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Affordability

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radioheadmike

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Hello Everyone,

I am currently employed as an IT professional. My commute to work (downtown Toronto) is about 2 hrs everyday.

I managed to save a nice chunk of money for down payment (about 25,000). I am hoping to purchase property in the Toronto region (somewhere near the TTC system) to reduce my commute to work and to get rid of driving a car.

My question to you guys , what would I be able to afford with the following variables to take into consideration:

1. I am single (23yrs old) with no kids (SINK)
2. I bring around 2900 dollars after taxes.
3. I'll be getting rid of my car (no car expenses)
4. I'd like to be able to save a little bit of money on the side after paying the bills


Thanks in Advance!
 
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Go to the RBC website (or any bank for that matter) and use their mortgage/prequalifier calculator. I think you're looking at the low 2's. Cityplace has places for as low as $205K
 
$25,000 doesn't even cover a 25% deposit, or even a 15% deposit for that matter, on a property over $200,000.

My advice, get a studio/jr 1 bedroom. Since you are still young, and this property isn't the one you are gonna retire in, sacrifice square footage for price and convenience. All your carrying cost fees will be less as well (property tax, maintenance fees,etc).

You'd also want to have a comfortable amount of disposable income, and able to save more money.

You definitely will save a ton by getting rid of your car and doing a walking commute.
 
radioheadmike said:
Hello Everyone,

I am currently employed as an IT professional. My commute to work (downtown Toronto) is about 2 hrs everyday.

I managed to save a nice chunk of money for down payment (about 25,000). I am hoping to purchase property in the Toronto region (somewhere near the TTC system) to reduce my commute to work and to get rid of driving a car.

My question to you guys , what would I be able to afford with the following variables to take into consideration:

1. I am single (23yrs old) with no kids (SINK)
2. I bring around 2900 dollars after taxes.
3. I'll be getting rid of my car (no car expenses)
4. I'd like to be able to save a little bit of money on the side after paying the bills


Thanks in Advance!
Click to expand...


- what are you paying now for rent/mortgage?
- what's your GROSS income before taxes (that's what the banks calculate mortgage on)?
- what are your total car monthly expenses (payment, maintenance, gas, insurance)?
- since you are working dt, what's more important to you - less space with the ability to walk to work, or more space but take TTC?
 
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Being someone who works in this industry, if you feel you are proficient at computer skills such as programming or database administration you should seriously consider entering these fields. Once you're pulling 5K-6K after tax instead of what you are making, you can afford a much more comfortable condo downtown. I'm only saying this since you're 23. Take a software engineering degree and make some easy money (that is provided you find computers easy).
 
cdr108 said:
- what are you paying now for rent/mortgage?
- what's your GROSS income before taxes (that's what the banks calculate mortgage on)?
- what are your total car monthly expenses (payment, maintenance, gas, insurance)?
- since you are working dt, what's more important to you - less space with the ability to walk to work, or more space but take TTC?
Click to expand...

Thanks to everyone for the great suggestions and thank you BOBOB for the great listings. That's exactly the type of condos (in term of size and location) im looking for.

Cdr, regarding your questions:

- Nothing , I'm living with my parents
- $50,000 , about 3600 a month
- As I said , I won't be owning a car if I were to buy a condo. But currently i am paying about 700 dollars a month on car expenses.
- In terms of space, I'd rather live in something over 500 sqft
 
GraphicMatt said:
$700/month on your car? Is it a DeLorean or something?
Click to expand...
$700 doesn't sound high for 2-hours of driving a day. Assuming that he does 60 km each way. Even assuming a relatively low cost of 30 ¢/km that's $36 a day, or $720 for a 20-day month.
 
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yup, it really doesn't take much to get up to $800 - $1000 per month for a car, why do think people are wanting better transit? There are not very good alternatives to a car right now, unless maybe you live in the core, but even then, if you have to rely on the streetcar, you are getting nowhere fast.
 
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