If i sell my condo at 200k loss, i might be able to scrape together a total of 200k from my remaining life saings/worth, although i really do not want to sell my stocks, does it make sense to sell off 120k -140k to buy again, with todays prices i can get a bigger condo or keep my payments lower? Or do i just go rent something regular for 2400 (1b - 1b den with parking in Toronto) my current housing cost is 3k.
I am 28 and own a 1+den condo in midtown Toronto which i bought in 2022, i am down like 200k.. it seems at this time causing my mortgage to be 570k and value to be around 530k.. I take home $6300 / month and have 200k in my stocks but it basically feels like i am stuck in this condo for the rest of my life. My friends keep saying i should be grateful to own in such a good area in Toronto and it's not a loss until i sell blah blah.. but losing that much money is a lifetime for many people and myself. That could have been 8 years of renting for free.
Month to month i am not struggling (Have 1.5k left over after all expenses to save/invest) but i basically feel this big dark cloud over my head that i do not see myself ever being able to get out of. Do i basically just forget about marriage and kids etc .. because of this one decision. How will i ever get back to a financial position to be able to buy a house if i want kids.. Am i overthinking here or is my life basically over because of one decision? People here say my condo will just keep going down forever and be stuck there forever because its 550 sqft. so i am basically paying down equity for no reason. Anyone else in this situation what is a realistic plan?
I just saw someone post here they are renting for 1500 / month in toronto which almost made me fall out of my chair.. how can there be places so cheap.. i am stuck paying 3k all in to own my 550 1+ den sqft condo with parking in midtown toronto and now i am thinking what am i doing wrong paying 1500 more when my take home is 6300.. curious to know what others are paying.
28 years old , bought a brand new condo with 20% down 4 years ago 730k for 550 sqft. 1 + den with parking and locker right in Toronto. As of today i am probably down close to 180k in the value bringing me negative equity (570k mortgage 550k value). Not here to complain what's done is done. However it has been rented out as i am living with my grand parents for free in etobicoke taking home 6k a month (I also have 200k in my stocks portfolio) and i am negative CF $950 a month (I do have 1k of principal paydown each month).
Now my tenant has said they are planning to move out in December and due to my job being remote i do not see any use of moving into the condo at that location but I also desperately want to move out and begin my life as i am almost 30 and am tired of getting hotels with my girlfriend.. Do i just sell it at whatever loss when they leave and take the loss and go rent or keep it rented out and rent or just move into it (will cost me 3k a month all in to carry it) its an awesome area but i just don't see the point of going there