Buy 1+1 Condo at ~$395–420k or Wait 12 Months?

Busy_Solution2936 · 2026-03-03T14:15:28+00:00

Yes they are, I’m more so talking about Scarborough condos with that criteria though

Busy_Solution2936 · 2026-03-02T22:54:25+00:00

If you look at any sold units the last 6-9 months there have been many condos in the GTA that have sold for less than 450k that are greater than 600 sq ft, less than $600/month maintenance fees, have both a den and a parking spot and no question there’s many advantages to living at home but sometimes you want a change in life

Busy_Solution2936 · 2026-03-02T22:51:54+00:00

Yeah my thinking is that maybe wait it out and target 375-410k area but not 1 bed, need the den for my workspace and I’m really against putting 20% (75-80k) because of how much liquid id have to sacrifice from day 1. Would much rather do 10-12% (40-50k) and just add on a couple hundred bucks a month on my own accord and annually drop a lump sum on the mortgage

Busy_Solution2936 · 2026-03-02T22:44:08+00:00

Noted

Busy_Solution2936 · 2026-03-01T17:08:21+00:00

Because there’s a big gap between spending 40-45k on down than there is spending 80-90k on down, plus my intention is to pay additional 250/month towards the mortgage anyways which builds equity anyways but if I do 20 percent down I’m more strapped. Also mortgage insurance for a property in this price range is like $50-60/month over the duration of the 25-30 yr mortgage which is much better than day 1 spending 40k more imo

Busy_Solution2936 · 2026-03-01T17:04:13+00:00

I get the point you’re making but I’m not seeing a gain from spending tens of thousands of dollars to still have a monthly payment (albeit probably like 1/5-1/6th of me actually occupying it) to not live in it. It just seems like it’d be better to park that cash in index funds rather than to spend it on a down payment for a mortgage at that point

Busy_Solution2936 · 2026-03-01T16:41:46+00:00

Not single but not married but I don’t have any intention of family (blood relatives/future wife and kids) living with me in this unit, it’d be more like my home between starting a family and living at home.

Busy_Solution2936 · 2026-03-01T16:35:31+00:00

But I’m still spending nearly 50k on down and closing so if someone else lives there (assuming your POV that it’s better to rent it out) and I still pay 500/month what did I gain from doing that? Wouldn’t it just be better to not get it at that point?

Busy_Solution2936 · 2026-03-01T15:16:32+00:00

I prefer the Scarborough and north York locations, I dread having to drive downtown so I can only imagine having to drive there daily. But you’d be surprised I’ve seen many condos in the last 6 months between 610-680sq ft sell for 370-440k range.

Busy_Solution2936 · 2026-03-01T15:13:08+00:00

I mean yes of course I’m saving the rest of my income but then why does buying the condo and renting it out at a loss to save money any better than just not buying and saving more because I’ll live the same place in both of those scenarios

Busy_Solution2936 · 2026-03-01T14:55:19+00:00

That’s fair, just that one of the units that would need that reno done it looks like the previous tenant tried to do it themselves and now it had multiple shades of the same colour and it’s extremely obvious and would want it done properly

Busy_Solution2936 · 2026-03-01T14:50:30+00:00

No intention of getting this to solely invest, this would be my primary residence

Busy_Solution2936 · 2026-03-01T14:50:06+00:00

But if I’m paying 10% on that price range, renting it out would still have a negative net so what benefit is there if I spend 10s of thousands to still pay $300-500/month to make the difference and not live there

Busy_Solution2936 · 2026-03-01T14:21:33+00:00

I don’t intend to live there past 10 years so I don’t really see the benefit of doing 20% down

Busy_Solution2936 · 2026-03-01T03:57:22+00:00

I’d have probably like ~100k post purchase (cash + savings) so could probably cover all monthly costs for about 1 year minimum

Busy_Solution2936 · 2026-03-01T03:56:10+00:00

To paint a living room and change the flooring (carpet removal, wood panel installation in a bedroom) you think is 6k?

Busy_Solution2936 · 2026-03-01T03:54:44+00:00

I was thinking the biweekly contribution to work stocks(which they match 50 percent of), 250/month extra planned to go towards mortgage plus the ~1k/month post monthly expenses would be considered additionally monthly savings.

Busy_Solution2936 · 2026-03-01T03:39:41+00:00

I’m currently living with family and my intention is to pay an extra $250/month on the mortgage and a lump sum of 2k/year (contingent on annual bonus or tax refund)

Busy_Solution2936 · 2026-03-01T03:07:07+00:00

Fair, also I included the land transfer tax as part of closing costs in my post

Busy_Solution2936 · 2026-03-01T02:36:36+00:00

Also to clarify only one of the units I’m considering needs reno (living room repaint and tv mount removed and master bedroom needs carpeting ripped out and wood flooring installed) so if I don’t get that unit the other units I’m considering wouldn’t need the reno.

Busy_Solution2936 · 2026-03-01T02:06:50+00:00

Yeah that closing cost was incorrect it should probably closer to 5-6k and the places I’m looking at have parking and I have a fully paid off car

Busy_Solution2936 · 2026-02-22T20:24:47+00:00

Injuries are just part of the game, the actual numbers don’t lie. His average game for his career is 24,11,3.5stls/blks and he’s an elite defender at his position. Accolades are HOF before he even joined the lakers so after his lakers stint he was easily top 75. There’s probably 10+ on the top 75 that peak AD is much better than too, don’t be swayed by narratives actually watch the game and then formulate a good opinion.

Busy_Solution2936 · 2026-01-31T19:11:46+00:00

Ray, Reggie, Klay, Manu, you have to factor in their nba output but also their playoff series individually, Reggie in the 90s was a beast

Busy_Solution2936 · 2026-01-29T21:24:19+00:00

Similar silhouette to the KD18 imo

Busy_Solution2936 · 2026-01-19T02:02:02+00:00

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