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If you only have 5% downpayment, 70 thousand a year income would be the bottom line in my opinion. You can get a mortgage with less income a year but you will be too exposed to any changes in the economy. If you are able to do more than 5% downpayment minimum income that will buy you something...

Blueshirt, what is the purpose of buying? Do you intend to live in the property or rent out? Downown Toronto condos can go for less than 500K when purchased in preconstruction. My brokerage deals with those mostly, it takes usually about 3 years from when you put money down to move in ready...

Condition and appearance of the place will make a difference with the price. Right now, if you have a white colour kitchen brand new or looking brand new, you'll earn at least 50000 more on your property for a townhouse and 10000 for a condo. Staging does the trick too or if you have a good...

Blueshirt, sometimes its easier to get a tenant with lower rent and utilities based on their use than just charging them a higher rent.

Steaky, you'd want low interest rate so that your payments are smaller. You can only deduct the interest portion of the mortgage payment not the part the goes towards the principal. And you're right, technically it's a bad idea to pay it off sooner, unless you need cash. Blueshirt, mortgage...

Absolutely true. Not more than first and last months rent can be required. Renters are very well protected in Canada so don't allow yourself to be bullied by a landlord. I get a lot of clients who need help with that.

Steaky, you're right, there's all that cost you mentioned and in the end it really comes down to what lifestyle someone wants. Condo is a good idea for people with a good income to spend their life carefree, like seniors or as a starter home to build equity. Detached homes are expensive but...

Not familiar with Ottawa market, sorry. All the best anyways and good luck finding a nice place.

Cool, I didn't know they can have the breaks and everything, thanks for clarifying that r_mittal86. None of my instructors had it. If you are a complete beginner, try finding one of these, absolutely. :)

I don;t know if this is applicable to your situation or not...but my visa application (in the family class) got lost and I just filed again and it was fine. We were later told that sometimes a person working on a file resigns or get's sick or whatever and their desk gets cleared. I have no idea...

Read the recent news...BMO, Finch, CMHC...pretty much everyone thinks it's a bubble except real estate agents and some politicians (who get heavy donations by realtor associations). Vancouver prices are down 17% this month. Toronto will follow. If the government is courageous enough to implement...

BMO or RBC

Read the news about Vancouver housing market (down 17%), BMO saying Toronto is in a bubble, CHMC warning about overheating. Let me ask you this: if you are the person who built a giant condo tower, what would you do when news like the Vancouver market, BMO and CHMC would start appearing? I...

It was probably returned because no one in their right mind would thick yes to those questions. When the immigration officer saw it they were nice and sent it back. Maybe? ::) They's people too.

Blueshirt, based on the information you gave me, this is what I have to say: You parents house is payed off, so no matter what happens to the housing market you guys have somewhere to live. That's great. :) Regarding the investment property: If the housing market keeps going up, you're...

Oh dear... :o I suggest calling them, explaining the mistake and asking for advice. They will probably just have you resubmit.

Hi Blueshirt, Regarding your question... Let me first state this: a home you live in is not an investment. :o Why I say this? Because if you sell it you will have no place to live. Ok, there is more to it, to fully understand this fact. For example: If you have an expensive house and want to...

Hi, good luck with finding a good lawyer! I have bad experience. It took a friend of mine 2 years of paying money to a lawyer (more than 10000Cad) and nothing happened. The lawyers was posting job ads every 6 months and asking for photocopies of documents, that's all. Then my I encouraged my...

You can get a basic idea of what you can afford by visiting this website: https://www.cmhc-schl.gc.ca/en/co/buho/buho_020.cfm

Before you decide to buy any pre-construction condos look at the condition of the housing market. Read articles in Globe and Mail, BNN, statistics on Orea, Crea and TREB. Look at housing starts and occupancy, that will tell you how many units are being built and how well they are renting...