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Waterfront Communities C1, Toronto
$1,449,000
Opportunity knocks on this absolutely charming street in the heart of downtown. Rarely available, restore and renovate this special 1881 Victorian home. Rich with period detail; plaster crown moulding and ceiling medallions transport you back in time. High ceilings, high baseboards, large windows, a combined living room and dining room and a spacious kitchen with breakfast area are offered on the main floor. The second floor has three bedrooms and one washroom, and the basement is currently unfinished. Once owned by a famous bootlegger in the time of prohibition, this heritage Toronto home on Draper has an interesting history. Presently Draper Street offers a wonderful neighbourhood community complete with a gathering spot at Draper Park. This quiet oasis is tucked away in a vibrant locale steps away from The Well, a newly opened commercial/residential hub. The Financial Core is close by, with a short walk to shops, restaurants, transit, and every amenity you need in trendy King West.
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What the bank counts
This home's actual carrying costs, payment stress-tested at 6%
- Mortgage, tested at 6%
- $7,417
- Property tax
- $655
- Heat allowance
- $150
- Housing costs
- $8,222 / mo
Lenders cap these at 39% of gross income — that sets the number.
Income needed
$253,000
gross annual household income
- Payment at 4%
- $6,098 / mo
- Cash down
- $289,800
Assumes no other monthly debts · 25-yr amortization
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