Thinking of a 2 Bedroom Downtown Condo

Discussion in 'Looking To Buy' started by VeronicaLoria, May 12, 2010.

  1. VeronicaLoria

    VeronicaLoria New Member

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    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
     
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  2. Karolina Armstrong

    Karolina Armstrong New Member

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    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/condo-purchase-expenses

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

    Catapult Active Member

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    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: Jun 28, 2010
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  4. GraphicMatt

    GraphicMatt Looking forward to a FRESH START for Toronto

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    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.
     
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  5. cdr108

    cdr108 Senior Member

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    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.
     
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  6. neuhaus

    neuhaus Senior Member

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

    JayBee Senior Member

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

    kanon New Member

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    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.
     
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  9. GraceCondos

    GraceCondos Active Member

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    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.
     
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