Hi ,
I am living in alberta and have 200k savings . Some of my friends adviced me to invest in Toronto RE ,specially new condos coming up in Vaughan area .
The condos will be ready by 2021 and I have to deposit total 120k in installments in 18 months time .
As I am not living in GTA and do not have much idea about RE market there .
Experts please advice me following .
1. How about living in condos in Vaughan area . Are Desies living on condos ? How is lifestyle there ?
2. How about rental market in this area now and in future . Can I find renter for 2 bed+ den condo easily ?
3. Condo price is ~ 550k , is it competitive price ? Is there any growth prospectus ?
My Job is 7 on and 7 off so in future once my daughter grown up I may sell my house in alberta and move to GTA to enjoy city life . That time I may live in this condo or sell it and buy house there .
550 k for a condo in Vaughan is too expensive.
Downtown Toronto makes use sense but not Vaughan.
The maintenance fees and property tax will be ridiculous on this condo in addition to mortgage. You will never break even though rent.
Buy a brand new semi detached or even detached ( in some GTA areas ) for that price instead .
TTC is expanding in Vaughan, York University with 50,000 + students is on Toronto - Vaughan border, Canadas Wonderland also there, so not a bad place.
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1. For investment, will not advice you to go for Condo. you may not even break even due to high admin fee ( unless you do Airbnb!).
2. With 200k in hand you can go for a detached property with 2 (or 3 ) kitchens, with a potential of earning $1000 positive cash flow per month plus higher property value escalation year to year.
These are my first hand experiences, so no speculation.
My thumb rule is , never go for an investment property with less than 2 kitchen. Because One month of non-occupation can convert your yearly gains into losses.
I second that San Hugo.
Even in India, the same concept remains.
I would also advise the OP to stay invested in Alberta and buying a investment property in a area close to his work place like Calgary or Edmonton.
Rent and property appreciation may not be as good as the GTA but then access to his property will be close. When he wants to move out of Alverta, he can simply sell both the properties and get a new one in the GTA.
There are also possibilities of the OP to invest in India Housing market (take care of currency fluctuations) which is more robust. With the demonitization, people are looking for white money and you can get very good deals with white money.
Murali
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