i m in Toronto and over here 900 square ft condo is for 800k .. and houses are million plus
Protected person with less cash in hand but wana buy house
- Thread starter Norijal
- Start date
i m in Toronto and over here 900 square ft condo is for 800k .. and houses are million plus
I m driving Uber in Toronto and studying side by side for future career ..planning to settle where I can have a good job ..
Have you met with a mortgage broker to see if you would qualify for a mortgage and how much of a mortgage? You are self-employed and I assume relayively new to Canada so getting a mortgage will be more difficult. Self-employed usually require multiple years of proof of consistent income to qualify for a mortgage. You have a good deposit but you can‘t use all the money towards the deposit or else you would have no emergency Fund, closing/purchasing expenses, etc. In areas where housing prices are lower,opportunities and average salaries tend to be lower so all of these things need to be considered. Would suggest renting for at least 6 months in a city unless you are very familiar with the city already. You need to get a feel for the city and the different areas, wait and see whether you can secure consistent employment, etc.
Usually, you don't buy house with cash. You're only asked to pay some percentage upfront (preferably 20%) and mortgage the rest through a financial provider (bank or private lender). It's also advisable to have a good credit score when applying for the mortgage because 1) you'll have more financing options to choose from 2) better interest rate.
ahh, & It goes without saying that you'll need to be employed to be accepted by any lender.
ahh, & It goes without saying that you'll need to be employed to be accepted by any lender.
Based on an average salary ~$5,000/month without bringing capital from your home country (inheritance, selling a property, etc) no one will be able to come up with the down payment required for a house in the GTA. An average house in a good neighborhood is around $1,163,323 and 20 per cent of that is $232,664. Forget about paying less down payment like 10 15 per cent, as you will incur the cost of the mortgage insurance fee. Or you may pray to win the lottery in which case you pay cash and buy whatever you want and will not worry about a down payment. I have personally opted for the second option! 
We are on the same boat ..spending 8$ Frequently to manage 20% downtpayment in lotto ..Based on an average salary ~$5,000/month without bringing capital from your home country (inheritance, selling a property, etc) no one will be able to come up with the down payment required for a house in the GTA. An average house in a good neighborhood is around $1,163,323 and 20 per cent of that is $232,664. Forget about paying less down payment like 10 15 per cent, as you will incur the cost of the mortgage insurance fee. Or you may pray to win the lottery in which case you pay cash and buy whatever you want and will not worry about a down payment. I have personally opted for the second option!