If you’ve been looking around at condos in the Toronto area you’ve probably noticed a huge discrepancy
from one area to the next in terms of pricing. To help you find the best condo that will fit into your
budget, we have put together this guide with helpful tips and a list of the less expensive areas to
purchase condos in the GTA.
This proposed incentive helps eligible first time home buyers with their downpayment.
With this incentive the Government of Canada provides:
The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income.
In Canada, you must have a minimum of 5% that you can put down if you are going to be purchasing a condo that costs less than $500,000. If you can put together more for the down payment, however, you’ll end up saving a lot of money on interest.
It’s always best to get a general idea of how much money you can afford to spend on a condo before shopping for one. When you get pre-approved you’ll be given a maximum amount by the lending institution, which will help you stay on track financially while you’re looking for a new condo.
You shop around to get the best price for other things that you purchase so make sure that you use a
mortgage broker who will shop on your behalf when buying your condo. You don’t have to pay a broker
to use his services and he’ll be able to negotiate on your behalf to get the best rate. You can end up
saving thousands of dollars by using a broker instead of going yourself to apply for a home loan.
These districts are generally more affordable when compared to the other areas across the Toronto
region. These are great cities to start your search for the perfect condo as a first-time buyer.