Dec 2nd, 2019 7:12 pm
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Dec 3rd, 2019 12:13 am
curious which area is most affordable these days?Shaun80 wrote: ↑ Keep saving and buy downtown Toronto even if you only get a one bedroom or one bedroom plus den. Check the resale market 5 to 10 year old unit downtown . Older resale will be a better investment imo then precon or brand new as you will not be severely cash flow negative every month. My one bed resale unit downtown rent is 2300 plus utilities and expenses are total 2400 (mortgage , maint fees and property tax) . I can claim the small 1200 yearly loss on my taxes so it's even less. I am practically breaking even while tenant is paying down the property for me and I am gaining all the long term appreciation in a prime downtown location with parking. Nice set up.
Dec 3rd, 2019 6:53 am
If your budget is 500 to 550k and you look hard enough you can still get a resale or assignment (if you have the cash ) one bedroom downtown Toronto in that range . For a good unit the maint fees will probably be around 400ish property tax 150 per month . When I crunched the numbers this was the only scenario where I wouldn't be hundreds of dollars cash flow negative each month and still own downtown. In terms of affordability downtown i think the fringes of city place or regent park area might be the most affordable right now. I was really lucky and got a unit right in the core but that might not be realistic unless you get a steal.
Dec 3rd, 2019 10:57 am
Dec 3rd, 2019 3:22 pm
Dec 3rd, 2019 4:38 pm
yea my budget is around 450k, I guess im out of luck with DT. I am thinking sauga city core... Rental rate should be decent with a lot of jobs in the area, no?Shaun80 wrote: ↑ If your budget is 500 to 550k and you look hard enough you can still get a resale or assignment (if you have the cash ) one bedroom downtown Toronto in that range . For a good unit the maint fees will probably be around 400ish property tax 150 per month . When I crunched the numbers this was the only scenario where I wouldn't be hundreds of dollars cash flow negative each month and still own downtown. In terms of affordability downtown i think the fringes of city place or regent park area might be the most affordable right now. I was really lucky and got a unit right in the core but that might not be realistic unless you get a steal.
Dec 3rd, 2019 5:08 pm
I don't know how the condo market and prices are in Mississauga and the rental rates for a one bedroom or two bedroom . I know transportation is not very good there and the job market for highly skilled jobs is not as good as Toronto. I would save up for either a townhome in Mississauga , Burlington , Oakville or a condo downtown
Dec 3rd, 2019 6:00 pm
450K will get you decent condo in those cities , not even close to a townhome.Shaun80 wrote: ↑ I don't know how the condo market and prices are in Mississauga and the rental rates for a one bedroom or two bedroom . I know transportation is not very good there and the job market for highly skilled jobs is not as good as Toronto. I would save up for either a townhome in Mississauga , Burlington , Oakville or a condo downtown
Dec 3rd, 2019 6:24 pm
With your budget you can still get a studio DT but your choices will be extremely limited, Mississauga Core will offer more, you can probably get 1bdr or 1+1 in a newer building but these are also selling very fast, they are renting in the $2,000-$2,200 range. Are you buying for investment or to live in?
