Condo Investment - The Queensway/Royal York - Toronto

[Danny Di]

Hello to all the folks in Toronto and Happy New Years!

I'm currently in the middle of an investment I made.  I purchased a pre-construction condo back in May of 2013.  Interim Occupancy begins at the end of this month.  My PDI is scheduled for Monday.  The unit will just be sitting...I'll be out of town for the next 6 mths.

I'm currently trying to re-assign it but not getting many bites...I did over price it thought, along with bad timing.  I'm relisting with a reduced price next week.

I need to drop another 5% as per the agreement.  The dp structure is pretty good 5 down at signing and 5 during closing.  If I sell, I hope to do it before closing so I can save out on the hefty land transfer taxes.  At this rate, I may break even...if I'm lucky, I'll make 5% but that will be gone in realtor fees.  I've been analyzing and testing the market, and I don't believe it's gone up in value much.  This leads me to this thread.

For the investors and experts, what do you think of the area in terms of long term holding and rental is concerned? Do you believe the area will appreciate in the short or long run? This is just an open discussion, obviously no one can predict the future but I'm curious on the opinion of others in the real estate game.  My two options are to dump, take my 10% elsewhere or to hold and rent it out.  I may get approx $1800-$1850 per month plus util.  Mortgage will be low 300s.  Maintenance is 40 cents per sq ft.  At 1800-1850/mth rent, I'll probably be breaking even. I have a 2 bed, 2 bath, south view, 730 sqft.

Thoughts?

Thanks!