120-130 Harbour (Tridel, 75s, Wallman)

- Thread starter Edward Skira
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120-130 Harbour (Tridel, 75s, Wallman)

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

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?

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

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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Yea... that's a weird one.

Thanks for any helpful advice.

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

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

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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!

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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.

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!

* 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.

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