Is buying a condo in downtown Toronto worth it?

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Is this a case question? If so I have some clarifying questions:
- Are you paying rent, and if so how much?
- What is your annualized return on investments to consider opportunity cost of downpayment?
- How much do you have to put down (i.e., what can you afford)?
- Are you going to stay in Toronto for the long-term?

I hope you get my point...

likefunny

Yes. Bought a 1+1 in 2019 near St Lawrence, planning to live here for about 5 yrs then HELOC it for the next step (& rent it out).

Demand for downtown will continue once we’re back to normal and immigration continues at record levels

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Nope. Move higher up or west. More space, bigger properties, Green, better environment.

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Sprawl and having to drive everywhere is way worse for the environment. Urban living is one of the best ways to reduce your carbon emissions.

likefunny

Personally I don’t like staying in a box up in the sky and having to pay a hefty maintenance fee for amenities that I rarely use. For the same price I can get a townhouse or a semi in the GTA suburbs that can be close to highway or the GO.

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I bought a house two years ago and I still miss downtown condo life, they're two totally different lifestyles so I suppose it depends what you want more than is it "worth it"

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It is probably the most undervalued real estate asset right now in Toronto. I am expecting the gap between condos and detached to narrow by next year, and if I had the money I’d go for a boutique 2 or 3 bedroom (or a really well located 1+den).

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It was for me. That was 5 years ago. Now, I’m not so sure.

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