Our first Home and steps we followed in buying a pre-construction in Canada 🏠

[@padmavasudev9878]

Hi, Good research & info. We've lived in the GTA for past 32 years and have bought & sold 4 homes, 2 of which were pre construction. Just one thing, regarding HST on the new home, you are correct about $24K tax. We bought a freehold townhouse about 4 years ago with the intention of living in it. But later decided to rent it. Since we got that rebate in ,the purchase price, we had to pay that amount to CRA. But, the CRA rep told us even for rental, we could apply for a GST refund and get the 24k back. He was kind enough to send us the form and was our contact until the funds were refunded. Of hand I dont remember the form number as it's been over 4 years. You can contact CRA regarding the form number. Just thought I'd let you know that the 24k you pay can still be refunded. Goodluck with the house and keep these informative videos coming.

[@pvatsal99]

Thanks for sharing your experience 😀

[@padmavasudev9878]

FYI, in order to get back your HST on an investment home, you need to have a lease agreement of minimum 12 months on the first rental. You have 2 years to claim this amount from CRA.

[@Potatotalkies]

Thanks Padma... there is a seperate procedure for that.. agree! Thanks for the information 😀👍

[@Balerion_The_BlackDread]

Your channel is so informative. A must have for anyone traveling to 🇨🇦 👍

[@prachisidharthincanada1394]

Awesome video! very refreshing.. we have also moved to Canada recently and post videos on our experiences, mistakes, learnings etc. Do check out and subscribe: kzbin.info/door/G0b-6N2sM94ga3M-Drln3Avideos

[@ramandeepsingh5148]

Hey Sir and Madam i have seen your video first time.You are really giving lot of information for a new home buyer.God may you live long and happy.

[@piyushchaturvedi632]

You guys are information king and queen 👑❤️

[@danialhassan1691]

We can easily see that how much effort you put while making videos. Appreciate it. All the best

[@Potatotalkies]

Thanks 😊

[@swatibharadwaj2433]

Both are you are really really helpful.. a big fan of yours. never miss a video without skipping the ads :)

[@Potatotalkies]

🤗🤗

[@shariqbondre9196]

Navjot and Simran, Hello from the UAE!!! Watched all your videos. Loved your detailed explaination in all videos. Keep up the good work :-)

[@sarjusurendran7848]

Superb video guys. This is very helpful for first time home buyers. Appreciate the transparency and the content of your videos unlike other youtubers who are only looking to increase viewership. Ache logon ke saath Acha hota hai.

[@Potatotalkies]

Thank you 😀

[@canadaExpresso]

Well ... Conceptualized. Highly informative

[@pankajverma7204]

You put lot of effort for calculations and facts..hats off to you😊👏👏👏👏

[@Potatotalkies]

Thank you 😀

[@SKSK-cz8er]

Thank you very much we are living in waterloo and looking to buy a pre-constructed house in Kitchener, your video which is the best of the best video on the whole youtube with an amazing explanation, thank you guys, God Bless you

[@Potatotalkies]

Thanknyou 🤗🤗

[@iamcp2866]

Happy New Year! Thanks for making a dedicated video on buying pre-construction homes and covering all the aspects so precisely and well explained. Hats off to both of you on your research and analysis. To be honest, no KZbinr will provide such info in so detailed & transparent manner , and more importantly no show-off. All the best.

[@Potatotalkies]

Thank you 🤗🤗

[@ibrahimmohammed5629]

It's way too much hard work to get all this information in a single video. Great work!

[@203rahman]

Hope I am in Canada by the time you people shift to your new house. Would expect nothing less than an invite from you guys to your subscribers. The way you make videos makes all of us as of we are part of your family.

[@Potatotalkies]

Thank you 🤗🤗🤗🤗

[@tanzirahmed8483]

You are doing great job for all of us. Almighty will help you to recue from all obstacles. Happy for you...

[@attaullahmian5625]

Very informative and well explained and easy to follow. Keep the good work.

[@harrypatani]

Couple of things coming from a Mortgage Professional: 1. Brokers can get you a better rate is a complete myth. Yes, they do deal with a lot of financial institutions some of which are government regulated and some of which are not but by no means they have any power over a single individual to acquire lesser interest rates than banks. 2. You can only get a soft approval on a pre sale: There are banks amongst big fives which will give you firm approval valid for upto 2 years, with no employment check during actual mortgage funding, i.e. no check at all. (If you want to know more msg me and I can tell you the details) Other than that very informative video and great job on explaining rule of 35 and understanding real estate market. Thanks.

[@Simarjeet]

Very good guidance....when i come there this video will help alot....good job guys...

[@vivek_khadse]

Great video, very informative and useful. Must watch before buying any property in Canada. 👍

[@Potatotalkies]

Thaks 😀😀

[@22kjs22]

We are blessed to have you guys who share all these information free of cost. I am saving this video so that I follow each and every tips shared by you before buying our house. God bless you both and Happy New Year. ❤️

[@Potatotalkies]

🤗🤗🤗

[@vineetlove80]

Very informative video and you walked us thru the end-to-end process. by the way, you can order the checkbook from staples which normally takes 3-5 days time and is a bit cheaper as compared to the banks.

[@Potatotalkies]

Didn't know that.. thanks 👍👍

[@Shubham-jz7ec]

Guys your research is gold👍♥️ Love you guys and happy new year

[@Potatotalkies]

Thank you

[@parkheesinghal580]

you guys really make some awesomely informative videos one is looking for!! great great greattttt help always!!

[@Potatotalkies]

Thanks 😊

[@anishtrip]

As always, simplified and highly informative!! Kuch ghar to ye video dekh ke hi bik jaayenge ;)

[@Potatotalkies]

😀

[@harinder3039]

11:39, land is not owned by condo corporation in condos townhomes or apartments. Buyer owned it all but pay a monthly maintenance fee for common elements. Common elements could be garbage removal, snow removal, street lights, walk way maintenance. When corporation owns land it's called leasehold property, owner basically pay rent for land and own house. There are few leasehold properties in Etobicoke and Mississauga.

[@Potatotalkies]

👍💯

[@ahsanr5882]

Not sure if anyone mentioned this, but your realtor is actually legally bound to work in your interests, which is to find you the best deal for the lowest price. They are legally bound to put your home-buying interests before their comission.

[@Potatotalkies]

True.. maybe I got a bad one then.. there are a lot of things that don't seem right even if they are legally done... its a tricky business.

[@lalitakaycee7659]

Your vlogs are very educative 👍.. thanks for all the info you share with your viewers

[@chetanarora85]

Congratulations Guys.. couple of points you mentioned incorrect: 1) Cooling off period is 10 days not 7 days 2) HST rebate- If you expecting any refund on this property then it’s not correct. You only get rebate when you pay additional HST at the time of closing.. Typically builder asks this to Investors when it’s not their primary residence. And in most cases they get it back with the help of Lawyer and Accountants.

[@Potatotalkies]

Thanks 👍👍

[@yuvankaushik7259]

Very well explained steps ... you did a very good job by making this video 👍👍

[@Potatotalkies]

Thank you 😊

[@germaineboatwala-sidhva1079]

You are so thorough in your research folks! Awesome video! 👍

[@Potatotalkies]

Thank you 🤗

[@anantsharma7237]

Hi Was this 5 year fixed rate or variable? Which one would you prefer?

[@bheem3361]

Happy new year guys aap saare bahut achhe ho bahut kuchh seekhni ko milta hai aapki videos se ❤️❤️🎉

[@Potatotalkies]

Thank you 😊 Happy new year 🎉

[@musthaveoriginal]

Another well researched video and in-depth knowledge sharing. Appreciate :)

[@Potatotalkies]

Thank you 😊

[@Lj22]

Hi Simran and Nav why was East facing house very important for you as you mentioned at 15:45. I am curious to know. Thank You ! Love your videos.

[@premprakash811]

Happy new year sir and mam..and really your immigration to Canada volume book are classic ..so much information ,one can easily imagine which steps should I go first and yesterday I also book for a call for more clarification on some details..I hope will meet soon over a coffee from my side..thanks a alot..

[@Potatotalkies]

Thank you Prem 😀👍

[@ashishsachdeva4377]

the future generations of all canada migrants will thank you for this....😁

[@rajatpratapsingh767]

Finally subscribed to this channel after following it for months 😅

[@Potatotalkies]

😀🤗

[@sanjidarifath1385]

Ur my one of Favourite keep it up and plz upload this kind of informative more videos tnx a lot guyes 👍

[@Potatotalkies]

Thank you 🤗🤗🤗

[@varshabhardwaj6005]

Thank you for sharing this video. It was very much informative👍🏻👍🏻👍🏻

[@2512faraz]

Very very informative... Best Canadian Immigration channel. I would love to meet you guys whenever possible... I live in Woodbridge, Vaughan.

[@Potatotalkies]

🤗🤗🤗 Soon, this covid isn't getting over :(

[@sandeepsingh4220]

Wish you a very Happy New Year guys!

[@1962rkm]

Very nice and interesting. Please do a video on risk on Pre construction project purchase. Thanks

[@Potatotalkies]

Soon

[@ankitabihari352]

Loving your videos. Ab tak toh PR application bhi nahi daali hai and i am already seeing your videos on house purchase. You have set a goal for other immigrants, 15 days mein IT walon ki job, couple of months mein non IT walon ki job, car, house etc. I wait every 3 days for your next upload, love your content. And even if you are making money out of this, so what!....tell all your viewers who post -ve comments that how many hours you put in and they will never be able to put in that much time and effort. Subscribed to your channel when there were few thousand subscribers and will continue watching every video and insta post! Happy new year to you guys! Hope to spot you casually one day in Canada and have a fan girl moment

[@Potatotalkies]

Thank you so much 🤗🤗 Bumping into you will be our absolute pleasure 😀 all the best 👍

[@reemabhise5406]

🎉 Happy New year 💐🎊😇🌻 That was a very elaborate video... 👍🏼👍🏼👍🏼 ❤️ Thank you

[@Potatotalkies]

Thanks 😀

[@akshatsharma154]

Info and experience both saving time,efforts and mistakes that one do .🙏🔥

[@Potatotalkies]

😀😀

[@sheetalk7528]

What is the difference between Freehold townhouse & the normal townhouse ( because in normal town house we have to pay strata fee) and is freehold townhouse more expensive than condo townhouse ? Thank you for the information and appreciate your efforts.

[@nevilpatel5715]

thank you very much, guys. very detailed instructions

[@sarojini1986]

Very informative, I always find your content well researched good job 👍

[@Potatotalkies]

Thanks 😊

[@sarojini1986]

@@Potatotalkies hi actually me and my wife both have pr however we could not move and then we were hit by pandemic. Our daughter was born in between in India. Any idea if my daughter will get TRV from India so that we can move with her and then sponsor her PR from Canada.

[@Potatotalkies]

@@sarojini1986 you need to let ircc know of her birth.. and then proceed as per their direction. Its written on your copr letter.

[@prithora8474]

Hey Guys.... very pertinent info...just curious if the deal had an option of assignment clause?....and if so, did you guys opted for it

[@Potatotalkies]

Do watch the next video on risks :)

[@rove3647]

Happy new year !!! and congrats 👏 Thanks for the informative video ...

[@kinjalyadav2977]

Amazing content as always ❤️great job guys🤗🤗

[@kk71511]

Very much informative..👍 Happy new year to both of you..😊

[@Potatotalkies]

Thank you 😊

[@Pharmadost]

By any chance are you planning to setup 1-1 meeting with first time home buyers in future. I would be willing to take your advice

[@SandeepSharmaKS]

Happy New Year guys 🎊🎉 and best of luck for the home 👍

[@Potatotalkies]

Thank you

[@ankitaahuja111]

South and east facing for your family/Living rooms(or where ever you sit a lot). Our house is south facing But the living and family rooms are in the end of house, so we dont get much Sunlight there. But getting sunlight in our rooms.

[@Potatotalkies]

Yeah.. should have mentioned that.. ours is east facing master and living room :)

[@anachawdhry2105]

Love your channel guys!! Extremely cute and informative!

[@GagandeepSingh-yy2nt]

So informative video ❤🎉 God bless you

[@vikramnsit]

That's a very informative video. Keep up the hard work. Your plan to invest in preconstruction looks sound but I just have doubt if you are going to live on rent for next two years?

[@Potatotalkies]

Yes, rent for 2 years :) Its hassle free ;)

[@ankurmodi4588]

You miss one of best builder called ACTIVA . I had a good experience since last year . I bought house in doon south from them. Very well and very good service . You should also check them if possible

[@anildaita]

Activa is sold out and also very expensive as of now!!

[@Potatotalkies]

Yeah... its too expensive! 🙄

[@ankurmodi4588]

@@Potatotalkies May be , I haven’t check current price. I booked pre-construction last year

[@tarunluthra8918]

Lovely navjoot , Happy new year and great information

[@Potatotalkies]

Thank.. you too 😀

[@kashishmehta463]

As always amazingly explained and informative videos. Thanks a lot. I have a request. Could you please make a video on the pros and cons of free hold house vs condominiums. That would help provide us with a better perspective on why one should choose one over the other.

[@Potatotalkies]

Sure.. will try

[@kashishmehta463]

@@Potatotalkies thanks!

[@JJ-kl8dr]

Very informative video, thank you ✌🏽

[@ritika80]

Super informative video.. thanks for effort and helpful content 👍🙂

[@Potatotalkies]

😀👍

[@divyadass4710]

Hey guys, happy new year!! I get really motivated after watching your videos. I really want to thank both of you for sharing your knowledge of the whole process. I have an mtech degree(eca done, ielts left) and 2.5 years of experience till now. Waiting for 3 years of experience to complete and then I will apply. Hopefully, all will be good and I will be able to thank you both personally in Canada in future.

[@Potatotalkies]

All the best 👍👍

[@yashk.970]

Awesome information to both of you😊😊😊😊

[@Potatotalkies]

😀👍

[@CanadianHaryanvi17]

Very informative. Thank you both!

[@mauhhikthakkar3366]

Hey Navjot and Simran kudos to you work and I saw your Instagram story regarding your "earning via KZbin " 😀 Thats actually real earning my friend. And yeah I am waiting for video related to risk involved in taking pre construction home. Thank you and Happy New year friends !!

[@Potatotalkies]

🤗🤗🤗

[@sahilhanda8881]

God bless you both always. I learn so much and gain financial insight and knowledge from your channel. Navjot Sir, you have a lovely and wonderful life partner. God bless you Simran Di always. Keep smiling and progressing.

[@Potatotalkies]

Thanks 😊

[@thegeek4952]

I guess English language is short of adjectives to appreciate the efforts you guys make to bring such informative content 😊😄🤗. Wish you a very happy nee year Nav Sim😇😇

[@Potatotalkies]

🤗🤗

[@premprakash811]

Could you pls convert these thing into pdf ,the way you do it for immigration process..I don't know but Navjot sir have amazing sense of calculations

[@Potatotalkies]

Thank you 😀 Will think about it in partnership with a realtor or someone more experienced in real estate 😀

[@jollycheema]

Very informative , thanks Navjot and Simran 💐

[@abhinavgupta3388]

Hey Nav and Sim.....Awesome video as always....I somehow got confused in the detail of Mortgage insurance thing because as far as I can recall in some previous video of yours didn't you explain how it adds to the cost if you don't pay 20% down??? So finally should it be 20% or even with lesser down payment the overall costing will be similar ? Kindly explain P.S.: I am not good at maths ;)

[@Potatotalkies]

Hey Abhinav, it should be as per rule of 35 in the last video... as long as the monthly payments incl tax etc is less than 35% of your net income, you can go for 5%, 10% or 20%... doesn't really matter a lot... :)

[@sartajbedi]

Is buying a pre construction home in Kitchener better or buying a ready to move in unit at similar or bit higher price in GTA?

[@Potatotalkies]

Depends on where you want to live :) its not the right comparison...

[@shreekanthraja1133]

Pls it’s very very imp, shall we buy open land where we do own construction for home and work.

[@Dhanshri.chavada]

Happy new year to u guys

[@Potatotalkies]

Happy new year 🤗

[@ankitaahuja111]

Very nice and informative video on this subject. Kuddos to you!!

[@anildaita]

The realtor helps without commission when you have a successful KZbin channel. Else almost all are same!! 😂

[@Potatotalkies]

He didn't know that we were youtubers until after the deal was closed :)

[@anildaita]

@@Potatotalkies then, it makes sense that he is one off.. 😀

[@TheRaimaxr]

Anil Correct how can we expect realtor will not seek his/her personal interest it’s their bread&butter, in my opinion we can ask them to help us explore more rather influence our decision.

[@ankitaahuja111]

@@TheRaimaxr I think they get around 2% from the builders.

[@Potatotalkies]

@@ankitaahuja111 yes, they get 2% from the builder... might even give some cashback ;)

[@aliqureshi9886]

Hello I hope you doing great...very informative and great video.. thanks for uploading this type of videos... Love from Karachi Pakistan keep it up guys

[@Potatotalkies]

🙂👍

[@yogeshhurdyal7470]

Happy new year guys

[@Potatotalkies]

Thank you

[@shiffujindal5208]

Very informative thanks please tell us can we purchase house when we r on work permit as a bookkeeper. Thanks in advance

[@Potatotalkies]

I think you will have to pay an additional tax, but do check with a mortgage broker or your CA

[@NileshShukla]

Happy New Year!

[@Potatotalkies]

Thanks

[@anunischal2948]

Nice video, but having a confusion rate of interest is 1.78% per month or annually?

[@suyashvijay5542]

annually

[@Potatotalkies]

Annualy . 😀

[@anunischal2948]

Thanku ,😘lots of love

[@alexparx1501]

Why are you not a fan of 30yrs amortization? Any specific reason pls share your thaughts. Also do you have any idea of legal heir of your purchased property? Does it work the same way like India ?

[@1hayaet]

Less interest to be paid for 5 years.

[@Potatotalkies]

You pay a lot more interest in the beginning years with a 30 year mortgage... the amortization is kind of exponential Good point on legal heir... I didn't think of that... didn't sign anything.. except simran and I both co-own the property.

[@canadianjatti]

a joint property automatically goes to the other person. If the property is not joint but purchased as tenants in common (each person owns a share of it ) then that portion forms part of their estate

[@Potatotalkies]

@@canadianjatti what happens if both go away is the question I think 🤔 I have asked my lawyer about it.. lets see

[@alexparx1501]

@@Potatotalkies yeah, will await for the reply.

[@Lottorebel]

It's about time you guys & Travel Desi should meet up. Ya'll will do wonders together

[@deepudiaries6328]

We are confused whether to buy a pre-construction or new build?

[@madhavarora1]

One this is for sure, i am gonna need all the help from you guys once i decide to move to Canada. 😂😂 These detailed videos are really helpful.

[@Potatotalkies]

😀👍

[@alwaysspecial5285]

First decide, then get visa then arrive then get a job, save for down payment. Then you need them. Lol

[@srishtiksikdar]

Navjot and Simran, Hello from the US!! You guys are making really helpful videos for first time home buyers like me. Really appreciate your kind efforts 🙌😊 I had one question, how much do the banks penalize if I repay the loan in less than 25 years? What if I decide to sell the house before repaying the loan (say if I have to leave the country in few months)? I think these questions should also be added to your list when talking to your bank during mortgage pre-approval. Oh btw, Happy New Year guys!! 🌟💥

[@Potatotalkies]

Thanks 😀 Good points, missed them!!

[@achlesh420]

Nice video, but you must mention the cashback you can get from realtor and mortgage agent as this is a significant amount as most people don't know about it

[@Potatotalkies]

Agreed.. thats more of a GTA thing though.. in Kitchener, its mostly about maybe giving an appliance as a gift.

[@achlesh420]

@@Potatotalkies thanks for commenting, I have been here for 3 years it varies from realtor to realtor and cashback normally ranges from 0.5 -1.25 percent of gross value you pay for your home and in my opinion it applies on Kitchener also as my friends bought there with cashback

[@Potatotalkies]

@@achlesh420 sure, then we might have been unlucky with 3 realtors 😀👍 I dont really agree with the philosophy of cashback but that's a whole other topic 😉

[@prats7189]

Hi guys, this video was very much helpful. Thank you so much for sharing the detailed information. I wanted to ask a question irrelevant of this topic though. What would you suggest about having a life insurance if you don't mind sharing it? Thanks in Advance 😊

[@Potatotalkies]

Hey , you should have one in my view... I am currently covered by my employers group life insurance... but better to get one on your own as well

[@manunagpal841]

You didn't mention if the advocate fee was included? If not, how much did you pay for the lawyer review?

[@Potatotalkies]

It was there in the footnotes, its about 800-1000$ that includes the review now as well as on closing.

[@arav6073]

Wou story wala comment ekdam worth it hoga aap ke liye Happy new year🎉🎊🎇

[@Potatotalkies]

Happy new year 🤗🤗

[@arav6073]

@@Potatotalkies Love you guy aap ke jese KZbinr ek hi he, jo mere har ek comment pe reply karte che Vese i am 14 yrs old and my father is trying to come Canada with me, him, my mom, and my twin sis

[@jassis2949]

Very detailed video thanks

[@tanmaytheone994]

Great Info..... Thanks guys......TC

[@jasmeenashah1833]

Very informative guys

[@Potatotalkies]

Thanks 😀👍

[@user-ld7dt4yz8t]

Hi Nav & Sim, thanks for the amazing videos that help and guide newcomers 👌👌 I've a question about Townhouse Condo, you mentioned we don't own the land in this case but I've heard that we own the land on which house is built, just don't own the front & backyard land and we pay fees for using that. I'm confused now, can you please clarify if Town condo is same as condo apartment, like no land at all? 🤔

[@Potatotalkies]

You are right.. but you just can't make any changes to the house without permission..

[@tariqpervez3401]

Would you share some content on assignment sale ?

[@ggll3232]

u guys are lovely 💞happy new year

[@Potatotalkies]

Thank you 😊

[@chaitanyasdhumal]

Good information! Thank you.

[@Potatotalkies]

😀👍

[@nehanath8770]

I understand you guys are really working hard and in your last video , you told that you are working 15-16 hours for saving up. Just a friendly advise, pls take out sometime for yourself to work out as well. Health is wealth.

[@Potatotalkies]

Absolutely 🤗👍

[@vipular22]

Nice business plan paaji. 😁😁 Impressive