How Much Do You Need For a Down Payment?

It depends. Different financial institutions have their own set of criteria for their mortgages. In most cases you will be expected to pay at least 10% to 20%. The more money you can put down for a payment, however, the less interest you will have to pay! Want To Know More? Visit CMHC

Do You Need A Realtor?

YES!
If you want to save time, get the best price and avoid any type of hassle, you should really look into hiring a Real Estate Agent. An experienced agent will be able to assist you by narrowing down your available choices and negotiating for the best possible deal.  A Realtor will also have access to a network of other Realtors and Property Owners!

Different Ways to Buy Condos

Option 1: Buy from Plans

• Use a Realtor to guide you through the process.
• You’re buying from the Builder, not from an individual
• First-time home buyers NOT in effect
• Downpayments up to 25%
• Occupancy fees in effect
• Closing costs in effect
• Longest wait, yet most appreciation (in an uprising market)
• Option to Assign/Flip you contract

Option 2: Buy a Contract Assignment / Under Construction

• Use a Realtor to guide you through the process.
• You’re buying from an individual, not from the Builder
• First-time home buyers NOT in effect
• Downpayments are previous buyer’s + markup (highest)
• Occupancy fees in effect - check for limitations
• Closing costs in effect - check built-in caps
• Move in Now or very soon

Option 3: Buy from Individual / Re-sale / Exisiting Building

• Use a Realtor to guide you through the process.
• You’re buying from an individual, not from the Builder
• First-time home buyers in effect
• Lowest downpayments - in accordance with your lender
• No Occupancy fees
• No original Closing costs (was paid by former owner)
• Move-in now

BUYER'S MARKET

Buyer’s Market: The 1st half of 2010 real estate market started with a considerable momentum favoring sellers. Low borrowing costs contributed to market consistency. Yet, the 2nd half changed in favor of buyers generally known as buyer’s market, where usually supply of houses exceeds demand. According to Gino Romanese, the Senior VP of Royal LePage Real Estate Services Ltd “There is a lot of optimism in Toronto’s real estate market” and generally speaking the 2010 overall market situation favors an increase by about 5%.

買家市場: 在2010的上半年,一部分可觀的賣家出現在地產市場. 低利率的貸款代價也促進了地產行業的持續發展. 因此,在2010年的下半年, 地產市場逐漸的偏向於買家市場:當地產市場上房屋的供給大於了市場的需求. 皇家房地產服務中心的高級副總裁基諾羅曼尼斯說”多倫多的房地產市場有很多的樂觀主義者” 一般來說,2010年整體的市場發展將會導致房屋增值大約5%.