[yaletown_fella]

If I win the $580,000 Lottario Id likely stay renting on Dupont Ave and stick 90% of the winnings into a one year GIC paying out 4.5%.

I would wait until the 'everything bubble' bursts, and buy a 1 bed , 2 bath or 2 bed 2 bath condo outright. It'd likely be at the edge of Toronto or southern edge of Markham or Vaughan within a 10 minute walk of Yonge and Steeles or Bathurst and Steeles to catch the TTC to work.

Now if I won over $2,000,000 Id take a hard look at Merchandise Lofts. Id wait 1-2 years for a likely 30-35% correction in prices and then buy a loft there outright. That would leave me with at least $1,300,000. If I stuck $1,000,000 of that into that same 4.5% GIC , Id be looking at at least $37,000 per year after tax which would more than cover the condo fees, property taxes, hydro, gas, water, food, internet, phone and TTC metropass.