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Mar 20, 2024 · Apartment/condo: $682,600: $137,000: $3,254 ... To identify the income you need to buy an average home, we did a reverse calculation and applied the 39% GDS ratio guideline to January 2024 ...
With downtown Toronto one-bedroom condos typically starting in the $500,000 range, here’s a breakdown of exactly how much you’ll need to make one of those condos yours. Unsurprisingly, the biggest portion of what you’ll be spending will be your down payment, and in Canada, there are a few options for what you can put down.
- Laura Hanrahan
Jul 21, 2021 · Individuals who are buying a Toronto condo that costs over $500,000 will need to pay 10% of their purchase price as their down payment. Similarly, people who are buying a condo as an investment or secondary residence will be required to pay a 20% down payment.
- Prepare the important paperwork. Your lender will need a few things from you to pre-approve you for a mortgage: Your credit check (the lender will run this report for you)
- Get your downpayment together. You’ll need at least 5% of the purchase price as a downpayment to buy a condo under $1 million, and a 20% downpayment for condos priced over $1 million.
- Make sure your deposit is accessible. You’ll need to provide a deposit (usually 5% of the purchase price in Toronto) within 24 hours of your offer being accepted (and possibly earlier if you’re in a bidding war).
- Find out about Government programs and rebates – everybody loves free money! There are several programs to help first-time homebuyers buy a condo
Save as much as you can for your down payment. The bigger the down payment, the smaller the mortgage, which may save you thousands of dollars in interest charges. Example: How the size of a down payment affects the cost of a mortgage. Suppose you buy a home that costs $400,000. Assume the following: interest rate is 4%; amortization period is ...
Jul 21, 2022 · Generally, you will need to make a down payment of at least 20% of the condo’s purchase price. That means you’d want to make a total income of around $140,000 – $180,000 for a purchase of $800,000. The condo down payment. When you buy a condo, you need to pay some money upfront. This is called a down payment. The size of your down payment ...
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May 3, 2023 · Beyond the down payment and condo closing costs you need to buy a condo in Toronto, it’s important to outline the “hidden” expenses that come with buying a condo. Keep these extra costs in mind when it comes to your budget. Movers (~ $1000) Locksmith ($50-$100) Utility Set Up Fees (costs will vary)
