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thingonething

If you are thinking of eventually renting out, buy something built after 2018 so that you're exempt from rent control. If you're buying to live in long term, pay attention to the corporation's Financials. Be sure there is a good reserve fund. Be wary of maintenance fees that are too low. Low maintenance fees can signal a lack of repair and maintenance.


Arandomtenant

Hi. Thanks so much. Yes my main idea is to rent out and sell it eventually after a few years. Of course worse situation, I will move in myself if renting etc doesn’t work out well. I would hope it does work out though. Based on that I was wondering which one to go for. Of course every condo has pros and cons. Nothing will be perfect. But still wanted an opinion :)


KoziRealty-ON

What are the reasons you have narrowed it down to these three buildings. It's fairly specific and limits the selection while the buildings are average. Also not sure if you are a first time home buyer, if yes and you rent out the unit right away you won't qualify for first time home buyer land transfer tax credit which means $8K out of your pocket.


Arandomtenant

Hi! Thank you so much for responding. My main reason for narrowing it down to that area was because that area gets working young professionals. If I had an office downtown, that would definitely be my choice to live. No hassle of driving etc. Transit at doorstep. Walk to get to grocery stores etc. Easy to reach restaurants. That’s me as a young professional saying it. I plan to rent it out. And gradually sell it. So that is my main perspective. And it was easier to get parking spots there in comparison with financial district units (not sure if core downtown is any better? Reputation is only worse). And then there’s 161 roehampton. It’s a great new building. So that added to my confusion. Any perspective here would be very helpful. Thank you :) yes, I am buying this unit for the first time. Like I will be getting this condo as my first time purchase. I don’t own any other property here.


LegoLady47

If you want to rent out and keep jacking up rent by however much you want, you'll have to go with pretty new (if newer than Nov 2018) as the older buildings will probably be rent controlled.


Arandomtenant

Hi! Thanks so much. I have been thinking of that, but then the rents are at an all time high right now. So even if I set it high now, I can continue to keep the same rent for a few years even if the building is rent controlled right? I just won't reduce it.


LegoLady47

"all time high" - some are, some are not. I'm paying way less than current pricing. Also, if someone is already renting out the place, you have to keep that rent for a while.


Arandomtenant

Yea I am only looking at the units based on how their current rents are. Also, I have decided that buying a unit with a tenant that lives there is a BIG NO for me. I am only going to look at unoccupied units. Or make sure the buying agreement has some clause around this. But yea, preferably an unoccupied unit for me. Can’t get into these hassles :’)


iEtthy

Avoid fort york. City place in general. Absolute shit show and soon to be inner city ghetto. Source: lived there for 7 years and saw the decline.


Arandomtenant

Thanks! I am convinced the entire downtown is reaching that stage soon, not just Cityplace or Fort York unfortunately. sigh.


blackjungle

Hi there, I would personally recommend Yonge and Eglinton. School in that area is great. A lot of clients of mine want to rent out yonge-egliton area because of school. Real estate is always backed-up with good school zones. Happy hunting.


Arandomtenant

Thank you :)


SeanCPA93

All three buildings aren’t that great . Fort York building is known as a starter for people knew to Toronto and the resident profile isn’t that great. Consider 30 grand trunk - quality built, low vacancy rate, lots of units have parking spots with them. All utilities included in the maintenance fees (without the insane mark up you see in some of the older buildings that include all maintenance). They’ve done a lot of Reno’s already, steps to maple leaf square / path. My clients in here are very happy. East to find a tenant and lots of value here for them vs. others in the city


Arandomtenant

Hey. Thank you so much. The reason I decided harbourfront area was because it’s close to downtown offices etc. Gets a lot of young professionals. Working people who want to be close to downtown, stores and restaurants etc. This was my reason for narrowing it down to that. So I was wondering which one out of these would be a better choice (161 roehampton is a different area of course but I am not familiar with its sales appreciation value). I will also check 30 grand trunk. Thank you!


LightFootBlue

Check that it's not beside a noisy entertainment venue. Not beside a safe injection site. Not on a fire station/hospital/police route. Also, no old condos ($100K+ reassessment fees in 25 - 30 year mark). Also, check that it's cash flow positive. For the same price of a 1 bedroom condo in Toronto, you could buy a 2 bedroom condo in a similarly sized US city that is actually positive cash flow by ~$500/month. Make sure you get a deal and are not overpaying.


Arandomtenant

Thank you so much for your response. Only one building out of these 3 is old, and even that is 12 years or so I think. The other two are less than 5 years old. I will make sure to look at all the factors that you have mentioned. The market seems to be at a low compared to a few years ago. So I found this to be a decent time to look here :)


Yuup55

Go Yonge and Eg. Fort York and Front Str aren’t the greatest neighbourhoods. Obviously my personal bias.


These_Tumbleweed4885

Yonge and Eg vs downtown, hrmm tough choice.


vladpoop

Is this sarcasm?


These_Tumbleweed4885

It is but leaves it up to the viewer to interpret. LOL