Posted on: 10-08-09 22:15:12
Do you think that this is a good time to buy a condo in downtown toronto? My budget is $350,000 for 2 + 2. It's just for me and my wife. Any advice will be appreciated.
Would you suggest a condo in midtown or downtown?
In my books, if you work in DOWN TOWN and can walk to work in fifteen minutes, then buy a place in DOWNTOWN.
If you have to commute forty minutes and walk another ten, then go and buy a place that you always wanted. The biggest place that you can get. The More bang for the buck. Now do tell me a distance in radius in kms from down town area to call it mid town. Remember that the GTA is extending on and on and the Vaughn subway line will take it even further in times to come.
Now, if you have a steady job or jobs for you both and have the necessary down payment and a pre approved Mortgage and with the current interest rates under 4% you can certainly GO for it.
Now what is this 2+2, are you expecting twins? or expecting two more people to reside in the house or are you looking for two BR's with two baths? I understand the current me and my wife for the starters!
This job situation is not going to improve for the next 18-24 months. So, do some math and see the costs of living in a new place and the current costs. If it is more than double, then drop it. Living in an apartment is always economical.
Good Luck.
Freddie.
thanks for your reply. do you think there is much upside left in downtown properties?
Quote:
Originally posted by Gagan74
thanks for your reply. do you think there is much upside left in downtown properties?
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I have not explored the RE markets. There are Agents with all of the financial data and with good programs to do the analysis of properties that appear from time to time in the down town core. A few of them are in groups and explore these avenues and do the buying, renting and selling as they appreciate. See their ads in the news papers and the web search.
Lately I am working together with an architect who is looking for land and Prefabs. It is still on hold due to the tight financial markets.
I feel you have a time span of 18-24 months to take advantage of and do the search and find a suitable place that you really want to buy and live. Then things 'might' get better and a lot more people will jump in after that. That is my opinion. Who knows the market might heat up even before that.
Look into MLS listings for guidance.
Freddie.
