My son lives in Toronto for the past 5 yrs, The landlord quotes around 7lakh CAD for the twenty year old property, Is it worth buying , as such there is alot of maintanance required pl shed some light. Thanks in advance.What are the other issues regarding investment in a seconds property in Canada, ,in India Registration charges are on the higherside for a second hand Apt
Housing in Toronto
- Thread starter BOLLENENI
- Start date
Poorly written from OP. But I've seen quite a few Indians continue to use lakh over hundreds of thousands as a unit. I can see how confusing it gets.
I agree with you, but I think OP doesn't live in Canada(their son does). I can easily see how confusing it is to use certain lingo here, but a lot of folks here don't understand that part - which is why I wrote this to make it a bit more clear: https://www.canadavisa.com/canada-immigration-discussion-board/threads/housing-in-toronto.823663/post-10623904
Hire home inspector might identify more problems and might be able to advise you how much you going to repair before you buy the property. You can then decide if it is worth to buy.
Where is the home the GTA because if it is 700k it is most likely in the suburbs? how big is it? This is not a good time to buy unless you need to or you’re getting a bargain we are likely at the beginning of a housing crash. How much of a deposit will you be putting down? If you need a mortgage will you or your son qualify. Your son should be working with a real estate agent because the landlord may be trying to sell his investment property because he can no longer afford to keep it. Would your son be renting out rooms and have you done the figures to ensure that he can afford to maintain the home and pay the various monthly fees and things like property taxes that are set to increase quite dramatically in the near future. What is the goal in purchasing a property in Canada? Just a reminder that sponsoring a parent to come to Canada is not guaranteed and the terms of programs like supervisas can change at any time. With a ageing population and a healthcare crisis there can be changes to immigration programs at any time. There is also huge demand on parent sponsorship programs with a very small number of spots because Canada does have a ageing population and a healthcare crisis. Many are under the false impression that they will be able to sponsor their parents after the get 3 years of a certain income and are a PR when in reality it can take 10+ years and will likely get longer due to increased demand and even if selected you can get denied. Those visiting for long periods of time are also expected to go home because they are on a visitor visa. Given the length that a parent can visit it often is misleading and people assume they will be able to move permanently not just visit on a supervisa. Will your son be happy keeping the home for the next 10 years minimum. There is a lot of homes for sale on the market so your son should be looking at many properties if he does want to buy. Housing prices in a large portion of Canada will be going down so you will have to be ok watching the value of your home likely decreasing at least in the short term. Would do some research and meet with multiple real estate agents but not the landlord or any associate or the landlord.
There might be other reasons for landlords want to sell their investment property. Examples like emigration, get capital gain (more funds to himself and investment in somewhere else or as a gift to his successors) and personal reasons (like health issue). It's might be the same reason you want to sell your bond or stock.
Your son needs to read the minutes of all condo board meetings and look at the reserve funds of any condo he considers buying. If the condo is 20 years old there may be some very expensive repairs on the horizon. Would personally hold off on buying any real estate because prices are likely to go down more. Would also find a real estate agent who is an independent 3rd party not associated with the landlord. There are lots of properties being listed so unless he is in love with this particular property he has a lot of other properties to chose from if he wants to buy.