Real Estate in Toronto - Planning to buy a house if I move

[immigrationaspirant]

I am planning on buying a house if I move to Toronto. Me and my wife would ideally be looking for an apartment to buy. A lowrise building maybe in the start or a condo if affordable, anywhere in Downtown Toronto or Mississauga or Brampton. We both have saved just enough to buy an apartment or condo depending on the real estate prices there. We plan on buying our own apartment as opposed to paying rent every month. We rather pay mortgage for our own house, thats what we thought. We first plan to rent an apartment, then as we takeup jobs, then seriously start looking for affordable housing.

If anyone has any knowledge about real estate in Toronto or GTA please reply I will appreciate your feedback

Thanks in advance

 

[scylla]

What is your budget? What you're able to buy and where really depends on how much you are able and willing to spend.

 

[Rob_TO]

Use this site to search current home and condo prices across the GTA and surrounding areas. http://www.realtor.ca/

 

[buliwyf]

Short, general answer:

$300,000 for a condo/apartment, far away from the city and/or not very nice neighborhood

$400,000 for an older, bungalow house far away from the city

$500,000 for a small condo in a highrise in the city

$600,000 for a new, 3br detached far away from the city. (Most people opt for this)

$600,000 for an old, small bungalow near the city

$700,000 for an old small bungalow in the city

Generally, with a 760+ equifax credit score, and if you can produce about $60,000 cash downpayment and pay $3,000/month for 25-years mortgage, you can own a nice house. Or of course, you can always produce more downpayment.

 

[immigrationaspirant]

Nice suggestions. I was looking at Remaxx website for Toronto and some low-rise building apartments were as low as $ 150,000, close to the airport by Mississauga. I am sure the neighborhood might not be that great, but yes the prices were as low as this.

Also how do i know what my equafax score is ? How do I get access to it ? using my SIN ?

 

[scylla]

Nice suggestions. I was looking at Remaxx website for Toronto and some low-rise building apartments were as low as $ 150,000, close to the airport by Mississauga. I am sure the neighborhood might not be that great, but yes the prices were as low as this.

Also how do i know what my equafax score is ? How do I get access to it ? using my SIN ?

You need to watch out for the condo fees and special assessments - and buildings with reserve funds that are too low to sustain the level of maintenance/repair required. Sometimes there are buildings with low cost units for sale because: (1) the condo fees are very high because the building is in disrepair; (2) a special assessment has been levied against all units to fund major repairs; (3) the reserve fund is too low to sustain maintenance and/or repair costs. In other words, there are condos that are discounted because they have been very badly maintained. It's very important to work with a good agent who can look into the building and warn you about these issues before you purchase.

 

[polara69]

Nice suggestions. I was looking at Remaxx website for Toronto and some low-rise building apartments were as low as $ 150,000, close to the airport by Mississauga. I am sure the neighborhood might not be that great, but yes the prices were as low as this.

Also how do i know what my equafax score is ? How do I get access to it ? using my SIN ?

you get what you pay for, be careful, there is a reason why so cheap..

 

[mrbeachman]

Cheap condos near airport is Dixon area. Is that it? Generally, one of the worst places to live in the city.

Even decent new condos in Scarborough are sometimes used for marihuana grow-up. The thing is one place like that in the building it automatically brings the value of the whole neighbourhood down.... and yes... watch for the condo fees. Old buildings have high maintenance fees and will just go up in the future.... some on Jane and Finch are so high that it is cheaper to rent than to buy and live there.

You can actually get a decent one bedroom condo in Downtown Toronto under $300,000. Look around Queens Quay (I own a place there and it is probably the nicest area in the city). Plenty for sale.

Generally, it is NEVER a good idea to look at the pictures and dream. The reality of the situation is this. You need to go and see for yourself. That's the only way.... and when you decide on the place have a long talk with the lawyer about condo reserve fund and any potential problems/lawsuits.

When you decide to buy, you will need to put away another $5,00o to $10,000 for various fees and taxes.

If you are putting less than 20% down payment, you may get bad interest rate and have to pay CMHC insurance on top.

Heck, if you decide to buy a place in one of those condotels, you can get one pretty cheap. Here is one smack downtown and it is even furnished one bedroom.

http://www.realtor.ca/propertyDetails.aspx?PropertyId=14999505