I agree with most of your points except for the condo prices. At the peak they were about $1400/sq ft and then you have ~$2/sq ft condo fee to further crush your cash flow. That makes a turd 500 sq ft condo $700K (with 10% down, payment is ~$3500/mo (~$2400 to interest) plus ~$1000/mo condo fee). So expenses of close to $4000/mo to own or you can rent for $2800. That's a no-brainer, Renting is better than owning that steaming pile.FWIW I bought my house in Toronto on Liberation Day (thanks Trump!).
Downtown Toronto specific - Homes for peeps in the 35-50 year old age bracket in great condition are few and far between; they are still going into multiple offer scenarios and fetching top dollar. Neighbourhood specific.
Also for what it's worth; the renovation costs are INSANE. Good luck to anyone thinking they will ever get a decent home under 7 figures. Windows alone of my home are $30K .. and that's double pane...
IMO the condo market is going to rebound hard and fast... young peeps are cool with smaller spaces and literally have zero options... The last glut of supply is working it's way through the system and everything going forward is rental specific ...
Stay safe out there kiddos.
If you can get a condo for well under 500K, maybe it makes sense but even that is a stretch.
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