205 The Donway West, Penthouse no. 19 is a sunny 2 bedroom plus den condominium measuring 1,114 square feet. The bedrooms are split plan to ensure privicy. Wood floors and smooth plaster ceilings speak to the quality of construction. The kitchen shines with stainless steel appliances and a granite countertop. The master bedroom has a 5-piece ensuite and a walk-in closet. Two parking spots, 3rd & 4th from the elevator door, and a locker are included in the asking price.
Pet Policy: 2 pets per unit, some height and weight restrictions
Buying Toronto Real Estate
When Should I Buy a House in Toronto?
Owning a place to live has been a Canadian goal since well before the days of Confederation. Feeling safe and secure is a big part of wanting to own your own home.
Inflation is responsible for many of us thinking of our houses as investments. Some financial experts claim that home ownership over the long term is not as profitable an exercise as renting and investing the money in other ways. This of course presupposes that you invest the capital rather than spend it.
The right time to buy your nest is when you can feel safe and secure after closing the deal. Your sense of security is directly proportional to how much equity you have invested and your ability to cover the monthly expenses that go along with home ownership. The Buyer who can pay cash for his house will likely feel extremely secure. He could survive a any sized drop in values without being foreclosed-upon. The 5% down Buyer with an insured mortgage for the other 95%?......not so much!
A 30 year old friend of mine recently complained: “This market is crazy. I am never going to be able to buy a house in Toronto.” I hastened to point out that the only crazy thing was his use of the word never. I told him as much and then invited him to let me use the word never in a different way. I pointed out that:
Interest rates have never been so low for so long a time
Toronto real estate prices have never been higher
His fellow citizens have never been so willingly indebted
Governments have never printed so much money
40 years ago, in order to buy a house without paying to insure your first mortgage, you needed to have a 25% down payment. The banks also insisted that your GDSR (gross debt service ratio) be no higher than 30%. That meant that your monthly mortgage payments, realty taxes, heat and hydro comprise no more than 30% of your gross income. In those days, there was very little talk of being “house poor.” Most buyers felt happy, safe and secure after closing their deals.
Today, I think most buyers feel the same way. The biggest difference between now and then are the fundamentals that underpin their ownership.
My 30 year old friend and everyone else who has not yet been able to buy a place to live should not despair. There will eventually be a pause in price increases. This will allow my friend to catch up to the intersection of price and possibility. If the pause turns into a correction, he will be at the closing table even sooner. So never say never unless you are going to use the word in a positive way!
The sale of 25 Scrivener Square, #1007, as featured in the Toronto Star.
"There were many factors that contributed to this fast sale. Some of those factors include a wrap-around terrace with a gas barbecue, three French door walkouts, direct ..."