How much does it cost to own a Condo in Toronto #ontariohousingmarket #toronto #condo

☝️Let’s talk some numbers!

Suppose you’re getting a $700K condo in downtown Toronto. That’s a cozy 2 bed 2 bath.

You’ll need a $70K down payment plus around 3-4% ($20K) for closing costs. 90k Total.

🔍 Consider a 5-year fixed rate with a 5.5% interest rate and 30 years of amortization.

Your monthly payment would be $3552.61.
Add property tax ($200), heating ($100), insurance ($100), and maintenance fees ($400 for a new condo).

💰 Total cost of ownership? $4300.

You’re looking for at least -$1000 cash flow per month if you’re renting it out long term. With the average market rental price at $3300

So you might even consider Airbnb for more earnings.
But It’s all about your needs; sometimes building equity outweighs positive cash flow.

But hey, having options is fantastic!

📩 Need help with a better mortgage? Drop “Mortgage” below, and I’ll send you a PDF with mortgage negotiation techniques.

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