General discussion

Thinking to buy a new condo

Dec 27, 2019 12:30AM PST

Hello Everyone,

I've read the various posts with interest and thought I'd put some questions of my own here.

I currently have roughly $106,400 set aside as a down payment.

My annual salary is $70,000

I would like to buy a 2 bedroom condo downtown, with a nice view, ideally in a new condo building in North York.

Question is, how much do you think I can get a mortgage with this sort of salary and down payment, and would it be enough to afford to buy a 2 bedroom condo downtown ?. Do I need to stump up more as a down payment ?. Finally, because I'm new to all this, what taxes/fees would I need to factor in when buying a new place?

Thanks in advance for any information you may have.

Link to site selling condo's removed by moderator as spam.

Post was last edited on December 27, 2019 2:32 AM PST

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Comments
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Re: buy a condo
Dec 27, 2019 2:30AM PST

For such questions, a financial advisor is the person to go to.

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28 percent (debatable?) of pretax income.
Dec 27, 2019 9:28AM PST

If you read financial advice from the usual sources you keep your mortgage payment at or below 28 percent of your pretax monthly income.

So this means your mortgage+other fees and taxes should be 1,633 or less per months.

Can you get there?

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At the
Feb 2, 2020 10:16AM PST

At the age of 20, he decided to move away from his parents and did not know where to go because there was no money, how many did not look for suitable options for earning on site on the Internet, all the same I decided to take a loan and am satisfied, now I have my apartment

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Thinking to buy a new condo
Feb 2, 2020 10:09AM PST

At the age of 20, he decided to move away from his parents and did not know where to go because there was no money, how many did not look for suitable options for earning on site on the Internet, all the same I decided to take a loan and am satisfied, now I have my apartment

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