Hi, I need advice on buying a house in todays hot housing market of Toronto and Mississauga. Lately I notice buying semi/detached/townhouse is out of hand since every house is going with 15+ offers and bidding and houses are getting sold ~200K above asking price bringing typical house prices close to $870,000. With 20% down we end up paying monthly mortgage of $2300-2500 plus cost of maintenance, property tax, insurance.
Is it a good idea to switch to condo purchase in Toronto downtown. First of all you can buy the condo below $500K. Mortgage will be low. Easily u can make $2400 per month rent. If condo fees is $900 still in hand you can get is 1500. If the condo gets paid off fast and make it mortage free this can be a good monthly income. About appreciating its true condo don't appreciate much but still the high rental income we get will offset this.
Guys and girls please share your views and idea. Especially someone like real-estate agent can give more insight to this whether in todays market buying condo is best option or not
Is it a good idea to switch to condo purchase in Toronto downtown. First of all you can buy the condo below $500K. Mortgage will be low. Easily u can make $2400 per month rent. If condo fees is $900 still in hand you can get is 1500. If the condo gets paid off fast and make it mortage free this can be a good monthly income. About appreciating its true condo don't appreciate much but still the high rental income we get will offset this.
Guys and girls please share your views and idea. Especially someone like real-estate agent can give more insight to this whether in todays market buying condo is best option or not