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1703 - 801 Bay Street
Bay Street Corridor, Toronto
$598,000
Suite 1703 at The Royalton is a 1+den with two full bathrooms, and the den is what makes the layout work. It's a separate room with doors, roughly 7 x 9 feet, and it fits a bed or a proper desk. Set it up as a home office, a guest room or a space for a roommate, and close the doors when you're done for the day. The primary has its own ensuite, and the second bathroom sits off the main living space for guests. The living and dining room opens onto a south-facing balcony, and the kitchen has granite counters and a breakfast bar for quick meals. It's a boutique building in the heart of Toronto at Bay and College, about 137 suites, with 24-hour concierge, a gym, a party room and a rooftop terrace. Walk to Toronto General, U of T or Queen's Park, or get on the subway at College station three minutes away.
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What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $3,061
- Property tax
- $283
- Heat allowance
- $150
- Condo fees, half counted
- $510
- Housing costs
- $4,004 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$123,000
gross annual household income
- Payment at 4%
- $2,516 / mo
- Cash down
- $119,600
Assumes no other monthly debts · 25-yr amortization
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