Urban Toronto - Powered by vBulletin
UrbanToronto News - the latest headlines
Sheridan College Breaks Ground for McCallion Campus Expansion
ALSO
Results 1 to 9 of 9

Thread: Thinking of a 2 Bedroom Downtown Condo

  1. Default Thinking of a 2 Bedroom Downtown Condo

    Hello Everyone,

    I've read the various posts with interest, and thought I'd put some questions of my own here.

    I currently have roughly $106,400 set aside as a down payment.

    My annual salary is $70,000

    I would like to buy a 2 bedroom condo downtown, with a nice view, ideally in a building like the 25 Esplanade (Front & Yonge).

    Question is, how much do you think I can get a mortgage with this sort of salary and down payment, and would it be enough to afford buying a 2 bedroom condo downtown ?. Do I need to stump up more as a down payment ?. Finally, because I'm new to all this, what taxes/fees would I need to factor in when buying a new place ?

    Thanks in advance for any information you may have.

    Kind Regards,
    Veronica


  2. Default

    Hi Veronica,

    several factors will affect the price of the condo you want to purchase....do you need parking, do you want a newer building, balcony, high floor, ect.

    Currently, newer 2 bedroom condos in the downtown area start at $325,000 with parking (they go down if you don't require a parking spot). If you are not set on being in a recently constructed building (>5 years), they start in the $280,000's. I am not a mortgage broker, but based on the large down payment you have and your annual income, it seems that purchasing a 2 bedroom condo downtown will be no problem. Also, here is a list of some expenses to factor in when purchasing: http://www.searchlocalcondos.com/con...chase-expenses

    Contact me if you need more info. Would love to help in your search!
    Cheers,
    Karolina

  3. Default

    I recently bought a new 680 sq ft 1 bdrm condo from plan for 300 plus 30k for parking. You're not going to get much of a 2 bdrm downtown for 325 with parking. I suggest you contact a mortgage broker. Your downpayment is great so that will help.
    Last edited by Catapult; 2010-Jun-28 at 22:18.

  4. #4
    Join Date
    May 2008
    Posts
    3,039

    Default

    Yeah, I'd think you'd be looking more at ~400K for a decent two bedroom downtown. I suppose it depends on your definition of 'downtown', though.

  5. #5
    Join Date
    Apr 2008
    Location
    Toronto
    Posts
    4,545

    Default

    you will be able to borrow anywhere from $280K to $350K, especially in the current environment of loose lending standards.
    ideally you shouldn't go to much more than $280K.

    with your DP of $106K, your ideal budget will be around $390K - 400K ... but since you have a large DP, some will say you can purchase upto $500K - try not to overextend yourself.

    from what i've seen older resale units seem to be going for ~$400 PSF;
    while newer condos just registered go for $500-600 PSF.

    if you're looking at 25 Esplanade, be advised that parking is not available for sale if you want it.
    i think most residents there rent by the month from the lot next door.

  6. #6
    Join Date
    May 2010
    Location
    Toronto
    Posts
    864

    Default

    Also factor in taxes, closing costs, and monthly condo maintenance fees.

  7. #7

    Default

    don't spend up to what banks/brokers will tell you what you can afford.

  8. Default

    We won't be able to know how much you can borrow without knowing your debts.

    It's also good to put down a minimum of 20% as downpayment so you don't have to pay additional premium.

  9. #9

    Default

    Quote Originally Posted by cdr108 View Post
    if you're looking at 25 Esplanade, be advised that parking is not available for sale if you want it.
    i think most residents there rent by the month from the lot next door.
    This is half true. Everyone rents, but the lot is directly below and accessible via the elevator. I just wanted to clarify because the original post makes it sound like it's an outdoor lot next door.
    Realtor.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •