I am looking to buy an investment property in Toronto for 550k and under as that is my budget with 20% down payment. I am looking for a property possibly having multiple units that I can rent out for a long period of time to earn rental income. I would also like to be able to refinance and get another property in later years.
I need someone who can guide on how to execute this investment plan based on my current situation and I would like your advice if this sounded like a good plan to you? I am open to investing outside of Toronto given rental prospects are good in the other city
Calgary, AB · Member since 2021 · 327 posts · 176 votes
3y
Hi Faizan,
I'm not sure if you live in Toronto or not, but Toronto is one of the most expensive markets in Canada. Finding a SINGLE property, let alone multiple units, in Toronto for 550k would be hard. 1 bedroom apartments will sell for 550k in Toronto. Although I agree with you that the rental market in Toronto will be tight for the foreseeable future, your price point is not super realistic in that market.
I think you should re-evaluate your investment plan and see if you can find a better market.
I'm not sure if you live in Toronto or not, but Toronto is one of the most expensive markets in Canada. Finding a SINGLE property, let alone multiple units, in Toronto for 550k would be hard. 1 bedroom apartments will sell for 550k in Toronto. Although I agree with you that the rental market in Toronto will be tight for the foreseeable future, your price point is not super realistic in that market.
I think you should re-evaluate your investment plan and see if you can find a better market.
Hi Faizan,
I agree with Stevo on this one. Unfortunately, finding a property with multiple units in Toronto for this price would be very difficult and is a little unrealistic.
I agree with Stevo - in revaluating the plan and potentially finding a different market.
Have you considered investing in another part of Canada?
I have a lot of contacts that had much success in Windsor - happy to connect you to them if you'd like.