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Ten York Street Condos  
10 York Street, Toronto
Developer: Tridel

10 York St (Condos @ 120 Harbour, Tridel) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by Edward Skira, Nov 14, 2011.

  1. Edward Skira

    Edward Skira http://skyrisecities.com Staff Member

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  2. Edward Skira

    Edward Skira http://skyrisecities.com Staff Member

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  3. deranged

    deranged New Member

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    I'm looking to buy is this building and our agent told us they got word VIPs will be able to buy in early June. Anyone else heard anything?
     
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  4. adeel

    adeel Active Member

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    havent heard anything, but please post if you do...im also interested in buying here
     
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  5. deranged

    deranged New Member

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    anyone know any word on this condo?

    I am looking at buying. Currently finishing up my masters degree. Starting work at a big four accounting firm at the end of the year. Parents will pay for 20% down for the condo. I will need to cover the mortgage payments once they begin in 2017.

    Let's say I get a unit for $700,000, how much would I have to take in/year pre tax by move in (2017) to be able to afford the unit?

    Would a $80k pre tax salary be enough?
     
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  6. Automation Gallery

    Automation Gallery Senior Member

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    Id say this building will be finished more likely sometime in 2016....you definitely will have to be making well over 100 grand a year if you want this and have a half decent lifestyle here in Toronto....Cheers:)
     
    Last edited: May 27, 2012
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  7. whatever

    whatever Senior Member

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    You have a masters and work at a big four accounting firm, and yet ask an internet forum how much of a mortgage you can afford? Seriously?
     
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    TOphotog likes this.
  8. JayBee

    JayBee Senior Member

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    Yea... that's a weird one.
     
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  9. deranged

    deranged New Member

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    I audit corporations, not financial planning for individuals. On top of that I'm a first time buyer so I have very little practical experience. Just looking for advice from more experienced buyers.

    Thanks for any helpful advice.
     
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  10. cdr108

    cdr108 Senior Member

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    as FYI for deranged, you will have a $560K mortgage with 20% down on $700K unit.

    your affordability will be highly dependent on interest rates;
    however, with a $80K pre-tax salary the mortgage will be 7x income (and almost 9x income purchase price), so you can figure out if it's a wise financial decision or not, when historically the typical mortgage was 3.0-3.5x income
     
    Last edited: May 27, 2012
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  11. yyzer

    yyzer Senior Member

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    deranged, I think you will find that most lenders today will not approve a loan amount for much more than 5x's your gross annual income (household income), and that is if you have excellent credit...for sure you should get pre-approved before you make any offers..
     
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  12. deranged

    deranged New Member

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    Thanks for all your help everyone. Let me explain my assumptions and estimations so that you can better help me.

    I'm trying to gauge the affordability of a 2 bedroom unit at the moment.

    -I'm assuming my salary in 2017 to be ~80k. ~90k in 2018. ~100k in 2019. (based on 12% raises which is standard for CAs)

    -I don't think getting a mortgage would be a problem. I can get the loan under my parents' names and pay them mortgage.

    -I was thinking of getting a 2bdrm and renting one of the rooms out until I can afford the place myself/ get married.

    Costs:
    $3,000 --> A 500k loan at 5% interest amortized over 25 years would cost 3k a month in mortgage payments.
    $500 --> Condo fees would be approx $500 assuming 1000sq ft at $0.50.
    $500 --> Food/entertainment would be approx $500 a month.
    ($1,000) --> I was hoping I can rent the extra room out for $1000/month.

    ----
    $3,000 --> That would cost me net $3,000 a month to live.

    $3000 x 12 months = 36k / year.

    If I made 80k a year and was taxed at an avg rate of 40% I would have $48k after tax income.

    48K
    (36k)
    ---
    12k for savings/ other costs.

    I didnt count property tax because I'm not sure how it works for condos -1% on fair market value of the unit?

    Do you think my approximations are reasonable?
    How are you guys budgeting for your condo living? What type of costs do you pay that I haven't anticipated?

    Again thanks for all your help. This forum is great!
     
    Last edited: May 27, 2012
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  13. Therion

    Therion Senior Member

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    Our mortgage is less than 4 times our gross income and it is still punishing us as far as expenses go. Take that into consideration. Also, renting out a room for $1000 seems to be stretching it when you can get a 1-bedroom around town for $1200ish. 1% for prop. tax is reasonable, which is another 5-7k. So now you're disposable income is down into 4 figures.
    To be honest, on an $80k income the most I'd spent on real estate is about $350,000. That would still cost you nearly $1800 a month + condo fees plus prop. taxes.
     
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  14. cdr108

    cdr108 Senior Member

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    * electricity and heat are probably metered separately >>> $100-125/m average
    * property insurance >>> $30-40/m
    * condo fees are realistically $0.60 psf >>> so 20% more than your estimate, so add another $100/m
    * property taxes range from 08-1.0% of purchase price >>> $450/m
    * cable tv, telephone, internet, mobile, etc >>> $200/m
    =====================================
    around $900/m in additional costs, which almost takes up the remaining discretionary income


    ps ... your mortgage of 5% only lasts for 5-year term of your 25-year amortization.
    odds are the rate will be at least 8% for the long-term average.
     
    Last edited: May 27, 2012
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  15. AKS

    AKS Senior Member

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    I think he might not have factored in the phantom rent and condo closing fees into his costs.

    Also 500k over 25 yrs requires 20k/yr repayment I think? Plus 25k/yr interest assuming 5% interest. That's $3750/month mortgage.
     
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