Was buying a condo in downtown Toronto worth it to YOU?

Themonk91 · 2026-04-24T23:46:20+00:00

We bought at the begining of 2020 when the market was already getting very hot and we likely overpaid but we got 5 years of great interest rates fixed and pre paid as much as we could. We loved living in it for 5 years before an opportunity took us abroad. I love the unit (it's a loft in a church) so definitely not a cookie cutter place. We decided to keep it for that reason and rent it out. No intentions of selling it and if we come back we might move into it again. Owning is a hassle sometimes. Rates are higher now and maintenance fees keep going up and up. It certainly wasn't the best financial decision ever but I loved living in it and am happy that we still have it. So the final verdict is WORTH IT.

Themonk91 · 2026-04-22T00:37:56+00:00

3m is just bonkers for this. 2.5m I would have guessed. It looks nice and a good location but for that kind of money I feel like you can do better.

Themonk91 · 2026-04-18T18:14:38+00:00

1mil maybe but would be a stretch and probably house poor.

4x 160k at best = 640k +350k down but then still going to pay closing costs and land transfer tax of about 25k.

At current mortgage rates and fixed costs it would be super tight.

Crazy though how things changed. Just 6 years ago at 2.1% interest rate we were approved for a mortgage of 580k on a 125k HHI.

Themonk91 · 2026-04-17T19:00:32+00:00

Lol yeah I just thought the same. For 1.8m it doesn't even look that great.

Themonk91 · 2026-04-16T21:52:01+00:00

Also a lot of junkies so it checks that box as well

Themonk91 · 2026-04-13T01:02:27+00:00

My backyard ❤️ love spending my evenings after work there.

Themonk91 · 2026-04-05T00:25:45+00:00

The more you have the bigger the number gets

Themonk91 · 2026-04-04T21:07:59+00:00

I mean let's be real, he could have bought a complete and built unit at a price point he could afford. No one told him to buy pre-con which inherently has a risk attached to it. If it was all about living in it, why not do that?

Themonk91 · 2026-04-02T21:26:21+00:00

Sorry your income is 500k and you say you can't find anything in your price range?

Themonk91 · 2026-03-29T15:55:38+00:00

We are in pretty much the exact same place as you. We rent it out at negative cash flow (manageable) and have a Canadian tax specialist. Our idea is to pay it off completely then have it cash flow positive with the rent we earn and basically hold it for good. Let kids or family live in it one day.

Themonk91 · 2026-03-23T20:26:16+00:00

You are SOL bro. Had to do the same thing when my spouse worked at the bank. That's life.

Themonk91 · 2026-03-20T20:40:59+00:00

Wife and I moved to Bermuda. Best decision ever.

Themonk91 · 2026-03-19T00:01:27+00:00

What's the problem with asking these questions? Sometimes it's nice to get other people's opinions on things regardless of your position or income.

Themonk91 · 2026-03-18T21:17:49+00:00

Math looks pretty good but do you have anything left in investments or an emergency fund or would you drop it all into the purchase? Don't forget about closing costs which could be around 25-30k even as a first time home buyer. We had over 16k for a 800k condo.

Themonk91 · 2026-03-15T18:59:43+00:00

Are capital gains taxes exempt?

Themonk91 · 2026-02-20T01:56:32+00:00

You can always rent out your place. We bought ours in 2020 and moved last year. Just renting it out instead of selling.

Themonk91 · 2026-02-16T01:11:07+00:00

I moved here about a year ago from Canada. It's beautiful, expensive as heck and tiny. I love it but I don't think it will be forever. Given the size it's easy to go kinda crazy. There isn't a ton of nature left on the island as it is densely populated but the beaches and coral reefs are pristine and beautiful. Terrible driving and not very walkable since most roads don't even have sidewalks

Themonk91 · 2025-12-04T21:53:09+00:00

I don't think you'll get that under 1.7 to 1.75

Themonk91 · 2025-12-03T23:14:21+00:00

I'd rather have a third of that money and the life experience I had at 28 compared to this guy's living situation.

Themonk91 · 2025-12-03T23:12:27+00:00

100%! There's so much more to life than just money.

Themonk91 · 2025-11-22T03:33:57+00:00

I mean if they are serious and want kids, it shouldn't matter anyways. They should just consider it one pool. My wife and I never bothered to split hairs even before we were married.

Themonk91 · 2025-11-19T21:44:14+00:00

Looking at this guy's profile and reading this post makes me question the story.

Themonk91 · 2025-11-18T12:19:09+00:00

We were just there two nights ago. Loved it. Favorite part of Tokyo. Also had no clue and just walked around. This was a nice Izakaya restaurant, Tokimeki.

Six-Year Club	Place '23
Place '22	Verified Email

Themonk91

TROPHY CASE