Toronto Condo Prices Are Changing

[@mdte5421]

I just got pre-approved 480k with an 5 percent down; and not sure what I can get after looking at these numbers . It’s quite depressing .

[@gumzy3000]

May I ask what income you had with that? I make around 65k a year with 50k down payment and my approval was only 300k...

[@mdte5421]

Over 110k and credit debt

[@mdte5421]

I meant no debt

[@ShengYu1995]

@@gumzy3000 thats not bad at all. 4.6x times your income

[@baseline6786]

Cheaper to buy a 1.1M house vs an 800k convo long term. Maintenance fees are like a 2nd mortgage

[@TomStorey]

It’s true. Just need a larger downpayment.

[@GreenBeanGreenBean]

Only if you wanna be a deadbeat and not maintain your house. Don't kid yourself tho, a house costs far more to maintain.

[@howy3333]

Whats also is interesting is the movement in the 2mil + condo range which is bigger than 3 cheaper categories but also has way less supply

[@rowzellmicheal6092]

Great video! Just wondering how people are financing small condo units (less than 500 square feet). We went to do an pre-approval with some banks including non-A lender banks , and they said they couldn’t give us a mortgage for a unit that’s less than 500 square feet.

[@TomStorey]

I know some don’t finance under 500 SQFT. I haven’t done too many sales with units that small, but last time I did BMO financed it.

[@Lifeisapartydresslikeit]

Tom is right. I believe Scotiabank does too.

[@dinogoulet1829]

I just got a mortgage with TD on a 470sf condo

[@haeunsong8896]

I got a mortgage with Scotiabank on a 490sqft condo!

[@kalebdickson826]

It’s not that hard, work with a broker!

[@howy3333]

Ive been seeing same multiples on condos under 799 that show well only. If it doesnt show well may not even sell. Investors are gone

[@407bala]

You are sincere and a pro.

[@TomStorey]

Thanks for watching!

[@johnbeechy]

myop try not to drop videos on april fool's day

[@davidbach8711]

Condos I feel are done in Toronto. The 10 year bull rally is done - you can always build vertically but can't replace sfh.

[@ryang3627]

10 year? Try 100 year. Prices have been going up 7-8% since treb data is available. You can't build cheaply because the land is very expensive and development fees and charges are a lot.

[@davidbach8711]

@@ryang3627 look at condo prices at 2019 compared to now. Negative

[@ryang3627]

​@@davidbach8711 everything is off peak, rates tripled