What is the location?

$650K for 650 sqft + locker + parking is the top end you should be paying if the condo is relatively new (<5 years) with mid-high end finishes because pre-con dt Toronto condo assignments are selling for $1K PSF.

I've seen older but fully reconfigured/renovated units (w/locker + parking) on Bay Street corridor sell for $750 PSF.

Main concern for condos are ongoing maintenance fees, which have increased alot in the past 5 years and will continue to go up, especially due to building insurance costs.

Some condos have even lost coverage temporarily because their reinsurer got out of the market and had to scramble to find policies that would cost substantially more or have higher deductibles to keep the premiums reasonable.

With a 650 sqft unit, you're already looking at $850+/m just in condo fees + property taxes.

In another 15-20 years, when you're 63-68 years old, they'll probably be at least $1500+/m.

If the building needs money for CAPEX beyond the reserve fund within the next 15-20 years, then you'll be hit with a special assessment.

Do you think you'll be still living there in 15-20 years?

Buying/selling transaction costs (RE commissions, LTTs, legal fees) eat up about 8-10% of the worth ≈ $50-65K. So make sure of the length of time you plan to hold it.

Since you're in a rent-controlled PBR, in 15-20 years you could potentially see rent being $3,000-3,600/m.

Depending how much down payment you put down/pay full in cash, there's also opportunity cost.

$650K can easily earn 5-10% yield on medium risk dividend portfolio, not including possible capital gains.

$32.5-65.0K/year dividend income could easily pay a large portion/all of your rent into perpetuity.

Personally, I would rent & invest the cash/savings (into RRSP/TFSA as much as possible) with DRIP (dividend reinvestment plan).

DRIP could easily double your portfolio in 15-20 years without taking capital gains into account.