lost__in__space Posted April 4, 2012 Report Share Posted April 4, 2012 Do many medical school students buy houses (not condos) during medical school? I'll be making money as an MD/PhD student (30k a year + LoC + money saved from my job) and seeing how the program is 7 years....it makes sense to buy. What I'd really like is a house that I can commute to via subway to St. George....but I'm kind of lost at the moment. Is there anyone in the program to talk to about this? Link to comment Share on other sites More sharing options...
quackster Posted April 5, 2012 Report Share Posted April 5, 2012 a HOUSE or a CONDO? A house will run you LOTS of money, a condo not nearly as much, but is still a pretty steep price in downtown Toronto compared to surrounding area. I don't know much, but there a few threads around here about pros and cons of renting versus buying. Link to comment Share on other sites More sharing options...
nikki dale Posted April 5, 2012 Report Share Posted April 5, 2012 A house anywhere near the downtown core, or right off downtown (ex. Leaside) will be over a million dollars. If you think you can afford it, big props to you, go ahead, enjoy life. Link to comment Share on other sites More sharing options...
bridge Posted April 5, 2012 Report Share Posted April 5, 2012 A house anywhere near the downtown core, or right off downtown (ex. Leaside) will be over a million dollars. If you think you can afford it, big props to you, go ahead, enjoy life. +1 An apartment/condo would be significantly more affordable, but still pricey. Though at least your money would actually be going SOMEWHERE...not down the drain (as rent) like mine currently is Link to comment Share on other sites More sharing options...
jawn_doe Posted April 5, 2012 Report Share Posted April 5, 2012 I was thinking of getting a two bedroom condo (if I get in) and renting out the other room. Ideally the condo will be downtown, haven't given it much thought since may 15 is still far away... Link to comment Share on other sites More sharing options...
Davjw Posted April 5, 2012 Report Share Posted April 5, 2012 I was thinking of getting a two bedroom condo (if I get in) and renting out the other room. Ideally the condo will be downtown, haven't given it much thought since may 15 is still far away... This is my plan as well... in Toronto as a med student, a house is just unreasonable. Going to have to go with a condo. Link to comment Share on other sites More sharing options...
nikki dale Posted April 5, 2012 Report Share Posted April 5, 2012 Do many medical school students buy houses (not condos) during medical school? I'll be making money as an MD/PhD student (30k a year + LoC + money saved from my job) and seeing how the program is 7 years....it makes sense to buy. What I'd really like is a house that I can commute to via subway to St. George....but I'm kind of lost at the moment. Is there anyone in the program to talk to about this? Okay so I'm re-reading your question, and I think I know what you're saying now. First to answer your question, you can visit this website about off-campus housing for UofT students, and at the bottom there is a link to contact "The Home Ranger" who can help out. http://www.housing.utoronto.ca/offcampushousing/beginningyoursearch.htm If you're looking at settling down in a home, you could look at places near the subway in the 'suburban' areas, like Scarborough or North York, where there is a better chance of finding inexpensive housing compared to downtown. For example, near the Fairview mall subway line. I suggest looking at this website for the subway line you need, "Yonge-University-Spadina", then look at where the subway stations are located and see if there is affordable housing near the station using realtor.ca. http://www.ttc.ca/Subway/Yonge_University_Spadina.jsp For example, if you want a home near Yorkdale Mall (which has the subway station), it will cost about $600k (here is one http://comfree.com/1-and-a-half-storey-for-sale-north-york-ontario-320318?from=realtor.ca). A home near Downsview station will be $700-$1mill (ex. http://www.realtor.ca/propertyDetails.aspx?propertyId=11664621&PidKey=-1247043124) A cheaper area would be near the Sheppard-Yonge station. Townhomes are 350-600k, other homes are 600k-$1mill. (ex. http://www.realtor.ca/propertyDetails.aspx?propertyId=11700911&PidKey=-1746777767) You could probably find cheaper homes, especially townhomes, using a realtor, since the website might not be completely reflective of what is out there. Another option is maybe you want to live in Mississauga (houses are more expensive here than Toronto suburban regions) then get a shuttle pass from UTM to UTSG (I'm not sure about the transit system). It's up to you. Personally, I find this harder than living in downtown because of the commute, but it is your preference. -- I hope you found this helpful. I am personally all new to this: I don't have experience with public transit or home shopping. So I would check the accuracy of this information. I tried my best Link to comment Share on other sites More sharing options...
mig174 Posted April 9, 2012 Report Share Posted April 9, 2012 Unless you have rich parents, it's a dumb idea to buy a condo right now, MD/PhD or not. You still have to pay tuition, too, so you won't have anywhere near the full 30k. Link to comment Share on other sites More sharing options...
nikki dale Posted April 9, 2012 Report Share Posted April 9, 2012 Nobody commented on how beautiful my post was. Link to comment Share on other sites More sharing options...
Real Beef Posted April 9, 2012 Report Share Posted April 9, 2012 Nobody commented on how beautiful my post was. It was a beautiful post and I am sure the OP appreciated the effort you took to collect all of the information. I already have a house so I am good. Beef Link to comment Share on other sites More sharing options...
jawn_doe Posted April 9, 2012 Report Share Posted April 9, 2012 Getting a two bedroom condo isn't much more expensive than a one bedroom. So with a roommate a condo downtown is a much more viable option. I heard current med students saying they were living in a downtown condo with a roommate and paying $800 each a month, which isn't terrible Link to comment Share on other sites More sharing options...
japlanet Posted April 9, 2012 Report Share Posted April 9, 2012 Toronto is probably the most difficult place to swing the home ownership thing. If you were in any other city (besides Vancouver) it would likely be the smart thing to do but unless you like long commutes I can't see it working out, as pointed out above. In Hamilton, it is an awesome idea, I bought a 1bdr apt right across the street from school for $140,000 and it's worked out very well. I know others in my class bought houses in Hamilton in the 250-300 range and were very happy with their decision. It is certainly nice to pay yourself rather than give someone else your rent each month. Link to comment Share on other sites More sharing options...
lost__in__space Posted April 10, 2012 Author Report Share Posted April 10, 2012 Nobody commented on how beautiful my post was. Much obliged nikki! (I am the OP). I guess my dream of house ownership must be put on hold after searching and not finding anything remotely reasonable, not even further out on the subway line. :-( I really really wanted a house but I can't afford it.... I think I will look to rent a 2 bedroom condo downtown as someone suggested and maybe when the housing bubble goes down, see what I can do. Thanks guys. Maybe I'll update in 2 years that I was able to find something :-) Link to comment Share on other sites More sharing options...
lost__in__space Posted April 10, 2012 Author Report Share Posted April 10, 2012 Toronto is probably the most difficult place to swing the home ownership thing. If you were in any other city (besides Vancouver) it would likely be the smart thing to do but unless you like long commutes I can't see it working out, as pointed out above. In Hamilton, it is an awesome idea, I bought a 1bdr apt right across the street from school for $140,000 and it's worked out very well. I know others in my class bought houses in Hamilton in the 250-300 range and were very happy with their decision. It is certainly nice to pay yourself rather than give someone else your rent each month. This is why I haven't accepted my UofT offer yet.... want to see what McMaster offers because it's just so much cheaper to live in Hamilton and I can reasonably buy a house close to campus for the 7+ years. Link to comment Share on other sites More sharing options...
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