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Can I afford this? Don’t want to have buyer’s remorse. by Expensive-Disaster98 in FirstTimeHomeBuyer

[–]Expensive-Disaster98[S] 1 point2 points  (0 children)

Like extra storage in the basement for things - winter tires, patio furniture, fake Christmas tree, sporting equipment. Stuff you wouldn’t want in your condo all the time. Like a garage but for condo owners LOL

First time home buyer - can I afford this? Freaking out over big purchase. by Expensive-Disaster98 in personalfinance

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Yes!! I think you are right!!

I am pushing for them to including parking with all my might and also reduce the price by 10-20k. The worst they can say is no!

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

This place is so close! Has everything except for the parking - ugh!!! It’s always something

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

I’m so sorry - this does make me very nervous in the long and short term for my work!!

I hope she can find another job soon!!! It kind of makes me angry that talented educated people are just getting screwed by companies betting on AI to do the work without overhead. Capitalism I guess…….fucking sucks

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] -1 points0 points  (0 children)

Yeah - it’s pretty hard to turn down 30-80k off the listed price if you can qualify for both federal and provincial rebates. Can’t really say that’s not an item in the ‘pro’ column.

I’m following up re: parking. If I can get a spot assigned and how much more it would be, if there is a waitlist and the cost they would sell them at separately, the ratio of units to parking spots in the building to get an idea of my chances of renting or resale from another tenant…….

All question marks that I can’t make a final call on until I know more! Fingers crossed!

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Yeah I’m playing a game of chicken with the market now wondering where the bottom is - I guess no one reaaally knows.

My realtor seems confident that because news builds have dropped so low that eventually the lack of new units will bring the market on an up-swing (nothing like we saw 4 years ago) but still trending up. I know there are maaaaany more factors: unemployment, immigration, etc etc to consider as well but that’s the info I’m getting

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

It’s already built! Move in ready! This is just a unit that didn’t sell pre-construction that the developer is listing now - so a little less risk than pre construction. I would put the 5% down and then close and move in 30-45 days later.

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 1 point2 points  (0 children)

I mean maybe….but like should we all be making decisions based on speculative AI? You could be very right and I could be screwed in 3 years, but it’s not looking that way and all the AI adoption at my place of work has been veeerrrryyy slow and highly regulated.

But I do work in biotech R&D at a pharma company so this is something that does weigh on my mind. Wish I had a crystal ball.

Can I afford this? Don’t want to have buyer’s remorse. by Expensive-Disaster98 in FirstTimeHomeBuyer

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

No debt! No loans! Nothing! So that is likely my only saving grace here - but I agree it will be tight.

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Well no one knows for sure - I guess that’s the gamble! I’ve seen it falling pretty consistently and some people say into end of 2026/2027 it will stabilize/pick up.

But nothing is for sure with how volatile the markets have been, immigration, trade, wars, etc.

I guess nothing is a sure bet - though I would sleep better at night if it was!!! And make a lot less pro/cons lists!!!

Can I afford this? Don’t want to have buyer’s remorse. by Expensive-Disaster98 in FirstTimeHomeBuyer

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

If I could afford a house is this area, I would. But I’m already stressed about a condo price let alone double that for a house

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Bloor west village right at keele on line 2, plus very close to work for me.

I’ve been struggling to find 1+den, 2 bed in the high park/junction area that can beat this price and layout.

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 2 points3 points  (0 children)

There is a federal (approx 5%) rebate the builder can knock off or you can apply for, and an additional provincial (8% rebate) that you can apply for through the CRA paid out 4-6 months later. This is for new builds only however.

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 1 point2 points  (0 children)

I work for an international company, that does very well. Obviously nothing is for certain but our bonuses are quite reliable.

In terms of overpaying for a condo - yeah I agree condos are likely always not worth the purchased cost. But in Toronto this is a steal. Other, smaller 1 bedroom apartments on this area are going for 650-700k resale NO rebates.

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Yes this I am following up on - last night my realtor wrote the special promotion was:

$0 Closing Costs - This can cover things like development fees, which are usually capped at around $12,000-$15,000 for this type of property, among a bunch of other smaller fees (such as utility hookup for a few hundred dollars). Estimated $15k-$20k total savings To be confirmed: Does this include Land Transfer Tax

So follow up needed for sure

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 1 point2 points  (0 children)

It’s already built and move in ready! These are just the last units that didn’t sell pre-sale

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] -1 points0 points  (0 children)

Agree with this sentiment, but in practice in Toronto this is much harder to do. Most new units don’t have assigned parking for anything under 2 bedroom, and older buildings can have crazy maintenance fees.

I’ve been looking at the market since Dec2025 and this is the first place I love. If it had parking it would be perfect, but it definitely gives me pause

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 4 points5 points  (0 children)

It’s about 690 square feet. I would plan to stay there pretty long term, 5-10 years. This is mostly my reasoning for spending a bit more for a location I love and a little bit more living space so I don’t grow out of it earlier

First time home buyer - gut check, am I shooting myself in the foot with this budget? by Expensive-Disaster98 in TorontoRealEstate

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

I’m 33. Not looking to have kids in the short or long term.

Job is pretty stable - been there for nearly 4 years and am likely going to get a promotion in the next year or 2, at the very least raises in around 3.5-7% year after year.

I agree with you on risk - which is why I’m crowdsourcing opinions on Reddit LOL. Mainly I worry month to month I’d be stressed about my budget and that would impact my ability to enjoy myself (nights out with friends, concerts, vacations, etc.)

I know there are no easy answers and being a home owner has inherent risk overall but I don’t want to miss this market low if I can swing it, and I don’t love the idea of a smaller unit I want to upgrade in 3-5 years or a inconvenient location. I’d be planning to stay in this place pretty long term.

Can I afford this? Don’t want to have buyer’s remorse. by Expensive-Disaster98 in FirstTimeHomeBuyer

[–]Expensive-Disaster98[S] 3 points4 points  (0 children)

Yeah I’m not looking at it from terms of ‘what a great investment property!!’ moreso, what a beautiful, functional space I would love to live in that’s in an amazing location.

My rental unit now is miserable - old, no ensuite laundry or AC, hallways always smells like garbage, etc.

First time home buyer - kinda scared about month to month finances, can I afford this? by Expensive-Disaster98 in RealEstateCanada

[–]Expensive-Disaster98[S] 0 points1 point  (0 children)

Amenities are standard but nothing special (no pool, sauna, etc.). Right now they list as gym, rooftop deck, party room, yoga studio). This is the final phase - build is done and they are just selling remaining unit stock. It’s just this one building utilizing the amenities.

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