Buying a Condo in North york

[Jancy]

Let's say we have the downpayment for 1+1 condo and can afford the maintenance fees and property tax. Is it wise to buy it instead of renting ?(mortgage +tax+maintenance = rent+ utilities)

We dont want to move to the suburbs yet as we are in consulting companies not sure where our job locations will change later. Our goal is to move to a permanent home by 2022 by which we should have a better idea of where we want to settle down. Until then, is it wise to park some downpayment on a condo and build equity, instead of just renting?

Also we are choosing north york because of the TTC connectivity and accessible in all directions, should our job locations change in Toronto. And can generate a rental income later, should we just decide to keep the condo even after buying a house in suburbs. Anyone has done this? Is there anything we are missing in our judgment? Appreciate any inputs.

 

[steaky]

(mortgage +tax+maintenance = rent+ utilities)

Does not make sense. Regardless you are owner or tenant, you still have to pay utilities.

Markham and Thornhill are also suburbs but it share with North York/Scarborough just a road (Steeles Ave).

 

[Jancy]

Does not make sense. Regardless you are owner or tenant, you still have to pay utilities.

Markham and Thornhill are also suburbs but it share with North York/Scarborough just a road (Steeles Ave).

Yes of course the utilities that are not covered in the maintenance will be extra. My main question is, is this a good strategy? To buy a condo for a couple years and then trade it for a bigger house? I am looking for personal experiences. Plus and minus of doing this. Is it wise to do this now or just rent for a couple years and then move to suburbs when u have a better idea of where u want to settle down

 

[steaky]

It's a good strategy if you can predict if the market is hot in 2 years time. But for many posters in this forum, especially @canuck78 , which views rather pessimistic.

 

[canuck78]

Let's say we have the downpayment for 1+1 condo and can afford the maintenance fees and property tax. Is it wise to buy it instead of renting ?(mortgage +tax+maintenance = rent+ utilities)

We dont want to move to the suburbs yet as we are in consulting companies not sure where our job locations will change later. Our goal is to move to a permanent home by 2022 by which we should have a better idea of where we want to settle down. Until then, is it wise to park some downpayment on a condo and build equity, instead of just renting?

Also we are choosing north york because of the TTC connectivity and accessible in all directions, should our job locations change in Toronto. And can generate a rental income later, should we just decide to keep the condo even after buying a house in suburbs. Anyone has done this? Is there anything we are missing in our judgment? Appreciate any inputs.

Makes no sense to buy if you want to move in 2 years unless you want to keep the property longterm. With the fees alone you may end up in the red. Also you can’t predict what the condo market will be like in 2 years.

 

[KRP]

Condo was my first choice. Later consulting many friends I dropped the plan as their is no control over maintenance fees /building funds.
Next was townhouse . After viewing a few dropped that plan too since I do not like the layout of going up and down the wooden stairs in 2 to 3 floor townhouses.
Finally planned a semi-detached or detached house but here i find the prices have gone above my expectations. It works like a auction.
So finally decided to wait sometime as per my realtor advice that prices could come down if this pandemic is going to get worse.
Moving out of Toronto is my last choice since i hate to commute on 401 East to Ajax /Whitby/Oshawa.

 

[Jancy]

Condo was my first choice. Later consulting many friends I dropped the plan as their is no control over maintenance fees /building funds.
Next was townhouse . After viewing a few dropped that plan too since I do not like the layout of going up and down the wooden stairs in 2 to 3 floor townhouses.
Finally planned a semi-detached or detached house but here i find the prices have gone above my expectations. It works like a auction.
So finally decided to wait sometime as per my realtor advice that prices could come down if this pandemic is going to get worse.
Moving out of Toronto is my last choice since i hate to commute on 401 East to Ajax /Whitby/Oshawa.

Exactly. I started of searching for detached or semi in the suburbs in both halton and durham. But door to door it seems it takes atleast 1.5 hours one way to downtown. That's 3 hours a day and leaves so little time at home. So decided to stay in Toronto itself. I am hoping the condo prices will go down further and have a better idea by end of the year.

 

[Will_PA]

Not worth buying if looking to exit within 5 years minimum imo.

Selling costs are 5% here in agents’ fees.

Your mortgage will probably be 5 year fix (with fees to exit it early) anyway.

Town houses often have condo fees too, so best to check.

We just bought west of Toronto, in Clarkson. GO train to Union is 23 mins. I prefer west to east.

 

[steaky]

Not worth buying if looking to exit within 5 years minimum imo.

Selling costs are 5% here in agents’ fees.

Your mortgage will probably be 5 year fix (with fees to exit it early) anyway.

Town houses often have condo fees too, so best to check.

We just bought west of Toronto, in Clarkson. GO train to Union is 23 mins. I prefer west to east.

North to South was not in your picture?

@KRP Many semi-detached and detached going up and down the wooden stairs in 2 to 3 floor too. Looks like you should consider buy an old house, tear it down and rebuilt to suit your taste.

 

[Jancy]

North to South was not in your picture?

@KRP Many semi-detached and detached going up and down the wooden stairs in 2 to 3 floor too. Looks like you should consider buy an old house, tear it down and rebuilt to suit your taste.

When you say north to south, what areas you are talking about? How's the area around Sheppard and yonge

 

[steaky]

When you say north to south, what areas you are talking about? How's the area around Sheppard and yonge

Sheppard and Yonge are all condos. North is any townships or cities up to New Market (or even Lake Simcoe) & South down to Toronto Island.

 

[KRP]

North to South was not in your picture?

@KRP Many semi-detached and detached going up and down the wooden stairs in 2 to 3 floor too. Looks like you should consider buy an old house, tear it down and rebuilt to suit your taste.

@steaky There are many old houses out in the market that suits my personal taste. Only problem is the damn price. But I will surely buy in Toronto as I come across a fair deal.
For rebuilding a detached House will cost just over $ 350000/-. Its the land value that is the main issue.
A 40 X 120 lot size with a unsuitable to live house will cost $ 599000/-.
To tear it down another $ 50000/- plus to built a new one $ 350000 and above.
So 1 million will be the total cost involved or more. I will need to buy Olg 649 or Lottomax and try my luck.

 

[Will_PA]

North to South was not in your picture?

@KRP Many semi-detached and detached going up and down the wooden stairs in 2 to 3 floor too. Looks like you should consider buy an old house, tear it down and rebuilt to suit your taste.

I don’t know North. Would you recommend it? Closer to cottage at weekend I guess.

I was renting in High Park, but buying a detached house there was a stretch.

Port Credit, Clarkson, Oakville, Burlington, Hamilton worth considering if OP open to West, IMO.

Hamilton good value if not commuting as often now.

 

[canuck78]

@steaky There are many old houses out in the market that suits my personal taste. Only problem is the damn price. But I will surely buy in Toronto as I come across a fair deal.
For rebuilding a detached House will cost just over $ 350000/-. Its the land value that is the main issue.
A 40 X 120 lot size with a unsuitable to live house will cost $ 599000/-.
To tear it down another $ 50000/- plus to built a new one $ 350000 and above.
So 1 million will be the total cost involved or more. I will need to buy Olg 649 or Lottomax and try my luck.

Not sure what kind of house you are building but a detached home for 350k but you are underestimating costs in my opinion especially if you are including finishes.

 

[canuck78]

When you say north to south, what areas you are talking about? How's the area around Sheppard and yonge

I don’t know North. Would you recommend it? Closer to cottage at weekend I guess.

I was renting in High Park, but buying a detached house there was a stretch.

Port Credit, Clarkson, Oakville, Burlington, Hamilton worth considering if OP open to West, IMO.

Hamilton good value if not commuting as often now.

Costs in Hamilton have skyrocketed over the past 5 years because others have been priced out of the GTA. Would assume they will continue to go up now that more people will be allowed to work from home. Where you should buy really depends on where you are going to likely be working and if you will be commuting. Would plan on having to stay for 5 years minimum when purchasing something.