News   Apr 19, 2024
Shimmering Skyline
 137     0 
News   Apr 18, 2024
Long Term Care Facility to be Built at Hennick Bridgepoint Hospital
 824     0 
News   Apr 18, 2024
Canada's Tallest Tower to be Taller, Again
 7.8K     2 

Best location and time to buy?

G

gentlepuppies

Active Member
Member Bio
Joined
Jul 7, 2013
Messages
134
Reaction score
10
I'm hoping to buy my first condo (or loft) between 2015 and 2017, hopefully at the bottom of a condo market crash ;)

I'm ideally looking for something I can finance within 15 years, so my budget is roughly $350k. As a junior architect, I am more willing to pay for good design and good layouts than for square footage. Ideally I would live in the same area where I'm currently renting (village green on Maitland/Church), however I doubt i'll get a good deal buying so close to the Yonge corridor downtown, hence I am looking for more up-and-coming areas that will offer the same things that I enjoy now:

-within 5 minute walk to TTC or future DRL alignment
-within a 15 minute bike ride commute to the Annex (work)
-within a 30 minute walk from downtown (for those drunken late Friday/Saturday nights)
-close to parks or greenery (ideally a unit facing south directly into one, which is what I have now)
-has, or will have large grocery stores such as loblaws/T&T nearby

For the realtors here, I'm also looking for the following:
-between $500 and $600 per square foot
-has gym
-has south-facing balcony
-preferably corner unit

Right now, a few areas already come to mind, but I don't want to limit other suggestions
 
Corner units are usually for larger/2bedroom units but I'm sure there are 1 beds out there. Just have to look.

Charles or Hayden St near Younge may be your best bet. Casa
 
iT Lofts will be just about complete c.2017. Great location, 10 minutes' walk to Dufferin Station or even quicker via the Dufferin bus, close to Dufferin Mall for groceries, close to Dufferin Grove park and farmer's market, 10 minute bike ride via Harbord to the Annex, less than 30 minute walk to hipster bars along Bloor, Dundas, College and Ossington. Forget the gym and just go to the Y down the street....

Oh and iT Lofts is RenderPornStar-approved, so it should be a good fit with an architect.:)
 
Just to give you all a sense of my tastes... so far the only buildings in the city I like are Rivercity 1 and Pier 27. iT lofts looks like 1 building pretending to be 2 - fail in my books. Also I don't want to pay premium maintenance fees for a boutique building... give me many neighbours to share gym/pool costs with!

Any advice in terms of mortgages/downpayments? I'm grossing about $70K and growing, saving about $25k a year, have about $60k in the bank. Daddy also offered to chip in for downpayment lol, but I want to say no... how much of a difference would a $50K boost make? Trying to minimize interest payments, so I'm guessing a shorter amortization period is ideal, except that the TD mortgage calculator tells me with 15 years I can only buy a $290K condo lol.
 
Ever consider finding a longer termed mortgage with 20% down and then put your extra cash into mortgage pre-payments? All you need to do is to find a mortgage with good pre payment terms. I recommend a mortgage broker who has access to different lenders so it's easy to compare.
 
Last edited:
gentlepuppies said:
Just to give you all a sense of my tastes... so far the only buildings in the city I like are Rivercity 1 and Pier 27. iT lofts looks like 1 building pretending to be 2 - fail in my books. Also I don't want to pay premium maintenance fees for a boutique building... give me many neighbours to share gym/pool costs with!

Any advice in terms of mortgages/downpayments? I'm grossing about $70K and growing, saving about $25k a year, have about $60k in the bank. Daddy also offered to chip in for downpayment lol, but I want to say no... how much of a difference would a $50K boost make? Trying to minimize interest payments, so I'm guessing a shorter amortization period is ideal, except that the TD mortgage calculator tells me with 15 years I can only buy a $290K condo lol.
Click to expand...

These are all up and coming areas. Pier 27 can't get anything lower than 470k(Through Assignment)(Best Deal in the city right now)(You are literally paying 8 Years Ago Pre-Con Prices)(Expect prices to go up in 2 years in this complex). River City 1 is possible to get something lower. Also a beautiful complex.

Stick with a variable mortgage.
 
gentlepuppies said:
... how much of a difference would a $50K boost make?
Click to expand...

General rule of thumb I use for a typical 5-year 3% fixed rate mortgage, 25-year amortization, is every $100 monthly payment translates into $20,000 in borrowing power.

So an extra $50k down would lower your monthly payments by roughly $250.
 
Look east of yonge. There is still value there. Pier 27 is very nice. Saw some units there. Only problem is it is in the middle of nowhere and you'll be in a construction zone for years. Still a gem of a building. River City is ok. I think it's overpriced. Better deals and buildings elsewhere.
 
I know this is a wrong thread to post on, but I'm looking for an answer which concerns time as well. I own a property in Markland Wood area which includes a double house and some area around it. I'm planning to put it on sale and my real estate agent has given me an option of Open House. I checked about the open house marketing and I have my doubts regarding the technique. How are we supposed to plan for a good weather which helps in the sale? That just flew over my head. Can anyone explain these things in a layman's language, especially regarding the right time for marketing the property by open house. The source: http://www.royallepagemississauga.com/holding-a-successful-open-house
 
Might consider 169 lofts if there are availabilities, because a) simple palette/design, b) Grange Park, c) seems cheap (saw 800sf listing for $400k). The others are too expensive and/or boutique-sized. I'm not a fan of nouveau-riche finishes and prefer exposed concrete over onyx.
 
gentlepuppies said:
Might consider 169 lofts if there are availabilities, because a) simple palette/design, b) Grange Park, c) seems cheap (saw 800sf listing for $400k). The others are too expensive and/or boutique-sized. I'm not a fan of nouveau-riche finishes and prefer exposed concrete over onyx.
Click to expand...

169 units don't come on the market too often and are priced on the higher side. that listing you saw can't possibly be legit? That's a grossly underpriced unit.
 
You must log in or register to post here.

Back
Top