Hello,

Please share your views about the TRIDEL condo at woodbine center (Etobicoke) . I'm planing to buy 2 bedroom condo in that building and it's listed around $210,000. Maintenance fee is $337. Area is 740 Sq.Ft.

Please advice on the following things:--

1. Is it good to buy a condo for $200,000. (I cannot afford house).

2. I will be able to make money if i sell it after 5 years or NOT ?

Thanks in advane.

Hello

I was able to locate TRIDEL, but they have given the location of the Sales offices. To know where they have these buildings coming up and their proper addresses became a JOB. http://www.tridel.com/pdf/gta_map.pdf

If you can lock in at a variable rate of 3.75 for five years and with the $337, for maintenance would set you back by $11544/12 per month. But most of these builders will jack up the Maintenance costs up to twice the rates, and in a hurry, so watch out.
Also an initial expense of $40K, a 20% down payment is hefty and I thought that I will bring that to your attention too. This is to avoid the CMHC insurance load.

But as a first time buyer, you might get a great break of $10K, if some one can help you spring that sum up for you!

Some times they make a good killing in four and some time in six, but it is the fact, knowing that you are still making money while enjoying the stay there is what gives you the pleasure. (If it makes 40K x 4% = $1600 per year in appreciation then you will be laughing)

So, I will give my one thumb up, if you can tell me where the location is on a map?

Enjoy your NEW condo. Good Luck.

Freddie.

As per my calculation and experience house of 300,000 with basement aptmnt will be costing you same as condo for 200,000 provided you can rent out B/M . Equity will be more in house and appreciation is much more than in Condo .
I am sure that there will be members who will agree with pros and cons ..
NB

Thank you so much for your replies and help.... I love this site.

This building is located at 710 Humberwood, Hwy 427 & Rexdale area. Sale center is in the building itself.

Thanks.

Personally, I donot think that it is a good choice. The price is too much for a 2 bed condo and the locality is not that good. Though there are a lot of Desi's nearby (Punju's) the area is to be generally avoided.
As said by others you should not expect an appriciation in value of the Condo (when you pay maintainence fees) at all. You may only be slighly better off than renting if you even plan to stay for 5 years and above. The builder has so over inflated the value for sure.
The only best deals in a condo (if any) are the ones that are lake facing and are in the down town core.
As suggested, I would go for a free hold town house (the cheapest that you can find), and either rent the basement or stay in the basment and then rent the upper floors. Location is also a very essential factor in buying a townhouse for renting the basement
That being said and if you are really desparate to buy a condo, you could do so around the Steels-Kipling area. It is not that good an area but better than the woodbine one. A friend of mine bought a condo recently there for $120 K (2 Bed) and he has no regrets.
You still have not responded about your goals / aims of buying this condo. etc..
Do your due deligence before buying one. A condo is very easy to buy and very hard to sell (esp. in the area that you are looking at).
If location is not that much of a hassle, you donot you buy near Sq.-1 or Near Kipling subways stn.. Tridel has a big project there and the location is much better.
Hope this helps.

Peace out

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