Buy 1+1 Condo at ~$395–420k or Wait 12 Months?

I’m trying to make a risk-adjusted decision and would appreciate outside perspectives.

Profile:

•	31M

•	Stable tech job in banking

•	\~$4,875/month net income

•	No consumer debt

•	Contribute $191 biweekly to employer stock (50% match)

•	\~35% cash / 65% investments currently

Considering:

1+1 condo in Scarborough/North York area

Price range: $390k–$420k

10–12% down

Rate estimate: ~3.9%

Month 1 cash outlay:

•	\~$42k down (10%)

•	\~$8k closing

•	\~$4k reno (paint/flooring)

•	\~$5k furnishing

≈ ~$60k total

Post-close liquidity:

•	\~$30–35k cash

•	\~$60–70k invested

Monthly numbers:

•	Mortgage + tax + maintenance + utilities ≈ $2,600–2,900

•	Non-housing (groceries, car, gym, etc.) ≈ $1,170

•	Net monthly surplus ≈ $800–1,100 (depending on extra principal payments)

Planning:

•	$250/month extra on mortgage

•	$2k/year lump sum (bonus/tax refund contingent)

•	Continue investing monthly

⸻

Questions:

1.	Does this feel stretched or reasonable?

2.	Would you wait 6–12 months to build more liquidity?

3.	How would you split surplus between mortgage vs index investing?

4.	If condos stay flat for 3–5 years, is this still rational?

Not looking to time the bottom, just trying to avoid overleveraging.