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Realistically, How much money is enough to for early days?

steaky

steaky

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MajorGrom said:
Vendors do not need to wait. My former gf's father just bought a 1.5 million condo in Toronto (in December 2022). He also bought a 700K condo for his daughter who is a student at UT. Of course, that's just a little bit of extreme case but not once I have heard that a condo went for a lesser price than what was asked. I say it as someone who talked to several realtors and went to crossfit gym with one and we are still good friends.

There are def. less home buyers. The issue is that someone who just moved to Canada, doesn't have Canadian experience is not in the list of potential buyers. Why? Because it will be tough for him to get a high paying job in this market.
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Yes, vendor do wait. A friend of mine just bought a 700K condo in Missisauga (also in December 2022) also for her daughter who is a student at UTM. They first saw the listing in August but wasn't interest in buying it at that time. Noticed that the price was reduced in MLS in November, he phoned his realtor to contact the listing agent, told his daughter to view a second time and close the deal with an even lower price.

It's not the issue being a newcomer. It's more depends on his agent and the experience in dealing with Canadian (GTA) Real estate transactions.
 
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steaky said:
Yes, vendor do wait. A friend of mine just bought a 700K condo in Missisauga (also in December 2022) also for her daughter who is a student at UTM. They first saw the listing in August but wasn't interest in buying it at that time. Noticed that the price was reduced in MLS in November, he phoned his realtor to contact the listing agent, told his daughter to view a second time and close the deal with an even lower price.

It's not the issue being a newcomer. It's more depends on his agent and the experience in dealing with Canadian (GTA) Real estate transactions.
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I forgot to mention one important thing in my previous post. My former gf is Russian and her father is one of the Russian businessmen. So, all of those new laws that prevent foreigners from buying property in Canada are BS.

Sounds good. I don't know many newcomers that can afford 700K condo in Mississauga but if the OP is one of those people that's great.
 
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furrukhrao

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Jun 13, 2015
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MajorGrom said:
lol. That won't happen in GTA. The first down payment should be roughly 30% of the price. Right now, a condo (1 bdr.) will cost 600K, if not more. The downpayment should be 180k. That's if we forget about blind bidding which means that 600K is not a price; it's a starting point. 6 months is not enough to build credit history enough to be approved for a mortgage. 6 months is not enough to get a decent paying job. Canada is in recession. 100K for someone who doesn't have Canadian experience is borderline impossible right now.

You are feeding him false hopes.
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Where in Canada 20% Mortgage is not enough ? Any documental evidence.
 
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furrukhrao

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canuck78 said:
Technically having grandparents visit to care for children is considered illegal work do you can’t say that is what they are doing and not all get approved and if not on a supervisa there may be long periods where grandparents need to return home. CCB is rarely net zero especially if you have to count childcare. Most people also don’t get the full amount of CCB. People look at the maximum CCB amount but people need to consider that the most get less. Certainly any money is welcome and helps. Goes the furthest for those on a very low income where one parent was always going to be at home.
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How a grandmother taking care of his/her grandchildren is not legal in our justice system :)
 
steaky

steaky

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steaky

steaky

VIP Member
Nov 11, 2008
14,770
1,749
Job Offer........
Pre-Assessed..
MajorGrom said:
I forgot to mention one important thing in my previous post. My former gf is Russian and her father is one of the Russian businessmen. So, all of those new laws that prevent foreigners from buying property in Canada are BS.

Sounds good. I don't know many newcomers that can afford 700K condo in Mississauga but if the OP is one of those people that's great.
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But foreigners can still buy recreational properties.
 
H

Hummingbird89

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Mar 18, 2023
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canuck78 said:
Technically having grandparents visit to care for children is considered illegal work do you can’t say that is what they are doing and not all get approved and if not on a supervisa there may be long periods where grandparents need to return home. CCB is rarely net zero especially if you have to count childcare. Most people also don’t get the full amount of CCB. People look at the maximum CCB amount but people need to consider that the most get less. Certainly any money is welcome and helps. Goes the furthest for those on a very low income where one parent was always going to be at home.
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https://www.canada.ca/en/immigration-refugees-citizenship/corporate/publications-manuals/report-on-super-visa-income-requirement-appeal-process-special-circumstances-temp-resident-visas.html#toc-0

Grandparents assisting with childcare is encouraged.
 
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