Buying a new House in Canada for New Comers

[YVR123]

This include strata townhomes.

Agree with both of you. Any strata has "hidden expenses" that buyer needs to be aware of.
My reply is mainly towards the reply from Michael S Redwine that condo maintanence is "cheap". Within the unit may be, but not the shared expenses, insurance (becoming a problem with so many claims) and other costs.

 

[YVR123]

Townhouses strata fees are less vulnerable to large increases as long as they are set up properly initially. A lot less communal space and less complicated to maintain.

It really depends on how these townhouses are setup. I have saw recent development that has large landscaping, pool, gym and party room with threater... I don't see that going cheap at all. The first year strata fee is usually lower as it's setup by the developer and many of those maintanences were not setup/running yet. I went through it myself and just getting the right landscaper and the snow removal service was not easy (we figured out at the end and it's lucky that the strata (and the complex) was small. It was pretty efficient and we agreed upon things quickly.

We moved to a single house few years ago.

 

[canuck78]

It really depends on how these townhouses are setup. I have saw recent development that has large landscaping, pool, gym and party room with threater... I don't see that going cheap at all.

Good point. Fairly unusual with most townhouses. They tend to mostly be minimal thrills. A bit of landscaping and maybe a bbq. Maintenance costs, reserve funds, the headaches that come with condo boards, etc. should be considered. Like the poster many are under the impression that buying a condo is like buying an apartment where you just have to worry about your unit. In reality you have to worry about your unit and the multimillion dollar corporation that you are a part owner of and that some people in your condo are running when they may have no experience and a lot of other priorities. Running a condo is really another part-time job.

 

[steaky]

Running a condo is really another part-time job.

No, council members are all volunteers like you & me in thia forum!

 

[canuck78]

No, council members are all volunteers like you & me in thia forum!

It is a saying implying that the work and time demanded is like having another part-time job. I am aware that it is not paid.

 

[bhupinderbhatti]

Agree with both of you. Any strata has "hidden expenses" that buyer needs to be aware of.
My reply is mainly towards the reply from Michael S Redwine that condo maintanence is "cheap". Within the unit may be, but not the shared expenses, insurance (becoming a problem with so many claims) and other costs.

Yes, I also agree with you.
The condo is usually less expensive than a free-standing house. You don't have to worry about any other expenses.

 

[canuck78]

Yes, I also agree with you.
The condo is usually less expensive than a free-standing house. You don't have to worry about any other expenses.

Think you missed the point. In a condo you do have to worry about huge costs associated with a large building. Would read about special assessments, underfunded reserve funds, difficulty securing insurance for condos, etc.

 

[YVR123]

Hi OP! When it comes to the procedures of buying a house, it would still be best to seek the help of a professional real estate agent whether you're a new comer or not. You could try looking for a different real estate agent, one that could suggest other options that you could do to get a home and help you throughout the process as well. If you're looking for a condo in Canada, you may want to check out this site https://greystonevillage.ca/thespencer/ and talk to one of their real estate agents. If you're interested in buying a property that the agent is particularly trying to sell, that agent would probably help you as much as he can and give you all the options available for you to make the purchase which would be a win-win situation for both of you as you'll be able to buy a home within your means while the real estate agent would be able to make a sale. Hope this helps!

I wasn't the OP and I am not a new comer nor looking to buy a house now.

And it's actually best to hire your own real estate agent instead of using the seller's agent in general.

 

[RebeccaK]

We are new residents of Canada. We want to buy a house or Condo in Canada but due to very low income we are not able to buy it through mortgage. We have the down payment but Real Estate agents are saying that you need a co-signer for guarantee of monthly payments, otherwise it is not possible. So, if anyone can help me in telling that what are the options to buy a house without a co-signer? What is the Canadian Procedure for new comers to buy a house?

Thanks

Hi - did you buy a home? They are programs with some banks for new residents. It's not up to the real estate agent to approve the mortgage.

 

[steaky]

Hi - did you buy a home? They are programs with some banks for new residents. It's not up to the real estate agent to approve the mortgage.

Nobody said it's up to them to approve the mortgage.

 

[RebeccaK]

Nobody said it's up to them to approve the mortgage.

You are correct, it didn't say that. The post did say the real estate agent said they need a cosigner, so I just wanted to make sure they were getting guidance from the right professional.

 

[fmrabbani]

We are new residents of Canada. We want to buy a house or Condo in Canada but due to very low income we are not able to buy it through mortgage. We have the down payment but Real Estate agents are saying that you need a co-signer for guarantee of monthly payments, otherwise it is not possible. So, if anyone can help me in telling that what are the options to buy a house without a co-signer? What is the Canadian Procedure for new comers to buy a house?

Thanks

How long you been living in Canada? May be I can help you?

 

[steaky]

How long you been living in Canada? May be I can help you?

You replied a year old post. Could had figured now.

 

[RebeccaK]

Yes, I saw that it was an old post, but I was still inquiring if the person still needed help. They may have not figured it out, that is why I was asking. No need for comments. Have a great night.