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buying a condo

Toronto First Time Buyer Tips

April 7, 2011 by chris · Leave a Comment 

How do I qualify for a zero down mortgage?
Should I get a mortgage preapproval?
How much are realtor fees in Ontario?
Do I need a realtor to buy a condo in Toronto?
What is a deposit on a condo?
What are closing costs when buying a condo in Ontario?
How can I learn more?

What is a downpayment on a condo in Toronto?
The minimum downpayment on a condo in Toronto is 5% of the purchase price.

How do I qualify for a zero down mortgage?
If you have a good credit score but very little money for a downpayment, you MAY qualify for a 0% down mortgage. To find out if you qualify for one, you can go to bank or a mortgage rep and get a preapproval. The consultation for a pre-approval is completely free.

Should I get a mortgage preapproval?
Yes! Getting a preapproval will make it clear just what your price range is. Your preapproval will be based on your credit score, your financial situation, and the amount of money you have to make a downpayment. Again, a preapproval consultation is free, and once a bank commits to lending you a certain amount of money, you have locked in that rate (usually for 90 to 120 days), meaning that your rate will stay the same even if interest rates go up.

How much are realtor fees in Ontario?
When you are buying a condo, you pay the realtor ABSOLUTELY NOTHING. Our services are completely free.

Do I need a realtor to buy a condo in Toronto?
When you’re buying a condo, there are NO disadvantages to employing a realtor to help you. Our services are free and we have a fiduciary duty to you as the buyer; in other words, we are legally obligated to NOT reveal anything that you tell us to the seller or to other realtors.

What is a deposit on a condo?
When an offer on a condo is accepted, the buyer usually pays a small deposit to the seller as a sign of good faith. This deposit is subtracted from your downpayment; in other words, if you’re buying a $200000 condo and paying a $10000 downpayment, you might make a $5000 deposit. Once you’ve paid this deposit, your remaining downpayment will be $5000.

What are closing costs when buying a condo in Ontario?
Typically, your closing costs will be around 1.5% of your purchase price.

The biggest closing cost that you’ll pay on your condo is the Land Transfer Tax, which is paid to the government. This tax will be between 0.5% and 2%. Note that first time buyers receive a $2000 discount on this tax! Residents of Toronto will have to pay an additional tax to the municipal government.

Your closing costs will also include the legal fees paid to your lawyer, the registration cost, and a few other smaller, miscellanious costs.

How can I learn more?
If you’re a first time buyer and you’d like to learn more, contact us today using the form below (or email nazaars@rogers.com) for a completely FREE home buyer’s consultation. Or, click here for a free, customized list of condo units that suit your needs and price range.

buying a condo

250 Manitoba St 523

April 8, 2009 by Condo Guy · Leave a Comment 

Spectacular 'Mystic Pointe' -- 250 Manitoba St Tastefully Updated 1 Bedroom Loft With Walk-In Closet, 1.5 Baths, 17 Ft Ceilings In Highly Sought After Mystic Pointe! Updates Included: Granite Kitchen Counters * Ceramic Backsplash * Wood Cabinetry * High-End Engineered Flooring * New Broadloom * Freshly Painted Through-Out. Suite Includes All Appliances, Shelves In Dining Area, All Elfs, All Window Coverings, Parking And A Locker.
Building In Conveniently Located 10 Minutes From Downtown, 15 Minutes To Pearson, 3 Minutes To Mimico Go Station And Close To The Lake. Building Boasts Park-Like Roof Top Deck With Bbqs, Lawn Furniture, Tables Sets & Lrg Party Rm.
buying a condo

Buying a condo – getting started

February 23, 2009 by Condo Guy · Leave a Comment 

First steps in the buying process First steps in the buying process

good luck

buying a condo

388 Prince Of Wales

February 23, 2009 by Condo Guy · Leave a Comment 

Prestigious One Park Tower

new mississauga condos for sale, daniels one park tower,  buying a propertyUpscale Daniels Building in downtown Mississauga. Spectacular Lobby.

Upscale Daniels Building in downtown Mississauga. Spectacular Lobby, Very Elegant Decor, 24 Hour Conceirge, Indoor Pool, Hot Tub, Virtual Golf, Fitness Centre And So Much More! Very Convenient Parking And Locker, Just Across From Parking Space With Own Entrance Door. Locker Measures Aproox. 4.00 X 2.00 Metres.   639 Sq.Ft With 9Ft Ceilings, 6 Appliances, Stainless Steel Fridge, Stove, Dishwasher, Intergrated Microwave Made By Frigidaire, Full Size Stacked Washer & Dryer, Soaker Tub, Mirror Closet Doors In Foyer. Parking & Locker Included.  

 

Real Estate Condo Listings for sale. Full Service on buying or selling condominium apartment in Toronto, Mississauga and surrounding areas.