Buying New house in Toronto (price decline trend)

[steaky]

This is not safe for 16 people living in one townhouse.... How would they fit there even with sleeping bags?

It's not difficult to imagine if you had read the news with that illegal hostel operation of 15 beds in one townhome in North Vancouver:

https://globalnews.ca/news/4353803/north-vancouver-hostel-townhouse/

 

[Sedi946]

I just came to Canada as a refugee. Is it possible for me to buy a property even if I have d money?

 

[canuck78]

I just came to Canada as a refugee. Is it possible for me to buy a property even if I have d money?

You should wait until your claim has been accepted also believe you will be charged a 15% premium as a foreign buyer.

 

[Sedi946]

You should wait until your claim has been accepted also believe you will be charged a 15% premium as a foreign buyer.

Thanks for ur prompt response. I am just asking about d possibility. I have a friend who just came in. He feels buying a cheap condo & paying d mortgage which is same as d rental is better. A realtor is assisting him now, but I doubt d possibility

 

[canuck78]

Thanks for ur prompt response. I am just asking about d possibility. I have a friend who just came in. He feels buying a cheap condo & paying d mortgage which is same as d rental is better. A realtor is assisting him now, but I doubt d possibility

If he requires a mortgage he will have difficulty getting one as an asylum seeker plus he has no guarantee he will be accepted. He is still going to be charged the 15% tax. If he can pay all cash and wants to pay the international tax for now he could probably do it. He likely won't qualify for a work permit with that level of savings and he will have to pay for your own lawyer so you will need to keep enough cash to pay for your expenses.

 

[Sedi946]

If he requires a mortgage he will have difficulty getting one as an asylum seeker plus he has no guarantee he will be accepted. He is still going to be charged the 15% tax. If he can pay all cash and wants to pay the international tax for now he could probably do it. He likely won't qualify for a work permit with that level of savings and he will have to pay for your own lawyer so you will need to keep enough cash to pay for your expenses.

Thanks

 

[emamabd]

Toronto isn't very far behind. Last week I visited a townhouse in the Weston area and there were 16 tenants living. You heard me right, a townhouse of 16 tenants.

Wow, must be warm and cozy in there

 

[journey21]

Toronto isn't very far behind. Last week I visited a townhouse in the Weston area and there were 16 tenants living. You heard me right, a townhouse of 16 tenants.

It is not because I want/need to buy a house in Toronto soon that I am hoping the bubble will burst. It is more that this situation is killing Toronto in the long run.

What the? 16 ???
Amazing. Is that even allowed under current rules?
Am renting a bachelor now and will be looking to buy.
But the Toronto market is still so crazily high.

 

[lyndon3009]

What the? 16 ???
Amazing. Is that even allowed under current rules?
Am renting a bachelor now and will be looking to buy.
But the Toronto market is still so crazily high.

It is illegal but I guess when the neighbors don't complaint, no body cares.

I personally know the townhouse owner and that's why I visited her. With her income level, there is no way she could afford that townhouse without at least 10 tenants. If you went to 10, might well just go to 16 to maximize your cash flow.

 

[foodie69]

It is illegal but I guess when the neighbors don't complaint, no body cares.

I personally know the townhouse owner and that's why I visited her. With her income level, there is no way she could afford that townhouse without at least 10 tenants. If you went to 10, might well just go to 16 to maximize your cash flow.

It is illegal for a reason, fire hazard is one..has nothing to do with neighbors.Shame on the townhouse owner for exploiting tenants. Report her a$$ to the authorities, I say.

 

[YVR123]

It is illegal for a reason, fire hazard is one..has nothing to do with neighbors.Shame on the townhouse owner for exploiting tenants. Report her a$$ to the authorities, I say.

I am surprised that her strata council allows this kind of rental. For a townhouse, if anything happens, it will be for the whole complex.
I read that there is an active case of a strata in North Vancouver trying to deal with rental like this.

 

[canuck78]

Is it okay to buy a house now? I have been staying here in Canada for quite a while now (almost three years, to be exact), and I plan to buy a house at Paradise Developments and settle down there. From my point of view, I feel like houses will continue to rise, so it's better to purchase one now. What are your thoughts on this?

You need to buy without expecting huge gains. If you get them great but nobody can estimate what will happen in the future.