Problem is not the down payment but high maintenance fees these condos charges.monthly mortgage payment plus maintenance fees become too much for average person to afford.
I don't understand this video. How do you buy a place for $500k with $30k down when a resale property requires 20%? That's $100K. Even a precon usually requires a 15% minimum. Please elaborate. I don't know many people making over $72k in Toronto even after 15 years of working. If that's true, I'd like to know what they are doing.
Two of them sold for < $500,000. The other sold for $5,000 over the threshold, so 10% on top of that is just an extra $500 for the down payment. Pre-con still need about a 20% deposit, which can be used towards the down payment. Thanks for watching! 👌
@ChuckNorrizzedif you are purchasing a property with 5% down, you would require mortgage insurance which is approximately $20k on a $500k purchase price. That would mean that a buyer would need a mortgage of $495k ($$475k + $20k) when purchasing with $25k down. Based on that mortgage amount, someone would need to be earning approximately $120K or more to qualify. If someone can earn this type of income, I would find it hard to believe they only have $30k for a downpayment.
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I actually want to do the opposite. I want to put down a very large deposit so I don’t pay a large amount more per month than what I pay now in my rent controlled apartment. Does that sound crazy?
Kind of. If you are living in a rent controlled apartment you should think long and hard about the value of “your own place”. Is it worth $1,000 a month? $1,500? That’s a lot of investment money or vacation money or a bit of both.
@ got ya. Okay, good luck. If you can avoid CMHC fees, great. Your mortgage rate will be modestly higher but not much. You will save a lot up front. I would hesitate to recommend putting more down than you need to to qualify for the mortgage. You can always pay more down at the end of the year when you know what your cash flow situation looks like. Tough to undo a higher down payment or higher monthly payments once you are tied into those. Real estate is about the long game. In the short term, keep your money as flexible as possible. Only prepay your mortgage when you are sure you are above water.
⚡️ QUESTION ⚡️ Are $500,000 condos worth buying in Toronto? 🤔
Condo prices need to come down to a more realistic level around 300k. And maintenance fee can not be more than 450 CAD.
Condo fees alone will kill this budget.
Rent and invest your 30k plus your 900 extra each month after 30 yrs you would have 1.5 million
Problem is not the down payment but high maintenance fees these condos charges.monthly mortgage payment plus maintenance fees become too much for average person to afford.
I don't understand this video. How do you buy a place for $500k with $30k down when a resale property requires 20%? That's $100K. Even a precon usually requires a 15% minimum. Please elaborate. I don't know many people making over $72k in Toronto even after 15 years of working. If that's true, I'd like to know what they are doing.
Help from family is where it’s at
You seemed to have missed the new rules.
500k requires minimum 5%
500-1m - 5% on first 500k then 10% on next 500k
>1 mil - 20%
Two of them sold for < $500,000. The other sold for $5,000 over the threshold, so 10% on top of that is just an extra $500 for the down payment. Pre-con still need about a 20% deposit, which can be used towards the down payment. Thanks for watching! 👌
@ChuckNorrizzedif you are purchasing a property with 5% down, you would require mortgage insurance which is approximately $20k on a $500k purchase price. That would mean that a buyer would need a mortgage of $495k ($$475k + $20k) when purchasing with $25k down. Based on that mortgage amount, someone would need to be earning approximately $120K or more to qualify. If someone can earn this type of income, I would find it hard to believe they only have $30k for a downpayment.
😅😅theres like over 6000k condos for sale 500k plus 380 sq nanks!!!!
Thanks for the breakdown! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
First condo u mentioned sold for 500k at such a huge loss cuz the maint fees are over $900+ even with hydro inc thats insane for a one bed
And nobody as a first time buyer is going to qualify at the lowest posted rate
I actually want to do the opposite. I want to put down a very large deposit so I don’t pay a large amount more per month than what I pay now in my rent controlled apartment. Does that sound crazy?
Kind of. If you are living in a rent controlled apartment you should think long and hard about the value of “your own place”. Is it worth $1,000 a month? $1,500? That’s a lot of investment money or vacation money or a bit of both.
Not at all. Mortgage debt isn’t for everyone. It’s just the norm. Thanks for watching! 👌
@@Imsosmrt1999 thank you for the reply. Unfortunately, this older building has begun to show some unsavoury characteristics common in older buildings.
@ got ya. Okay, good luck. If you can avoid CMHC fees, great. Your mortgage rate will be modestly higher but not much. You will save a lot up front. I would hesitate to recommend putting more down than you need to to qualify for the mortgage. You can always pay more down at the end of the year when you know what your cash flow situation looks like. Tough to undo a higher down payment or higher monthly payments once you are tied into those. Real estate is about the long game. In the short term, keep your money as flexible as possible. Only prepay your mortgage when you are sure you are above water.
My daughter is 10. Is it worth buying a property now so that she’ll inherit it in 10-15 years? The renter can pay down the mortgage until then
I’d say it’s worth it. Current generation of children may have a difficult time in the future when they want to buy a home. Thanks for watching. 👌
The lower the condo price the older the condo and highest monthly condo charges running in thousands. Total loss man.
I regret clicking on this video .
Bought over-priced to live in pollution and crime & drugs ridden area.