There are reasonably priced inner-city condo's to buy, it's just about watching the market closely and be willing to jump on something quickly.
I just bought a condo in Cliff Bungalow last October for 270k. 815 square feet, 2 bedrooms, in-suite laundry, underground parking.
The only knock is its ground level and not modern. But for somebody in my position (mid 20's, work downtown, don't need anything fancy right now) its perfect. I have a roommate who pays $500/month and I walk to work in 15 minutes.
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