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First time home buying advice

steaky

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Nov 11, 2008
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Lanina said:
Hi Im thinking about buying a home in Ontario. It is a tall order but nothing tried nothing done!

I have been listening to the real estate industry having no compassion for what buyers are going through. All they are concerned about it profits!!! Rather than what the Mayor was saying. How can you have a fast growing city like Toronto with no housing or expanding transit????

Its crazy and i am praying the market rises then come down when they realize it out of human reach to afford!
Then consider about buying a home in the northern part of the province (like Sudbury, Kenora and Thunder Bay). I didn't see much growth in that region. Housing price is more affordable if you compare to Toronto.
 

steaky

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jadugarbaba said:
guys any thoughts around condo for a couple...me and my wife...1 bedroom plus den
It will be kind of small especially if you plan to have kids.
 

emamabd

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Jun 22, 2012
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jadugarbaba said:
guys any thoughts around condo for a couple...me and my wife...1 bedroom plus den
make sure the "monthly condo fees" are affordable, and find out their % increase rate over the past couple of years...for some buildings the monthly condo fees are quite high ~$1000! Mind you, that may not include the utilities and ofcourse the monthly mortgage amount would be on top of that.
 

scylla

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emamabd said:
make sure the "monthly condo fees" are affordable, and find out their % increase rate over the past couple of years...for some buildings the monthly condo fees are quite high ~$1000! Mind you, that may not include the utilities and ofcourse the monthly mortgage amount would be on top of that.
Also, if the condo is new, the condo fees will still be artificially low and should be expected to increase.
 

torontosm

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emamabd said:
make sure the "monthly condo fees" are affordable, and find out their % increase rate over the past couple of years...for some buildings the monthly condo fees are quite high ~$1000! Mind you, that may not include the utilities and ofcourse the monthly mortgage amount would be on top of that.
Not to mention property taxes, and any special assessments that the condo board may decide to impose.
 

steaky

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torontosm said:
Not to mention property taxes, and any special assessments that the condo board may decide to impose.
He can know this ahead if he became a council member of his condo corporation.
 

Rossei

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When I bought my house way back in 2013, my home inspector told me that I would require a new roof in 5-7 years. Finally, i did mine this summer and cost me $7500, ouch!
 

canuck78

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When I bought my house way back in 2013, my home inspector told me that I would require a new roof in 5-7 years. Finally, i did mine this summer and cost me $7500, ouch!
That isn’t that bad actually for a roof. Home repairs are very expensive in Canada.
 

rajibsam

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When I bought my house way back in 2013, my home inspector told me that I would require a new roof in 5-7 years. Finally, i did mine this summer and cost me $7500, ouch!
what is life of a roof? I bought home last year and this home was built in 2012.
 

canuck78

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Really depends on the materials used and how well it was installed. New construction usually uses the minimum standards allowed. 10-15 years is typical lifespan of a roof.