Hey 🐠, crowdsourcing opinions: what are your thoughts on housing prices in Toronto. Im looking to invest and was thinking of a detached home around $1M in the city. You all think its better to wait another quarter or so before pulling the trigger?

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$1M doesnt even get you a starter home in Toronto, curious to see what you’re looking at. Max rent you might get from a 1.5M bungalow is under $5k/month, you can do the math

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Im thinking of putting 50% down so a loan of 500k. Im hoping the rent will break even on mortgage, maintenance and taxes, and gains on appreciation mostly

Word on the street is 1-2 more rate hikes and then holding for 2-3 quarters. I know a good realtor if you need one

Can you DM the realtor SM1? Would really appreciate it lol

I think Toronto is the most expensive in Canada next to Vancouver. If you have the capital now then why not. But I think given the situation right now, i would suggest to wait for a little while to decide.

OP how did you save up the cash for a 50% down?

Im a Canadian but in US. Salaries are higher and exchange rate helps. Mostly savings

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