Need advice on buying my first home. I recently moved to Canada and like living in downtown city vibes. I’m looking for a 2Bed and really confused if putting all my savings and 60% of salary towards mortgage payments for 1.2M condos is worth it. Does it make sense to buy condos with all those monthly fees and live in city or buy a house around GTA for much less ? Which is better from an appreciation and resale point of view ?

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When I rented before I liked condo because of the amenities, but when I bought my first home I bought a house in GTA with access to GO to downtown within 45’. Also have yard, a bit more work here and there to maintain the property but more fun and more feeling of ownership. Within a short drive (15’) to restaurants night life etc in Hamilton. To be honest don’t miss Toronto much. I bought my house 1.5 years ago at 800k now already 1.3m. 3bd 4bath 2garage.

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Good luck. City is unaffordable, covid has shown the worst of Toronto (feels like s ghost town) and everything that made the city lively has pretty much closed down because of the pandemic. The appeal of the city is no longer there. Move uptown or out in the GTA although it's not really that much more affordable. Also condo fees are ridiculous and wait until you have a disagreement with a property manager... that will be fun. Go buy your own place without having a bunch of idiots called condo board members dictating what you can or cant do in your own house.

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You can look at historical raises on the condo fee on some websites or ask for it when you're considering purchasing

Definitely a house. You’ll get more bang for your buck plus it’s a better investment (when you decide to sell). The only issue is that with 1.2, it’s likely slim pickings on where in the gta you can get a house. Prices for house in the gta are ridiculous and you’re likely looking for a townhouse in that price range

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House all the way. Gives a good feeling of ownership and more area for the same cost

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Totally depends on you. I was looking at GTA west - mississauga, etobicoke etc cuz I have family nearby.
If you are worried about commuting to downtown for work - just find a place with a GO station nearby

DM me if you’d like to buy a unit at Nobu Toronto, might be interested in selling :)

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All depends what you like; I’m in a similar dilemma tbh; but I love the city so I may end up with a condo

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Nice! What’s your budget and options you’re looking at? Just worried that I don’t buy a white elephant!

Good luck. We love the city but that's why we live in the burbs. Putting 60% of salary towards a condo is extremely risky and not worth it

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Definitely house. For same total monthly outlay you may buy a house of 1.4-1.5 mil (assuming u have 60k extra for down payment). Also factor in the risk appetite. If market takes a 10-15 percent correction you lost most of ur savings as ur equity goes down the drain. Toronto housing market is a Ponzi scheme now; u don’t want to be the last one holding the ball

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Any good spots in gta housing for rental yield? As in... Rent pays mortgage and taxes?

I'm going to go against the grain and vote for the condo if you're willing to sacrifice for something smaller. Other option is a condo townhouse but those tend to be quite pricey. I moved to the beaches for a house and it is more space etc which is great during covid but I don't use most of it, and I'm not well versed in home stuff so it's hard and costly to upkeep. My position is very much that it is first and foremost a lifestyle choice (condo vs house, and downtown vs burbs) and within that choice you try to pick something that is within your means.

OP, how are you able to put 60% of salary towards mortgage? Doesn’t the stress test prevent that?

I’ll give you a flexible home loan

For your low fico score home loan programs, send me a direct message

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