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Adventures in Restorative Listening

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Buy House Toronto _BEST_

First, they will look at your gross debt service (GDS) ratio. Your GDS ratio is calculated by adding up all your monthly housing expenses (mortgage payments, utilities and taxes), dividing that number by your household income, and multiplying by 100. If your GDS works out to be 39% or less, you should be able to afford the home, according to the Canada Housing and Mortgage Corporation. That said, some lenders may limit you to a lower GDS ratio. The Financial Consumer Agency of Canada uses a GDS of 32% as a guideline.

buy house toronto


If you plan to buy a house, you may have heard some people say it is best to let the market cool down. It is the same advice repeated yearly in the last few years. However, the average cost of houses in the Greater Toronto Area continued increasing, and much more so during the pandemic. Is buying a home today better than waiting for the housing market to slow down? The trend indicates you should before it becomes much more expensive in the foreseeable future.

According to the National Bank of Canada, the average cost of non-condo houses in Toronto is $1,039,438. Your annual household income to afford this price level should be at least $178,499 (Housing Affordability Monitor).

Although mortgage qualifying rates have not changed substantially, the mortgage rates are historically low (McClelland). On this basis alone, you could say that it helped in housing affordability. However, the reality is that both unemployment and savings rates also increased, which negate the benefits of low mortgage rates. At any rate, the average selling price of residential houses still surpassed $1 million for the first time.

February 2021 goes down in history as the first time that the average cost of houses in Toronto breached the $1 million mark. For some people, it may be a cause of concern. However, others can view it as expensive today, cheap later as prices continue to surge. Whether you should buy a house now or not, that is a matter of affordability and necessity. At any rate, there are plenty of excellent choices that fit all sorts of budgets. Choose from $600,000 single-family detached homes to grand mansions in luxurious neighborhoods costing more than $10 million.

Everyone is willing to do what it takes to get the most appropriate home for themselves and their families. This process involves various choices, but the very first decision is whether to buy an existing home or build a new one. Here we discuss the pros and cons of buying a house versus building a house.

Moreover, when building a house, you have the option of either customizing it to fit your needs and liking or you can also save money by not doing a lot of customization that are not necessary for you. You can also build a more efficient home that not only meets new energy codes and has a lower environmental impact but also reduces operation and maintenance costs.

A house building project takes at least 8 months, and on average one year. But when buying a property, you may be able to move in right after closing the property or in some cases within a month or two. For many people, this convenience is compelling enough to prefer an existing home over a building one.

Customization is another huge advantage of building your own home over buying one. It is not that easy to find an existing house that meets all your needs and wishes. Instead, when building your own home, you get to actually choose all your finishes and other features of the house. You will also be able to upgrade the quality of your own place and have much more control over the details to match your taste and lifestyle. This is quite luxurious.

On the flip side, when you buy a property, you have to compromise everything from the floor plan to the number of windows and craftsmanship. You may wish that there was another bedroom on the main floor or the bathroom was bigger. These are things that can be planned for when you are building a house for yourself.

Contact us at Odima construction group as a professional Custom Home Builder in Toronto with years of experience in home building and home renovations in Toronto/GTA. Our professional team can help you decide whether to build a house or purchase one that will suit your needs and wishes best.

Dreaming about living in a one-of-a-kind and remarkable house? Call us, send us an email, or fill out the contact form. It's an excellent starting point for us in terms of determining your needs, budget, and schedule.

Next, you should figure out your budget. Prices will be high across the city and will vary from property to property. There are some areas that have much less affordable houses and based on your budget, may be out of reach. Generally, the most expensive real estate in the city is in the detached home segment. Beyond this, semi-detached, townhouses, and condos are more affordable options.

FOREIGN SELLER'S TAX Be aware that there are tax implications for international or non-resident owners when they sell property in Toronto. An international seller may be subject to a non-resident withholding tax of 25% on the sale price of the property. Further details can be found on the Canada Revenue Agency website. One should consult with their own accountant to fully understand the Canadian tax rules and implications of selling a property in Toronto as a foreign owner.Victoria Boscariol is a real estate agent in Toronto Canada with Chestnut Park Real Estate Limited Brokerage. With over 20 years experience, Victoria has been helping people successfully buy and sell condos and houses in Yorkville and downtown Toronto. As a Certified International Property Specialist (CIPS) she has worked with Buyers from around the world moving to Toronto from China, Russia, Brazil, India, South Africa, United Arab Emirates, Jordan, Cyprus, Italy, Germany, The United Kingdom, Australia and the United States.

Property management companies typically charge a percentage of your monthly or annual rent for their services. Often, there will be some hidden or additional fees for specific services rendered, but many property managers and management companies do not readily disclose these fees. As one of the best value property management company options in Toronto, we are proud to offer competitive rates and no hidden fees. We charge 6% of the rent as our monthly management fee, with a maximum cap of $190 for condos and $230 for houses. We have no minimum fee requirement. Most of our comprehensive services are included in that price, but we do have an additional fee for our seasonal inspections and tenant placement as applicable. To compare our fees to the top rental property management competitors in the area.

Your gross debt service ratio determines whether you can afford the monthly carrying costs associated with your home. Your lender will add your annual mortgage payments to the costs of owning your home, then divide this by your annual household income. To qualify for the loan, the resulting ratio must be less than 32%. This is the official formula:

My boyfriend and I bought a house last year, and titled as joined tenant. Now we are going to separate and I agree take over all interest from him. But our lawyer said I need pay land transfer tax again? Is it true?

Hello,what is the difference between land transfer tax and property tax? if my first bought house, I did not apply for a rebate on Land Transfer Tax. Am I still qualify for the rebate when I am buying my 2nd house?Thanks,

Hello.I own my condo and that was before I married my wife. We bought a house together and we are planning to keep the condo for income. Can my wife get some kind of rebate for buying our new house? She never owed a property before

A seemingly obvious yet no-less-crucial part of saving up for a house is not just knowing how to save, but knowing how much to save. This is where it becomes important to be realistic about your budget, your goals, and inform yourself about mortgages, maintenance costs, and down payment options.

Sometimes it can be helpful to determine how much you need for your house and your timeline for buying it. Then reverse engineer the smaller amounts that you will need to set aside each month to reach that target.

One of the most common questions comes to mind when deciding to buy a home to live in Toronto is which one better suits you: condos or houses? It is a big decision to make. Of course, so many factors should be considered, including your budget, location, and your lifestyle.

According to a report by Royal LePage, about 18% of first-time buyers choose to buy a condo, and about 15% prefer to buy a house. Surely, there are differences between the two types of dwellings which can be advantage or disadvantage for each type of family.

A condo is a separate apartment in a shared building or a complex, usually has a smaller size than a house. Mostly, first-time buyers and investors prefer to buy condos. Condos need less maintenance and they are typically less expensive than houses. But you only own the interior space of the unit. There are restrictions for making any changes to your condo or even decorating for holidays.

A house is a free-standing residential structure. Houses mainly have front yards/backyard. When you buy a house, you also own the land the property sits on. So you are free to make any changes you like (subject to the city approvals). You are also responsible for insurances, mortgages, renovations and all the maintenance costs and fees.

As we mentioned above, condos are less expensive than houses, but houses have higher resale values due to demand. The house owners have more freedom and privacy, this is why people are more eager to buy a freehold house. However, it means more responsibilities and expenses than condos. The lower price of condos means a lower down payment and a lower monthly expenses too.

When it comes to purchase price, you better know that the houses can be better options for a long term investment if you have a higher budget. Even though condos usually appreciate at a higher pace in Toronto. 041b061a72


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