Buying house on Workpermit with 5% downpayment?

[danilorniepes]

Hi, All I been doing research lately for first time home buyers in BC and I wanted to ask our members about several things. which hope can provide further guidance.

1. Strata Maintenance Fees - Monthly fees, as per my understanding like here in UAE (We call it service charges) to pay the common expenses of the development. e.g. landscaping, concierge, security, hallway, elevator maintenance, etc.)
2. Strata Property Insurance- for ensuring the building/townhouse/condo/duplex, etc?
   • Is this cost included in the Strata Maintenance Fee or totally separate?
   • Monthly?
3. Land Transfer Tax - As per my understanding (based on my research on realtor.ca) if a first time home buyer/buying a newly built home this will be waived/rebate if house price is under 750,000 CAD.
4. Let say for a usual 3 bedroom townhouse what the average cost of electricity, water, cable/internet, phone
5. Lastly, is there anything else that a first time home buyer needed to be aware of that can add to the monthly expenses/obligation of a new homeowner.

The reason I asked this ff questions, as most first time home buyers are somehow not well aware of all these extra expenses that can easily build up the monthly obligations of owning a home (aside from saving some cash for a future maintenance work needed for the house)

Thank you so much in advance.

 

[canuck78]

1. strata fees, service fees, condo fees, etc. are all the same and pay for the current fees and are supposed to be saving for large capital expenses like normal repairs. The issue is that many are underfunded so when it comes to major expenses like replacing windows, redoing a roof, dealing with parking garage issues, etc. there is always a risk of special assessment.
2. yes the insurance for the condo should be paid by the condo fees. You will still need to purchase your own Property insurance.

5. You should look to see the condition and age of the roof, furnace, water heater and AC unit when you purchase a property. Those are somewhat predictable large expense although they can also break and need repairs. The joy of home ownership is that things go wrong and you can’t usually plan for many these things.

 

[steaky]

4). Have you forgotten about property taxes? Water is included in the Utility which is a separate payment in addition to the property taxes you (as property owner) pay to the municipal government. However if you are renting, both property taxes and utility will be included in the rent.

For utilities, I paid $340 to the city.

 

[steaky]

Think almost all economist are calling for a pretty harsh recession. Always nicer if you don't buy when there is a ton of uncertainty in the market and the programs that have been propping up people haven't stopped. Never fun to buy and watch your house lose a 1/4 of your value a year after purchasing it like in the 80s.

But the house was not worthless in the 90s. How do you explain that?

 

[danilorniepes]

4). Have you forgotten about property taxes? Water is included in the Utility which is a separate payment in addition to the property taxes you (as property owner) pay to the municipal government. However if you are renting, both property taxes and utility will be included in the rent.

For utilities, I paid $340 to the city.

Oh yes, I forgot to mention that, so based on my research property taxes of properties of 800K more or less between 3,000 to 4,000 CAd a year? I used this to calculate https://wowa.ca/taxes/burnaby-property-tax

 

[canuck78]

Oh yes, I forgot to mention that, so based on my research property taxes of properties of 800K more or less between 3,000 to 4,000 CAd a year? I used this to calculate https://wowa.ca/taxes/burnaby-property-tax

Property taxes vary between municipalities.

 

[canuck78]

But the house was not worthless in the 90s. How do you explain that?

It took over a decade to reach the purchase price again. Housing prices do not always go up.

 

[steaky]

It took over a decade to reach the purchase price again. Housing prices do not always go up.

Based on your theory of. the 80s, in 4 years the property will become worthless (but the property did not go worthless in the 90s). Housing prices do not always goes down. There are ups and downs.

 

[canuck78]

Based on your theory of. the 80s, in 4 years the property will become worthless (but the property did not go worthless in the 90s). Housing prices do not always goes down. There are ups and downs.

Exactly. I pointed out that we are likely in for a harsh recession so this may not be a good time to purchase a house.

 

[steaky]

Exactly. I pointed out that we are likely in for a harsh recession so this may not be a good time to purchase a house.

No, the property did not go worthless in the 90s. For example If I bought the house in 1989, it was not worthless in 1990-91. So now might be a good time to buy a house for some people.

 

[danilorniepes]

Hi Guys, I know this is not exactly posted about schools but since we are discussing about houses, I would also like to ask about Public Elementary and Secondary Schools in Greater Vancouver.

I am using this website https://www.compareschoolrankings.org/ to see the schools rankings for all the schools, are the schools 4-6, 6-7.5 and 7.6 to 10 rating have big difference in terms of teaching?


Is this website a good site to use benchmarking the schools in the area? The reason I ask I have 3 kids going to school G9, G5 and G1.

 

[steaky]

Is this website a good site to use benchmarking the schools in the area? The reason I ask I have 3 kids going to school G9, G5 and G1.

Every people wet met are using or emphasing the site for benchmarking the schools in the area.

 

[laxsun]

Hi Guys, I know this is not exactly posted about schools but since we are discussing about houses, I would also like to ask about Public Elementary and Secondary Schools in Greater Vancouver.

I am using this website https://www.compareschoolrankings.org/ to see the schools rankings for all the schools, are the schools 4-6, 6-7.5 and 7.6 to 10 rating have big difference in terms of teaching?


Is this website a good site to use benchmarking the schools in the area? The reason I ask I have 3 kids going to school G9, G5 and G1.

That Fraser Institute's ranking is good indicator. Try to find better Secondary School for your children. Most of elementary schools are good.

 

[laxsun]

Hi, All I been doing research lately for first time home buyers in BC and I wanted to ask our members about several things. which hope can provide further guidance.

1. Strata Maintenance Fees - Monthly fees, as per my understanding like here in UAE (We call it service charges) to pay the common expenses of the development. e.g. landscaping, concierge, security, hallway, elevator maintenance, etc.)
2. Strata Property Insurance- for ensuring the building/townhouse/condo/duplex, etc?
   • Is this cost included in the Strata Maintenance Fee or totally separate?
   • Monthly?
3. Land Transfer Tax - As per my understanding (based on my research on realtor.ca) if a first time home buyer/buying a newly built home this will be waived/rebate if house price is under 750,000 CAD.
4. Let say for a usual 3 bedroom townhouse what the average cost of electricity, water, cable/internet, phone
5. Lastly, is there anything else that a first time home buyer needed to be aware of that can add to the monthly expenses/obligation of a new homeowner.

The reason I asked this ff questions, as most first time home buyers are somehow not well aware of all these extra expenses that can easily build up the monthly obligations of owning a home (aside from saving some cash for a future maintenance work needed for the house)

Thank you so much in advance.

Plan to buy newer townhouse so that you can rent out in future if you happen to buy other properties. Older townhouses have higher strata fee due to various contingency funds and they cannot be rented out. Anything built after 2005 may be OK.

 

[canuck78]

Hi Guys, I know this is not exactly posted about schools but since we are discussing about houses, I would also like to ask about Public Elementary and Secondary Schools in Greater Vancouver.

I am using this website https://www.compareschoolrankings.org/ to see the schools rankings for all the schools, are the schools 4-6, 6-7.5 and 7.6 to 10 rating have big difference in terms of teaching?


Is this website a good site to use benchmarking the schools in the area? The reason I ask I have 3 kids going to school G9, G5 and G1.

Unless you live in a lower income neighbourhood they quality of the education doesn’t vary a huge amount and often comes down to whether your child has a good teacher. By the time your children reach high school the school ranking can change dramatically if the neighbourhood has been gentrifying. The best schools will be areas where people tend to own their own homes, have middle to high incomes and where parents are active participants in the school and their children.