Real Estate

Looking to sell my Brampton Condo and move to Toronto. Is it worth it?

  • Last Updated:
  • May 27th, 2021 10:53 am
[OP]
Jr. Member
Feb 22, 2017
159 posts
50 upvotes

Looking to sell my Brampton Condo and move to Toronto. Is it worth it?

Hey guys, I own a Condo in Brampton worth around 500k and looking to sell it and move to Toronto. I'm a single guy and social life is big for me.

Is it worth the move? Thanks
13 replies
Deal Addict
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Oct 24, 2016
1169 posts
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ON
Worth what? Are you planning to sell the condo in Brampton and rent in Toronto? If so, losing a property is not worth it. But seeing that it is Brampton —> Toronto, everything is worth it but I don’t want to get there Winking Face
Isn't it great to live in the 21st century where deleting history has become more important than making it.
Deal Addict
Dec 27, 2013
3569 posts
1318 upvotes
Woodbridge
There are so many more variables involved in this decision. Do you have a mortgage on the property? If so, how much will you get from the sale after all fees? Are you renting in Toronto? If you're buying, what will the closing costs in Toronto be, including all fees and taxes? What is your income? What is your projected income growth? How old are you? Are you looking to stay single for a while or settle down? How's your TFSA doing? What other debts or assets do you have? If you're buying, are you planning on buying a condo in Toronto or a freehold home? What part of Toronto? How long do you plan on staying there?
Deal Addict
Dec 27, 2007
3704 posts
1235 upvotes
Edmonton
Sell for 500k and move elsewhere if you want to be in the city. Will be better in the long run.

500k goes a long way
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Deal Guru
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Oct 5, 2008
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Toronto
Getting out of Brampton is always a good idea
Deal Fanatic
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Sep 6, 2002
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Vancouver
Sounds like you know what you want and I would do it if you are young

Do a financial analysis see if you can rent out your condo (read up on being a landlord) ans then rent in Toronto. Frankly buying in Toronto is crazy and if you’re single you may find yourself back in Brampton condo when you have a girlfriend and planning a family.

If you’re young and single def go downtown. I did exactly that have a condo in Markham that I got in early on. Found An amazing tenant. Rented downtown Toronto. Ended up being a smart move as I was relocated for work and walking away from a rental was easy moved into a furnished condo in Vancouver and may be relocated again when COVID is over to the USA. The flexibility of renting is great as are furnished condos.

You’re life will change greatly over the next four years. You can penny pinch and do the absolute smartest thing or live your life.

I have no regrets.

Quality tenant is incredibly important. Start hanging out and asking well thought out questions in the real estate forums. You will find a very good audience of peope giving you advice. Just don’t be vague. Share how much you paid how much you owe terms on mortgage. Income. It’s really a helpful forum but a bit of trolling/banter about rent vs own. Reality is you’re paying $1000-1700 a sq ft downtown or maybe $2000ish rent.
Autocorrect sucks
Member
Aug 13, 2020
426 posts
472 upvotes
mtmp4k wrote: Hey guys, I own a Condo in Brampton worth around 500k and looking to sell it and move to Toronto. I'm a single guy and social life is big for me.

Is it worth the move? Thanks
Suburb prices have gone up during pandemic, even condos. So, if you have this plan in mind, this is not a bad time to make the move.
Deal Addict
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Apr 12, 2013
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Moon
Difference between the burbs and city is the smallest in recent times, in some parts 905>416. Trading now is like selling high and buying low IMO good move if you think 416 will go back up.
Koodo, Public Mobile, Lucky Mobile Customer
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Jan 14, 2008
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Toronto
i would refinance it, keep it as a rental and buy another where you want to go
Deal Addict
Feb 19, 2019
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Stouffville ON
gc99 wrote: i would refinance it, keep it as a rental and buy another where you want to go
I agree if OP can swing it financially.
Rental market has vastly improved in the last few weeks.
Full Time and Full Service Realtor
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Mar 2, 2017
2206 posts
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Toronto/Markham
No brainer, social scene in Toronto is definitely improving. Spent the day looking at units in King West/Fashion district, the buzz is coming back.
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Deal Guru
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Sep 14, 2003
10687 posts
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Mississauga
Get out of Brampton. For a huge number of reasons, Brampton is not the place you want to be.

Toronto will probably be a good move from an appreciation perspective depending on where you move to. Find a condo down in Liberty Village or across from Skydome, and you're laughing in 4-5 years when COVID is in the rear view mirror.
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Oct 30, 2017
552 posts
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Toronto
How did you end up in Btown to begin with?
Newbie
May 27, 2021
1 posts
it seems living outskirt bothers you a bit. think it this way, ownership is important, if you can switch it to a condo in Toronto that might be the perfect move. Comprehensive evaluating your current situation, financially, and the difference between what it is now and the new possibilities will help you make a smart move,

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