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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.

toronto condos

2121 Lake Shore Blvd W 2302

February 17, 2011 by chris · Leave a Comment 

Desirable Waterview Condo Built By Monarch, 787 Sq Ft One Bedroom ‘Signature 2 Unit’, Additional 80 Sq Ft Balcony With Magnificent Lake & City Views; Popular Layout W/Laminate Flooring; Chef’s Kitchen Consist Of Upgraded Stainless Steel Appliances, Undermount Sink W/Mirror Backsplash, Custom Roller Blinds; One Parking Spot

Included Stainless Steel Fridge, Ss Stove, Ss Dishwasher, Ss Range Hood/Microwave, Washer/Dryer; Custom Roller Blinds; One Parking Spot Included.

toronto condos

Condo Buying Process

February 23, 2009 by Condo Guy · Leave a Comment 

The first steps in buying a condo, like any other real estate purchase, is to determine what price range you are qualified to buy upto. 

The second step is to determine where you want to buy a condominium apartment.  

The third decision is deciding how much you want to spend keeping in mind the amount you qualify to buy upto,  the downpayment you have and the monthly carrying costs you are willing to take on. 

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