on new condos in Tribeca East Condominiums by Claridge Homes.

View more new condos in Ottawa.

Griffintown, Montreal

Project: Bassin du Havre
Developer: Prével
Price: $365,000

Located in the trendy Griffintown, the Bassins du Havre is known for offering units with private terraces looking like docks. This two-bedroom, one-bathroom condo offers 1,001 sq. ft. of space, but you can find units in the low-200s. Click here for details on new condos at Bassins du Havre by Prével.

View more new condos in Montreal.