CDN$415,000 (320k USD) for 1 BDR condo in Toronto 65k deposit

[Tamara Gan]

I have CDN 65 k sitting in a bank account and want to buy a property to live in eventually but want to rent it out initially. You can’t get a house for under $1 million I’m toronto so I’m opting for condo. Even with 65 k as down payment mortgage and taxes and maintenance fees will eat up most of my salary with condo prices at around 400 k for a one bedroom. My money is wasting away sitting at the bank and I want to put it to work. Any suggestions or strategies so I can get into the market sooner than later. Prices of condos alone here have gone up 20-30 % just this year.