1. Down payment 2. Land transfer tax 3. Home inspection 4. Lawyer fees
@Miso__doodle4 жыл бұрын
Save 6-8 months living expenses. Even if you are renting it out.
@ThePeteLy4 жыл бұрын
Always a good idea to have a buffer of cash when buying a home! Thx for sharing
@DianaDang33 жыл бұрын
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!
@ThePeteLy3 жыл бұрын
Sure no prob I can do a setup video - thx for the video idea ;) stay subscribed
@darleneaitken1620 Жыл бұрын
Condo fees are brutal and go up every year, on top of your mortgage.
@joshanderson78803 жыл бұрын
The answer is at 6:54
@Milkugh3 жыл бұрын
Great video, thank you ! Preparing myself in these next few years 🤞🏼
@UPC2894853 жыл бұрын
Thanks for the heads up!! 10K additional it is
@ThePeteLy3 жыл бұрын
No problem 👍
@susantoughlian96012 жыл бұрын
Love this Pete... especially love the breakdown.. good job sir
@ThePeteLy2 жыл бұрын
Thx Susan! All the best in ‘22 🥂💪🏻
@mikepatingo18883 жыл бұрын
Omg! I thought i was ready! Hold up! Need to save more😘! Great heads up!
@ThePeteLy3 жыл бұрын
Haha thanks. Those numbers are for conventional mortgages (20% down). You can still get qualified with less than 20 just FYI
@mikepatingo18883 жыл бұрын
Thanks Pete! You’re the Man!
@mikepatingo18883 жыл бұрын
Im back and I am ready!😊
@ThePeteLy3 жыл бұрын
Ready to buy?? 😉@@mikepatingo1888
@Maxbbxo3 жыл бұрын
Very useful info. Thanks for the helpful information
@ThePeteLy3 жыл бұрын
Glad it was helpful!
@RICKRUTA2 жыл бұрын
Great video. Well done!
@scottmadramenxu3 жыл бұрын
Home inspection for a condo is a waste of money in most cases.
@ThePeteLy3 жыл бұрын
Yes for condos it’s really more about the status certificate
@yumi74332 жыл бұрын
This is really great information thank you!
@bahijarhafiri9 ай бұрын
Biggest lesson i learnt in 2022 in the trading market is that nobody knows what is going to happen next, so practice some humility and follow a strategy with a long term edge.....
@GhanYt9 ай бұрын
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
@bahijarhafiri9 ай бұрын
Definitely! All of this happened in less than a year after Jenny Pamogas Canaya, told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
@gdi10933 жыл бұрын
Another killer video! Keep it up!!
@Aannon3 жыл бұрын
Thanks Pete, great tips. I guess I need to save a bit more now hahah
@ThePeteLy3 жыл бұрын
🙏 appreciated
@50tigres79 Жыл бұрын
I just bought a 1 BD condo in June 2023 in Richmond, BC for 548K. I paid 19.5% down payment. Sigh.
@joemalcom12294 жыл бұрын
Good information Pete!
@ThePeteLy4 жыл бұрын
Thx Joe!
@FS020123 жыл бұрын
Condos are now 888,000 2 bed.
@ThePeteLy3 жыл бұрын
Numbers rounded for easier illustration and yes, prices keep going up
@rfman69292 жыл бұрын
We need three bedrooms condo in Mississauga
@JoTokutora3 жыл бұрын
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
@AntzMr3 жыл бұрын
He catches more audience and he did specify in the video if you did watch it about outside toronto or not.
@joearchibald31703 жыл бұрын
thank you bro
@ThePeteLy3 жыл бұрын
You're welcome!
@Slickpete834 жыл бұрын
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
@ThePeteLy4 жыл бұрын
Yup all great ideas Slick!
@mommylou24173 жыл бұрын
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
@ThePeteLy3 жыл бұрын
Check out ratehub.ca (mortgage calculator tab)
@lydiaaschenaki74794 жыл бұрын
Owe my Ontario tax, Thank you
@skyzsolstice2 жыл бұрын
is all this information still relevant in 2022
@anishlamsal33233 жыл бұрын
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
@ThePeteLy3 жыл бұрын
NO PROBLEM ANISH. SEND RICH A QUICK EMAIL AND HE'LL HELP YOU GET IT SORTED OUT richard@vinegroup.ca
@bk65723 жыл бұрын
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
@karatsurba4791 Жыл бұрын
@@bk6572that's a fantastic 👏👏 credit score mate. What do you suggest people who are interested to achieve such as score ?
@jcsdesign3 жыл бұрын
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.
@ThePeteLy3 жыл бұрын
For preconstruction yes not for resale
@oceanbreeze43613 жыл бұрын
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.
@ThePeteLy3 жыл бұрын
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??
@KaySeminomadic3 жыл бұрын
Do you recommend buying a condo without parking if it is a really good location?
@ThePeteLy3 жыл бұрын
Yes absolutely!
@bhuwin61862 жыл бұрын
If your city has good public transport
@adjoaaj75933 жыл бұрын
Thanks! do these rules apply to people that hold a PR status?
@ThePeteLy3 жыл бұрын
Yes. Same benefits for PR's as Citizens
@adjoaaj75933 жыл бұрын
@@ThePeteLy awesomeeeee :) thanks!
@ramzyy53623 жыл бұрын
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
@virgoteaze3 жыл бұрын
It’s near impossible but good luck
@ThePeteLy3 жыл бұрын
Cash is always good. Anytime, anywhere 😉
@eshapatel29293 жыл бұрын
Can a dentist afford to buy a condo in the city??? 🤔
@ThePeteLy3 жыл бұрын
depends what kind of dentist 😝
@eshapatel29293 жыл бұрын
@@ThePeteLy General dentist 👀
@jeffotoole45093 жыл бұрын
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?
@ThePeteLy3 жыл бұрын
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
@jeffotoole45093 жыл бұрын
@@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.
@JC-hl9nu3 жыл бұрын
@@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.
@scottmadramenxu3 жыл бұрын
Condo brings you negative cash flow in today's market. Appreciation is the only catch.
@bwooodstar2 жыл бұрын
Its the worst investment not worth it anymore anywhere in Toronto
@nav76313 жыл бұрын
do you still pay tltt and pltt in north york
@ThePeteLy3 жыл бұрын
Yes. But once you go north to Thornhill you don't
@drizzy95723 жыл бұрын
Ayo im 17 do u think i could buy a condo
@ThePeteLy3 жыл бұрын
Nah…you gotta focus on bringing in the cheddar first #priorities (unless you’re wealthy)
@bwooodstar2 жыл бұрын
Condos = waste of money & little control of repair costs
@jamesmatheson58133 жыл бұрын
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