looking for condo in gta

[ciscoccie]

I live in Toronto, have a decent pay and as of now I am living in a basement paying 900 per month. I was thinking of looking for a condo, my range is lower 200,000.

On kijji there are a bunch of them but I see they are in pre-construction so I cant give them the money plus pay the rent here where I live, I am looking for a place where I can move after getting it.

If I get anything around + 200,000 then the mortgage would be aproxx 1100 CAD plus if its around 600 sq ft and maintaicne is 50 cents then I pay 300 for maintaince, also electric water and internet would at least cost 150 CAD which makes the total 1550 per month.

Is this the lowest I can own a place in GTA? There is a big difference in 900 ( the place I live) and then 1550 ( owned) but then maybe if I want to sell after 5 years I can sell in profit.

Also is it better to buy a pre-owned condo or under construction?

 

[scylla]

Whether you buy pre-owned or under construction is your choice. However that sounds like a moot point since you have to pay money in advance to buy pre-construction and it doesn't sound like you can afford this at this time.

I honestly don't know of any place where you can get 600 square feet in the low $200K range. Which construction projects have you found that list these prices?

FYI - if a condo is listed at 200,000 it end up being quite a bit more than 200,000 once you factor in all closing costs.

 

[ciscoccie]

I read a few places yesterday that if you buy condo then you pay maintance fees, if you buy a condo townhouse you pay lower maitaince fees since there is no pool, gym etc. then if you buy a freehold townhouse you don't pay any maintance fees. by the end of the day all these 3 options end up with a similar kind of monthly payment.

Can you share your thoughts on this? If this is true, best way would be freehold. I understand maintance fees covers a bunch of features. The sad part is that if you look for a townhouse in lower price range and good one then Milton and Brampton are going to be good options, the ones in Toronto are going to be very high in price and the construction is old. If I go ahead with a condo building option it can be in middle on Toronto and transport and other things would be easy.

 

[scylla]

Yes - regular condos will all have maintenance fees. Note that condo fees are artificially low for new builds and pre-construction - and will start to go up once the building is a few years old.

Freehold townhouses have no maintenance fees. However they are more expensive.

Which one is right for you is impossible for me to answer.

Your best bet is to work with a real estate agent who can explain all of your options to you and ensure there are no hidden costs you're not aware of. I wouldn't buy anything (especially new construction) without an agent to represent me.

 

[Andre Pasche]

Hi there,
I'm a realtor in Toronto and i second what has been said. Buying pre-construction is a gamble. You have have to wait years before moving into your place and usually it comes with a lot of hidden costs. The condo fees estimate is usually far too low than stated. The starting prices of 200k end up being 300k+. I know the brochures make it look very appealing, sexy and trendy, but most times it ends up in disappointment.

You can find older condos for 200k. Of course they don't look all nice and shiny on the outside, but it is a wiser choice if you are starting out.

 

[anujoshi]

I read a few places yesterday that if you buy condo then you pay maintance fees, if you buy a condo townhouse you pay lower maitaince fees since there is no pool, gym etc. then if you buy a freehold townhouse you don't pay any maintance fees. by the end of the day all these 3 options end up with a similar kind of monthly payment.

Can you share your thoughts on this? If this is true, best way would be freehold. I understand maintance fees covers a bunch of features. The sad part is that if you look for a townhouse in lower price range and good one then Milton and Brampton are going to be good options, the ones in Toronto are going to be very high in price and the construction is old. If I go ahead with a condo building option it can be in middle on Toronto and transport and other things would be easy.

You have to pay maintenance fees with condos (whether it's a condo apartment or condo townhouse) and these usually cover the common areas, amenities like pool, etc. if they have that, and sometimes utilities (sometimes the heat/hydro is not included). Freehold means you own the entire piece of land and the building on it (not including the bank's interest in it, if you have mortgage).

Please be aware that the average selling price in the Toronto area for condo apartments is $437,281. (Check the Toronto Real Estate Board report here: http://www.trebhome.com/market_news/condo_report/).

Brampton condos near Bramalea City Centre are in the high 200s range, for example.

 

[arunsgirl]

You can get a basic idea of what you can afford by visiting this website:

https://www.cmhc-schl.gc.ca/en/co/buho/buho_020.cfm