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Buying a house in / around Toronto

ommehta

Full Member
Sep 10, 2015
44
1
Hi All,

Need some advice on housing in / around Toronto please.

Can someone suggest good areas to consider/explore to buy a house (3 bedrooms) in/around Toronto please? Can consider a condo as well.
Also, if you could give an idea about the rough budget about each area, that would be great.

Main considerations would be :
1. Proximity to Downtown - the closer the better
2. Close to good schooling
3. Safe and pleasant environment for a family
4. Close to train stations / bus stops

Also, would you be aware of any "UNDER CONSTRUCTION" condos, that one could invest in please? It would be fine if these would be getting ready in around 2 years or so, as long as they are from a reputed building company, and the investment is safe.

Thanks

Om
 

scylla

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You're doing this backwards. You need to tell us what your budget is. That will determine what areas of the city are feasible for you.

FYI - Three bedroom condos are unfortunately relatively rare.
 

steaky

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Nov 11, 2008
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scylla said:
You're doing this backwards. You need to tell us what your budget is. That will determine what areas of the city are feasible for you.

FYI - Three bedroom condos are unfortunately relatively rare.
OP is asking for a rough budget about each area!

What's more, he should look at realtor.ca or travel around downtown Toronto for available listings.
 

ommehta

Full Member
Sep 10, 2015
44
1
scylla said:
You're doing this backwards. You need to tell us what your budget is. That will determine what areas of the city are feasible for you.

FYI - Three bedroom condos are unfortunately relatively rare.
Ideally say around 1 million CAD. Considering that one can get a housing loan for around 20-25 years, a couple of thousand dollars here and there shouldn't scare one, right ?! :)

Currently, I'm more interested in identifying a good neighbourhood and a ballpark figure, rather than limiting myself to a budget set in concrete.

By the way, do new immigrants get a housing loan on 5% down payment after the first 6 months ?

Thanks

Om
 

ommehta

Full Member
Sep 10, 2015
44
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steaky said:
OP is asking for a rough budget about each area!

What's more, he should look at realtor.ca or travel around downtown Toronto for available listings.
Thank you Steaky. Am not in Canada currently, so looking around downtown wouldn't be possible. Do real estate agents advertise on realtor.ca or is it actual owners that advertise their homes ? Any references of realtors would be a huge help.

Thanks

Om
 

steaky

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Nov 11, 2008
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ommehta said:
Thank you Steaky. Am not in Canada currently, so looking around downtown wouldn't be possible. Do real estate agents advertise on realtor.ca or is it actual owners that advertise their homes ? Any references of realtors would be a huge help.

Thanks

Om
Owners pay realtors to help them sell their homes. Realtors then put up the related advertisement in realtor.ca.
 

ommehta

Full Member
Sep 10, 2015
44
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steaky said:
Owners pay realtors to help them sell their homes. Realtors then put up the related advertisement in realtor.ca.
Thanks again. Will look up the website. Any particular areas you recommend ?
 

scylla

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Toronto
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Buffalo
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ommehta said:
Thanks again. Will look up the website. Any particular areas you recommend ?
Keep in mind that all you will see on realtor.ca is the for sale price of properties - you won't see the price at which the property actually sold. Many properties in Toronto and being sold over asking or well over asking these days. A realtor will be able to tell you the "sold" price of a house or condo.

I would also recommend that you research closing costs and land transfer tax. These are added on to the purchase price of a house. For example, if you purchase a property for 1 million - the land transfer tax will cost you approximately $30K more.

I love my downtown area (Seaton Village) - it's walking distance to transit and great schools - and semi-detached houses can still be purchased for 1 million. However at that price, the house will be older and will require significant renovations. I would say that 1.5 million is more realistic for my area.