Real Estate

How much is maintenance on new condo

  • Last Updated:
  • Dec 3rd, 2019 6:24 pm
[OP]
Newbie
Apr 7, 2019
73 posts
15 upvotes

How much is maintenance on new condo

Hi just wondering anyone who has a new condo done. Was maintence more then they expected. I am curious after renting is there any room for any monthly income or is it all just wiped out to cover mortgage and maintenance.

I am thinking more the erin mills mississauga area 2 bedroom 2 bathroom plus den. Right now rent is around 2200-2400.
10 replies
Sr. Member
Oct 21, 2016
864 posts
636 upvotes
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.
Deal Guru
Feb 29, 2008
13923 posts
10193 upvotes
maintenance fees for new construction are always higher than advertised. For a 2 bed maintenance fees will be on the high side. It's just a fact of life. You will have to pay maintenance fees and they go up each year.
Member
Dec 22, 2007
320 posts
24 upvotes
Thornhill
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.
curious which area is most affordable these days?
Sr. Member
Oct 21, 2016
864 posts
636 upvotes
Raela wrote:
curious which area is most affordable these days?
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.
Newbie
Nov 15, 2019
70 posts
27 upvotes
I've had experience where the builder advertised the maintenance fee for a unit that my family bought about four months prior to taking possession, and the monthly maintenance fee ended up being about a third higher. You have to double check what the builder advertises.
[OP]
Newbie
Apr 7, 2019
73 posts
15 upvotes
So i already have bought in erin mills area thats why was curious about that area. They have advertised my unit around $500 maintenance. Not sure what prop tax will be for condo. I guess from what you guys saying i wont have any extra profit in pocket after renting out. Unless rent goes sky high in next 2 years lol. I was hoping even if i get 500 dollars a month would be great to think mentally making profit per month.

Atleast mortgage and all bills get taken care of. As long as no negitive everymonth then can not complain. Who know what market will be so will just hope for best. I plan to keep for couple of years and then sell.
Member
Dec 22, 2007
320 posts
24 upvotes
Thornhill
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.
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?
Sr. Member
Oct 21, 2016
864 posts
636 upvotes
Raela wrote:
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?
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
Deal Addict
Nov 14, 2006
2403 posts
1311 upvotes
GTA
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
450K will get you decent condo in those cities , not even close to a townhome.
I do agree with your statement to try and get something in Toronto as close to downtown as possible if not something in the city near transit.
Deal Addict
Feb 19, 2019
1047 posts
1417 upvotes
Stouffville ON
Raela wrote: 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?
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?
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