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 😀👍

[@resiliencelawacademy]

Awesome video ..very helpful 👌

[@Potatotalkies]

😀👍

[@piyushchaturvedi632]

❤️

[@manpreet2375]

Hi 🙋‍♂️ Can you make video on spouse not accompany in pr process. Is it right or wrong to apply alone for pr process?

[@Potatotalkies]

Sure, you can do that.. just say married and spouse not accompanying

[@anjalipanwar6820]

Best of luck for your future 😁😁

[@Potatotalkies]

Thank you 🤗

[@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

[@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 ;)

[@shariqbondre9196]

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

[@canadaExpresso]

Well ... Conceptualized. Highly informative

[@piyushchaturvedi632]

You guys are information king and queen 👑❤️

[@Videos12351]

Hi, My surname in passport is "ANIKHA RAVI" .But, in my IELTS result there is no space in b/w ,so, "ANIKHARAVI".I haven't received TRF yet.will it cause any future problems during document verification.please give your advice

[@Potatotalkies]

Should be fine. Just make a same name affidavit at the time of PR.

[@jannellebritto938]

Don’t you think new construction homes are more expensive. I found them already 100k more expensive the a resale home.

[@Potatotalkies]

Thats because you are comparing list price :) Resale homes are sold 100-150K above list price as of now! Thats overpaying in my view... but you are right, the difference isn't a lot.

[@gagandeepsangha8468]

Some times layout s nt good after construction

[@JmanSKokh]

The pre-construction homes are based on the future value of the homes as well. Let's say you have a home worth $900K right now, it may go up in value upto $1M-$1.1M, which will be the value of a pre-construction home as well by the time it is constructed. Pre-construction homes are also exempt from the minimum 20% down payment, which is very beneficial for repeat buyer or investors. For first time home buyers, the advantage comes with staggered down payments, where the down payment is paid over the time in installments stretched over a certain period; this helps first time home buyers with making their down payment.

[@Dhanshri.chavada]

Happy new year to u guys

[@Potatotalkies]

Happy new year 🤗

[@tarunnavlani]

Also this rule of 35 is outdated. Lenders anyway does stress test and make sure you are able to pay mortgage at your contracted rate +2 % or 4.95% which ever is higher . TDS/gds calculation any way Limits your budget.

[@Potatotalkies]

Well, one bank was ready to give me a 900K mortgage which is crazy.. I would rather go with my own metric (something I control) than what the bank determines :)

[@kalpanakamath8095]

Hey guys the realtor has not yet reverted had submitted the form on the day this video was uploaded

[@Potatotalkies]

Ohhooo! :/ will talk to him... But reach out to Heather [phone] and take my name. She is amazing and knows everything there is to know about K-W market.

[@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 🤗🤗🤗🤗

[@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.

[@danialhassan1691]

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

[@Potatotalkies]

Thanks 😊

[@Simarjeet]

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

[@Shubham-jz7ec]

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

[@Potatotalkies]

Thank you

[@monikarani523]

Shree Radhe Shree Haridass Hit Hariwansh Vrindavan brsana radhe Krishna RadheShyam RadhaRaman RadhaVallabh Haridass

[@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 :)

[@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 😀

[@pranavkumar1818]

Hoping for PR this year. Got AOR in December

[@Potatotalkies]

Bilkul 😀😀

[@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.

[@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

[@jjukjkjiok7782]

I find it hard to believe that taking mortgage insurance is cheaper - oh wait, you assumed 5% return on the down payment when interest rates were under 2%

[@varshabhardwaj6005]

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

[@musthaveoriginal]

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

[@Potatotalkies]

Thank you 😊

[@shreekanthraja1133]

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

[@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.

[@ashishsachdeva4377]

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

[@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.

[@Guri_3438]

Hi guys luv watching ur videos… can i have ur morgage broke no. Thnx

[@anantsharma7237]

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

[@attaullahmian5625]

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

[@deepudiaries6328]

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

[@jagjit967]

I want to be confident like you Navjot bhai. I wish you could help me.

[@Potatotalkies]

Sab aa jayega sir confidence 😀 Rab te, and apne app te bharosa rakho bas 👍

[@kinjalyadav2977]

Amazing content as always ❤️great job guys🤗🤗

[@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]

👍💯

[@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 :(

[@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 👍

[@GagandeepSingh-yy2nt]

So informative video ❤🎉 God bless you

[@JJ-kl8dr]

Very informative video, thank you ✌🏽

[@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]

🙂👍

[@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 👍👍

[@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 🤗👍

[@lakshmansingh8284]

Hello dosto Maine apna KZbin channel banya hai yakki yavi family vlogs ke naam se video jarur dekhe or like comment share kare ... or subscribe krna na bhule thank you 🙏🏻

[@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.

[@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 🎉

[@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... :)

[@tariqpervez3401]

Would you share some content on assignment sale ?

[@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 ;)

[@arjunkumardhungel2352]

I believe mortgages term is complicated. Please,explained it in simplified version

[@Potatotalkies]

Yeah it is... super complicated.. :)

[@gagandeepsangha8468]

Yea oeople have to pay money to broker 1000$ for 100.000 get morgage for pre co structed homes

[@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 🤗🤗

[@adilkhokar7474]

Apko pta chal nhi rha lakn videos bhot boring ho rhi hai think on it day to day life ki video banao

[@Potatotalkies]

Vlog bhi banayenge soon :)

[@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 🤗🤗

[@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]

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 😀👍

[@swatibharadwaj2433]

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

[@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 😀

[@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 👍👍

[@reemabhise5406]

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

[@Potatotalkies]

Thanks 😀

[@anandujjwal2219]

Is it mandatory for a secondary applicant to add work history to Express Entry profile given it won't fetch any points ? If its troublesome to get experience letter can we bypass it and put the work history in personal details section post ITA ?

[@Potatotalkies]

You can skip and add in personal history

[@DekhoAmericaKaisaAmerica]

*Wow ...informative* 💙❤💜

[@Potatotalkies]

👍👍

[@tanmaytheone994]

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

[@vivek_khadse]

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

[@Potatotalkies]

Thaks 😀😀

[@aa-py7le]

Preconstruction you always pay more these days, builders charge you future appreciation that is built in the price.

[@Potatotalkies]

Agreed... but at least you pay for future value and not a bidding war - which is the case with resale as of now :)

[@parkheesinghal580]

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

[@Potatotalkies]

Thanks 😊

[@1962rkm]

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

[@Potatotalkies]

Soon

[@yuvankaushik7259]

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

[@Potatotalkies]

Thank you 😊

[@Lj22]

Pls share Ankit’s info.

[@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 🤗🤗🤗

[@jassis2949]

Very detailed video thanks

[@ritika80]

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

[@Potatotalkies]

😀👍

[@akshatsharma154]

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

[@Potatotalkies]

😀😀

[@SandeepSharmaKS]

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

[@Potatotalkies]

Thank you

[@perthvibes9957]

SIRRA DA BHUKHA NANAG SIRA DA KANJOOS

[@goharkhokhar]

What i understand is that i you go for pre-construction then you only need to pay the downpayment and the monthly mortgage will be paid once you have the possesion ? Is it so ??

[@Potatotalkies]

Yes 👍

[@kk71511]

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

[@Potatotalkies]

Thank you 😊

[@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.

[@rahulag85]

Hi ...can you also share how you found out the lawyer...if you can suggest anyone it would be of great help

[@Potatotalkies]

Do watch our video on interview with the lawyers... we have a website there... Also, your realtor will have a lawyer that he / she works with... best to go with them..

[@manpreetsidhu2003]

Using mortgage broker is not good idea. They make you fool. Its better directly go to bank. Go to broker if you are not able to secure mortgage by your own

[@Potatotalkies]

Depends on the broker.

[@mathewjoseph651]

Quality content 👍👍

[@pankajverma7204]

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

[@Potatotalkies]

Thank you 😀

[@ZeeMan2.0]

Nice great subhan Allah sat sree akaaall Happy new year Pray for my PPR

[@Potatotalkies]

Happy new year 🥳

[@anishtrip]

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

[@Potatotalkies]

😀

[@tarunluthra8918]

Lovely navjoot , Happy new year and great information

[@Potatotalkies]

Thank.. you too 😀

[@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

[@NileshShukla]

Happy New Year!

[@Potatotalkies]

Thanks

[@yashk.970]

Awesome information to both of you😊😊😊😊

[@Potatotalkies]

😀👍

[@shubhamsaha9387]

Thnks a lot for this valuable informations....can you tell us about the jobs opportunity of a civil engineer in canada?... please reply me...egarly wait your valuable reply...!!!

[@akshitchopra7981]

Good stuff guys

[@monikarani523]

Happy new year Canadian family ,all subscribe

[@Potatotalkies]

Thank you 🤗🤗 Same to you

[@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!!

[@anjalisachdeva9000]

Pls work on your CAN GUIDE app.. it shows wrong CRS score many times.... Kindly check.... Its misguiding .....

[@Potatotalkies]

Hi Anjali, could you please share some details about the wrong score. So I can understand the issue. It would be great if you can email us [e-mail]

[@anjalisachdeva9000]

Sure, will do so...

[@anjalisachdeva9000]

Happy new year.

[@Potatotalkies]

Happy new year:)

[@kabir01]

Hey guys, where is the google form to contact Ankit?

[@Potatotalkies]

I will suggest to go with another realtor as he wasn’t responding to people and had to remove the form. Look for @househunterH on Instagram.. she is awesome

[@preetdmn]

Its fun watching your videos. You guys are well organised in sharing info in an entertaining way. Keep it up😊 I will encourage you to make few videos in Punjabi as well, It will reach to more immigrants and therefore you will get more subs. Good luck👍🏻👍🏻

[@ashisht9784]

At 6:30 you speak about jobs and mixing 2 things contract and full time. My question is - Do banks need full time jobs or they need permanent jobs?

[@canadianjatti]

A 2 year history is best. Stable income. Sometimes contract is ok

[@Potatotalkies]

If less than 2 years, then a full time job.