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The only rationale for buying a pre-construction condo, tying up your cash for a number of years with literally nothing to show for it, is that you're getting a discount. You're not getting a discount are you? Likely not, but I am sure they have a shiny brochure with questionable math showing how it'll be worth more when it's finally built. Guess what? It's not 2006 anymore and that poo poo would put the developer in jail if they were selling mutual funds. There are 105,000 condos empty or about to come online in Toronto. Food for thought. Also, you have 20% but the bank still won't pony up the remaining 80%, ever wonder why? CMHC won't cover that mortgage and the bank thinks you're a lovely risk. You can't afford it. Approach a different bank and tell them you have 10%. They are more likely to pony up the 90% because the risk will be CMHC's. This hosed up logic is why your condo will be worth less when it is eventually built than what you're going to pay today for it. Don't believe me? Cross post this in the Canadian Housing Bubble Thread, and know that the Toronto condo market is ground zero for the pop. tldr; You are in good shape financially so you're clearly clever enough. Read up about the condo market in Toronto. Don't Buy it. Saltin fucked around with this message at 21:35 on Aug 1, 2014 |
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Aug 1, 2014 21:27
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| # ¿ May 21, 2024 18:00 |
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