The True Cost of Buying a House in New Brunswick

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[@QuestCanada]

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[@danielxhavara9199]

Thank you, you are very sweet and helpful. Respect Daniel

[@Sargethe1st]

Good on you to point out the difference in property tax whether it’s primary residence or considered a rental. Nearly double the tax amount for a rental is a shock when you don’t know...

[@vintageshow5851]

Thanks for the useful information

[@anapatrocinio9090]

❤great info thank you❤❤

[@patscruton5824]

Moving to Fredericton March 2 2022. Thank you so much for the information.

[@rps1689]

Hope you don't need a doctor or need to go to a walk-in-clinic.

[@BG-ig6fd]

Very helpful, thank you.

[@md.mizanurrahman5885]

How much face value for a detouch house? However the inside area of house is 1900 and 2100 SFT.

[@BenymaLey8964]

😢2.18per $100 ........Too expensive

[@josephthibeault9919]

Liked and shared, thank you.

[@QuestCanada]

Thank you 😊

[@luvenalizzytan9910]

can i buy house there with no credit card?

[@QuestCanada]

Credit card is your way to establish credit score.without credit score you will struggle to be approved with mortgage

[@mathima37]

What is the book you mentioned at last? Link please..

[@QuestCanada]

If my memory serves me well, its called Bin Laden's of Saudi

[@insearchofdestination7255]

Hi, thanks for all the useful info. I’d like to know more about investment properties and opportunities. Seems like it’s not easy to buy a condo and rent it for a profit anymore!

[@QuestCanada]

even with prices in NB ,it still is the province where profit on rent is much acceptable compared to other Canadian provinces believe it or not.Investors have zeroed in on NB as a more profitable province than others in Canada.

[@rps1689]

Most places in NB is not that profitable in regards to investing in rental properties unless you are a slum lord with a crappy house with 3 units in it, as the property tax is double on non primary residences. The best return you can get investing in a rental property in the Maritimes in Charlottetown if you have to mortgage it. Example: In BC, you can still get a condo in greater Vancouver for 350K and rent it out for 2000K or more and your property tax will only be, as a non primary residence. about $1100.00 a year. Expenses in total with strata fee would be about 400 a month. Compare that to condo in Fredericton worth 200K with a property tax of 5000! and with a strata fee expense of about 800 per month and you can only rent it out for about 1600 to 1800. Also in BC you rental income will be taxed half the percentage of what it is in NB under your provincial income tax owing. Be careful what you wish for, if NB ever got rid of the double tax on non primary residences, housing will become very more unaffordable and houses that are primary residences will see taxes go up. We are already seeing folk in NB that have to give up their homes because the property taxes have increased substantially because of house in their neighbourhoods selling 30 to 40 percent more than asking price in the last two years. The days of the lower middle class and some middle class purchasing a decent house is coming to an end in NB.

[@rps1689]

@@QuestCanada Sorry for the error - should be 2K instead of 2000K, I meant $2000.

[@arashgooranorimi7574]

Hi, thank you for the video. I have a question when we want to pay 5% as the down payment. Should we pay the CMHC insurance before receiving the mortgage, or it will be added on the monthly payment of the mortgage ?

[@QuestCanada]

you can either pay upfront or add to your mortagge www.cmhc-schl.gc.ca/en/consumers/home-buying/mortgage-loan-insurance-for-consumers/what-is-mortgage-loan-insurance

[@arashgooranorimi7574]

@@QuestCanada Thank you

[@QuestCanada]

@@arashgooranorimi7574 Your welcome ☺️

[@mousatm2562]

Hello ma'am, me and my wife have a 3 year old baby moving soon to NB. Are we allowed to stay in a 1 bedroom apartment with our 3 year old or we need a 2 bedroom apartment. Thank you in advance.

[@QuestCanada]

you can stay in an apartment u can afford and can manage.

[@mousatm2562]

@@QuestCanada thank you, I thought there was a rule against sharing an apartment.

[@rps1689]

@@mousatm2562 It depends on the lease agreement.

[@mathima37]

Wow.. wow...

[@maddmax4148]

Can you please make a video on Mini homes in New Brunswick Moncton New Brunswick and what do you need to purchase one.

[@rps1689]

Mini homes are getting expensive and are on hold for building, as supplies are expensive and hard to get.

[@QuestCanada]

Hi Madd Max Inoosted a video wherein i interviewed a realtor -The ins and outs of buying a house in Moncto. One of the topics we quickly discussed was mini homes.Apparently for mini’s average budget of 100-150kcad,lot lease of average 300$ a month plus insurance plus tax.

[@rps1689]

@@QuestCanada The thing is you can't buy one less than 180K now that is new.

[@Sargethe1st]

An important point to consider for mini-homes... their value never increases over time. Cost to purchase goes up but value does not appreciate over time, not like a regular house. Mini homes tend to be on rental lots compared to houses that are built on a lot.

[@earthangel1299]

Hey I just came across your channel, how much money will it cost to buy 3 bedroom apartment in New Brunswick?

[@QuestCanada]

That will depend where in NB how old the house is and how big.I suggest you visit royallepage.com and check

[@luisabueno6316]

Great content! I'm wondering if there is an annual tax to pay for as long as the owner has the title of the property. I think in other provinces that fee is similar to one month's rent (if the property were rented). Does it work the same way in NB?

[@luisabueno6316]

Is it supposed to be the property tax? I ask about this because of the content of some other YT channels where they presented the situation as the monthly fee for the entire year! I'm sorry to bother you if my question looks kind of silly : )

[@QuestCanada]

if u are the primary reaident of ur property ur tax is based on the property assesment.

[@rps1689]

In NB, property tax is very high and more than a typical one month's rent when your property is not your prime residence.

[@rps1689]

@@luisabueno6316 You pay property tax annually.

[@neerajanarayanan8439]

Can I buy a home in Moncton, if I am in student visa and my husband is under work visa

[@QuestCanada]

if u get approved with mortgage i think u can. Or if u pay cash.

[@playthemindgame]

Does that mean if your downpayment is 20% or more there's no need to pay or get CMHC insurance?

[@QuestCanada]

yes

[@playthemindgame]

Thank you

[@Sargethe1st]

Correct. However, your lending institution may still require similar insurance if you’re credit score is not the best.

[@billythetraveler6752]

what happen if you live there for a few months then decided to rent it out, how does the tax computed?

[@QuestCanada]

I dont know the answer to this.But i will publish a video wherein i will interview a real estate agent.You can list possible questions you may have here.

[@billythetraveler6752]

@@QuestCanada that's great coz i have a few. first time home buyer and no credit score here 1. i think you dont have to pay transfer tax for first time buyer and it will be your primary residence, what happen if you decided to rent it out either half or the entire place few months down the road? 2. can i get a mortgage? im flexible with the down payment either 20%, 30% or 50% or more 3. the property tax, how do they compute it if you decided to rent it out a few months after or can you pay for the whole year then rent it out after? thats all i can think of right now, thank you in advance and cant wait to see your next video with the real estate agent

[@rps1689]

It's about double the property tax.

[@Sargethe1st]

Your income tax return states your primary residence; so if you own more than 1 property, you will have to pay more on your non-primary residence. Don’t worry, the government will send you the bill in due time... you can count on it!

[@georgiejackpot9540]

It’s “categories” not “catagories”.