Personal Finance

Ideal to buy a Condo?

  • Last Updated:
  • Jul 16th, 2009 5:23 pm
Deal Addict
User avatar
Aug 22, 2005
4655 posts

Ideal to buy a Condo?

So my family and I are in the market of buying a condo, recently we were approved for 220k Mortgage @ CIBC with a 5 year variable rate Mortgage.

Question is the Condo is in a ideal place near the bus stop, about 20 years old, but has been maintained very well. With 2 bedrooms and 2 washrooms/with baths.

All access to facilities...with maintenance fee around 450 a month and the mortgage around 900 a month.

Size is less than 950 square feet....but the building is animal free, which I value.

Question is we were able to get the condo down from 237 to 220k, is that a fair price? And would the price of the condo slightly rise in the future or is it a bad investment?

Plus what's a competitive rate for a 220k Mortgage?
3 replies
Deal Expert
User avatar
Aug 18, 2005
19009 posts
1. I have no idea if the price is competitive. That depends on a large number of factors.

2. Please read my thread: Condo Buyers Should Consider These Items

3. Maintenance fee will always go up with inflation because of the cyclical nature of building equipment maintenance, repairs and replacement.

4. There is a thread in this forum where the latest mortgage rates are discussed at length. Though if you know you're in this game for 5 years, I would get a fixed rate as prime is going to creep up sooner or later.

Btw, you sound like you are very uninformed about the process of getting a mortgage, how to buy a home, the overall process of buying a home, real estate in general, etc. You'd better do a lot of reading or you'll get screwed on something.
Deal Fanatic
User avatar
Nov 23, 2005
8426 posts
Telling us where the condo is located will help you get an answer if that is a good price you are getting or not.

The fact that you 'could' get it for $17k bellow asking price can be a good or a bad thing. Someone is really in a rush to sell because they might need money, or they just want to dump this condo due to possible problems.

I'd be quite cautious if I were you ...