How Much It REALLY Costs to Buy a $500,000 Condo
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- Опубліковано 28 лип 2024
- In this video I talk about all the cash money you will need to prepare in order to buy your first condo. We use $500,000 as a nice round number for simplicity purposes to show you how much land transfer tax you will pay, lawyer fees, home inspectors and other additional things you may want to think about once you close on your first property. And as always, working with a Realtor to purchase your condo is free as the seller is responsible for paying the commission - most of the time! Feel free to contact us if you have any questions or are ready to make a move!
pete@sellingto.co | 416 839 9889
And here's link to CMHC for Mortgage Insurance if you have less than 20% down
www.cmhc-schl.gc.ca/en/buying... - Навчання та стиль
1. Down payment
2. Land transfer tax
3. Home inspection
4. Lawyer fees
Great video, thank you ! Preparing myself in these next few years 🤞🏼
Another killer video! Keep it up!!
This is really great information thank you!
Love this Pete... especially love the breakdown.. good job sir
Thx Susan! All the best in ‘22 🥂💪🏻
Great video. Well done!
Very useful info. Thanks for the helpful information
Glad it was helpful!
Good information Pete!
Thx Joe!
Thanks for the heads up!! 10K additional it is
No problem 👍
Save 6-8 months living expenses. Even if you are renting it out.
Always a good idea to have a buffer of cash when buying a home! Thx for sharing
The answer is at 6:54
Great video! I am starting to think about buying a condo in Toronto/GTA in the next couple of years so would love to see a video on what I need to do to prep and what a first-time buyer needs to know!
Sure no prob I can do a setup video - thx for the video idea ;) stay subscribed
Condo fees are brutal and go up every year, on top of your mortgage.
Thanks Pete, great tips. I guess I need to save a bit more now hahah
🙏 appreciated
Home inspection for a condo is a waste of money in most cases.
Yes for condos it’s really more about the status certificate
Omg! I thought i was ready! Hold up! Need to save more😘! Great heads up!
Haha thanks. Those numbers are for conventional mortgages (20% down). You can still get qualified with less than 20 just FYI
Thanks Pete! You’re the Man!
Im back and I am ready!😊
Ready to buy?? 😉@@mikepatingo1888
thank you bro
You're welcome!
Let me give you a tip for future videos. Specify in the title if your video is location biase. In this case Toronto. Many people dont live there are some tax intricacies do not apply
He catches more audience and he did specify in the video if you did watch it about outside toronto or not.
We need three bedrooms condo in Mississauga
What about development levies (mandatory) and hot, cold and total water meter (3 additional charges) ? This is what I have to pay as per my purchase agreement.
For preconstruction yes not for resale
How many years are the mortgage offered by most banks and can you give us the breakdown of monthly payment plus current prevailing interest?. Thanks
Check out ratehub.ca (mortgage calculator tab)
Do u need to have title insurance when u buy a property such as a house or a condo? It's not a must if am correct.
not a must but lawyers generally won't close the deal without it. Only costs $200 for the life of the time you own the property so why not??
Owe my Ontario tax, Thank you
is all this information still relevant in 2022
Hi Pete,
Very informative video. For someone with an annual salary (FT) of $90K before taxes plus about$100K in savings, how much max mortgage in your opinion do you think the person would get approved for? I have heard conflicting opinions from other individuals who say they will get 4X thier salary while other have said it can go up to 5X and even 6X depending on credit score and lending habit. What is your thoughts on this? Please respond. Thank you
NO PROBLEM ANISH. SEND RICH A QUICK EMAIL AND HE'LL HELP YOU GET IT SORTED OUT richard@vinegroup.ca
I make $95k a year and have 150k in saving. I was pre- approved for 580k easily with 20% down payment with zero debt. My credit score is 850. So in your cases you should not have any problem getting 550k mortgage
@@bk6572that's a fantastic 👏👏 credit score mate. What do you suggest people who are interested to achieve such as score ?
I just bought a 1 BD condo in June 2023 in Richmond, BC for 548K. I paid 19.5% down payment. Sigh.
Thanks! do these rules apply to people that hold a PR status?
Yes. Same benefits for PR's as Citizens
@@ThePeteLy awesomeeeee :) thanks!
Hey I got a question so if you want to buy a property in cash can you save up money in your savings account for some time and buy a property without using a loan
It’s near impossible but good luck
Cash is always good. Anytime, anywhere 😉
maybe update title to read cost to buy "first primary residence "condo , idea for another video the costs of buying your "first investment condo" assuming you already own a primary residence , anyways good video
Yup all great ideas Slick!
do you still pay tltt and pltt in north york
Yes. But once you go north to Thornhill you don't
Do you recommend buying a condo without parking if it is a really good location?
Yes absolutely!
If your city has good public transport
Condos are now 888,000 2 bed.
Numbers rounded for easier illustration and yes, prices keep going up
Can a dentist afford to buy a condo in the city??? 🤔
depends what kind of dentist 😝
@@ThePeteLy General dentist 👀
So if a condo costs 500k and the usual rental return on 500k in capital on a rental is 1% then you should be able to collect $5000 a month in rent. A 500k condo in Toronto right now will collect if you can even get a renter is between $1700-2000 a month. How does this even cover the mortgage? It doesn’t. You have insurance, condo fees, maintenance and the other 100 thing that come up. Who on earth would throw their money down this hole? I guess the real question is do condos have to sell at real prices to what they rent out at? Can the industry live on fantasy land of negative carry forever?
Selling prices and rental rates in some cases are completely detached from one another and remain so even during these unusual times. But we always must factor in WHEN people bought - if they got something 10 years ago and at current rental rates (minus pandemic) then they'd be cash-flowing. Buying at current prices will not cash flow unless you're putting 30-50% down and believe it or not, there are those who can/do that! Thanks for the comment
@@ThePeteLy so putting 250k down on a condo and renting the other 250k out to still not be cash flow positive people are actually doing this? How do you convince people of that? I guess to make this market right we need to bring prices down to what they were 10 years ago. This craziness still never ceases to amaze me that someone would give a client the advice to plunk 250k down on a condo to rent it at negative carry. Welcome to 2020.
@@ThePeteLy If from investor point of view, say all 500k is borrowed over 30 yrs. For every 100k borrowed, monthly repayment is around 450 dollars principal + interest. 450 * 5 = 2250. Rents out for pre pandemic 2100 or during pandemic 1800. Lost of few hundreds per month. But the equity gain from the property is way more. Throwing all 500k into one property is bad strategy. Leverage on others peoples money always a better option. Just need to be careful with the interest rate risk. Which government seems keeping it low. I prefer to calculate it this way.
Condo brings you negative cash flow in today's market. Appreciation is the only catch.
Its the worst investment not worth it anymore anywhere in Toronto
Ayo im 17 do u think i could buy a condo
Nah…you gotta focus on bringing in the cheddar first #priorities (unless you’re wealthy)
Condos = waste of money & little control of repair costs
I was hit by a truck with my Christian group in Toronto ans had $50000 stolen from my dying mother in thr queens hotel
On top of that.no one speaks and people erw addicted to drug's and mo one helps each other and everyone os racist
Why would anyone want that
You need to write Ford and get my money back