I BOUGHT A CONDO in TORONTO! 10 things to know before you BUY condos!

[@UragilWorld]

Congrats on your purchase. Buying a condo in Toronto requires commitment and self-discipline and you made it!

[@kimora9088]

Thank you for sharing your experience and expertise.

[@ulyera]

This is some really good information, thank you for sharing!

[@JohnHausser]

Congratulations! New to this channel! I’m also looking for a condo in Toronto Cheers from Quebec City 🌃

[@katsmoneytime5827]

Hi! Quebec City is a nice place! I’ve been a couple of times. I recommend staying in downtown Toronto or anywhere along the subway line, it’ll make your life a lot easier !

[@aaronxie1227]

Congrats! Rental income is a consideration but not one you should weigh too heavily if cash flow isn’t a problem. You buy investment property for appreciation, not to get rental income so higher level could also be a good option. When buying high level check the city’s development plans first in case your view could be obstructed in a few years.

[@stanleysui]

how were you able to purchase a condo after quitting your 6-figure job? was the condo purchased before or after?

[@katsmoneytime5827]

I’ve been working since university and have been saving up these few years, plus investments really went up over the last two years so I was able to get it before I quit.

[@antoniomarsbar]

@@katsmoneytime5827 what % of your income would you say is easiest to save when you had steady earnings? I've been pushing for 40%

[@gideonbilesanmi7496]

Congratulations 👏

[@naitikpitroda1151]

I like your terrace swimming pool view INSANE .. can you make video on it about facilitating and fun😅❤

[@katsmoneytime5827]

Sure when I return from vacation haha

[@tinzatinza7589]

I am kind of dreaming now, never have I thought about this..all I can dream about these days is buying a condo.. any insights?

[@katsmoneytime5827]

Perhaps take advantage of the market downturn this year and start with a one bedroom

[@jcsdesign]

You're very smart for your age! These are all good info. The ownership to tenant ratio is a good point. Do you have any updated videos of your place after you moved in? Also, whats the building address or name?

[@katsmoneytime5827]

Thanks! I def will post another vid later on if I decorate the place. Also, I can’t say the address. 😅

[@ResidentIndia-yr8do]

Good keep up with savings

[@Whatbow1238]

Do you think condos still make sense as investments, especially with WFH pushing people to out of the downtown core?

[@katsmoneytime5827]

WFH is definitely a growing trend and there are people migrating to the suburbs/smaller cities. But not everyone living in condos is a working professional, some can be students or travelers. Some companies may not be flexible with WFH either. I think the majority of young people prefer to live in downtown in the hustle and bustle. Also, when comparing condo prices to house prices, house prices seem out of reach for many millennials now. So with the limited supply now in the market, demand is still extremely high.

[@globalfoodaction6748]

Condos have gone up the least in price since the pandemic started. Homes, especially in suburbs and small towns have skyrocketed. Once things really open up again, working from office increases, and students are back, then I wouldnt be surprised to see condos appreciate if there is growth. And in case there is a correction, likely it will be the suburban homes that will face that correction.

[@ms.carlson3904]

Better off renting an apartment and investing or saving for a house. Maintenance fees are not good and property taxes.

[@katsmoneytime5827]

Ya, maintenance fees are a pain, but saving for a house seems almost impossible now as wages can never seem to catch up to the increase in housing.

[@tinzatinza7589]

I make minimum wage , would I be able to buy a condo or is it no way for me!?

[@katsmoneytime5827]

Will definitely take a while to save up. I started with min wage before too. Focus on increasing your income potential/acquire new skills/take courses. Everything that can boost your employability and increase your income. Find things on the side you can hustle.

[@charlescg3904]

Without parents help or outside money it's going to be rough. Housing prices historically have risen significantly higher than wages

[@Think_pls]

Hi congrats on your condo May I know the size of your condo And if it includes parking

[@katsmoneytime5827]

500 sq ft no parking 😊

[@Think_pls]

@@katsmoneytime5827 Thanks 😊

[@Andrew-ro6cr]

I can't imagine living in a place that small. My god.

[@KD-mz5xv]

great info thank you

[@katsmoneytime5827]

Thanks for watching!

[@BetawiModest]

I was wondering what the prize if that for rent with fully furnished, just like for 6 months, just curious. Thanks🙏

[@katsmoneytime5827]

Hi, sorry I’m not looking for tenants if that’s what you’re asking. But I’m guessing short term rental will be more expensive especially furnished ones. Maybe around $2400/month

[@BetawiModest]

@@katsmoneytime5827 Hi, thanks.. I really appreciate it, have a nice day

[@keyboardwarrior4381]

Aargh! looks like you bought at the top of the market!

[@katsmoneytime5827]

Haha, yes looks like the market will be taking a dip. But I think homes in downtown will probably hold up the best.

[@rajnishdatta4996]

Good INVESTMENT

[@berguzarkorel5350]

Congrats you live in my neighbourhood

[@SS-qx1un]

Price?

[@katsmoneytime5827]

Hi, can’t say exactly how much but similar units around the area is going for 650K. Hope this helps!

[@SS-qx1un]

@@katsmoneytime5827 Oh my my😱. It depresses.

[@canadiantesladventure]

Your real estate license is waiting for you in the mail. :)

[@katsmoneytime5827]

Can't wait!

[@candicehit4494]

Can I come over? 😝

[@katsmoneytime5827]

Anytime Bae ~

[@mdte5421]

Toronto is overpriced . How on earth that a young person is supposed to have 20% of the purchase price ( pretty >500k) is beyond me. Hopefully with the latest rate increase it will stabilise the market or we will be seeing a major crash !

[@katsmoneytime5827]

It definitely takes years of saving and not spending to save up. You’re right, the market is coming down now and is expected to drop by 19% by 2023.

[@charlescg3904]

You'd be surprised, a lot of young entrepreneurs, youtubers, traders are killing it. For those who've made it, it really doesn't matter if there's a crash or not, they'll likely be the first ones to scoop up the cheap properties...

[@CommoditySC]

@@charlescg3904 They're all leaving the country. Who that can leave would stay in Canada/Ontario? You can't give these condos away now.. and there's still at least 2-3 years of declines ahead. How this girl thought this was a good idea to buy at the peak.. I was telling everyone to SELL SELL SELL. Put the money into energy stocks, gold, silver. Look what happened last 2.5 years.

[@charlescg3904]

@@CommoditySCA lot has changed since I last made that comment. A lot of wealthy and ambitious people are leaving and many will continue to do so. I wait till the election next year to decide but it’s not looking good at the moment politically for anyone who isn’t on welfare..