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Housing In Canada
Definitions of housing in Canada
Townhouse
Townhouses are two types : 1- Condo 2- Freehold
Condominium is an apartment building in which each apartment is owned separately by the people living in it, but also containing shared areas. You own the interior, and the condominium corporation owns the exterior and common areas.
Freehold also known as a row or attached house that you own the land and house outright, with no space co-owned or co-managed with owners of adjacent homes. You are also solely responsible for the maintenance and upkeep of your property, and the property taxes associated with it.
Duplex
A building divided into two separate houses with independent entrances that are either side by side (called Semi-detached in the UK) or one downstairs and the other upstairs.
Banglu
Although bungalows usually have only one floor, these houses also have a basement, part of which is used as a family recreation and entertainment room. In bi-level, the ground floor is slightly above ground level so that the basement has windows that are above ground level.
Buying a residential home for foreigners
In general, it is possible to buy a house, apartment or land for foreigners. Foreigners can buy and sell real estate in most parts of Canada. Given that the purchase of immovable property is a legal matter, it is necessary for each person to consult with a housing lawyer before doing so to determine if there are any restrictions or prohibitions.
What is important for buyers
Important points for newcomers and first-time home buyers in Canada
Mortgage Pre-Approval
It's exciting to find a home of your choice, but first and foremost, make sure you have enough money to buy. It's a good idea to contact a mortgage broker for this. If you ... do not know anyone in this field, you can ask your real estate consultant to introduce you to someone in this field. It is very short-lived to receive this advance payment, and you will be notified how much the bank or financial institution is willing to lend to you. Doing this before you start buying a home will be extremely helpful, as knowing how much you can afford will not make you look for homes that are more expensive than your ability level.
Unforeseen expenses
When you buy a home, you will incur a lot of costs, so it is best to prepare in advance for these costs. The most important cost will be your down payment. To make ... a residential transaction, you will need at least 10% of the purchase price to pay in advance. In some cases, the down payment may be higher than that, depending on the property you are planning to buy. Other related costs include legal costs of purchasing property (attorney's fees), home inspection costs by a specialist inspector, home insurance, mortgage insurance, furniture costs, deposits for public services (electricity, gas and water bills) as well as furniture costs and Home Appliances. It is a good idea to review these expenses first and try to allocate a portion of your budget to such expenses.
Understanding basic needs
Before you start your search, it's a good idea to make a list of what you need for your future home and what you would ideally like. For example, the house should ... be in the center of the city with 3 bedrooms and at least 2 bathrooms. Once you know what you need, then you can go for things you like in your new home, such as wooden floors, patios, and the like.
Property purchase offer
Once you've found the home you're looking for, the next step is to own one. At this stage, your real estate consultant prepares the ... purchase offer, which is known as the purchase and sale agreement, and negotiates the terms of purchase on your behalf with the property seller. Together with your consultant, you can check the houses sold in the neighborhood of the house you want in the last few months to find a fair purchase price and offer it to the seller. In this agreement, in order to protect your interests, items such as home inspection before sale will be mentioned. After completing all these steps, it will be time to enjoy the new home. Remember that everything should not be done from the beginning. Take time to enjoy the experience.
real estate consultations
Real estate consultants will help you find the right home for your needs. They will try to find your desired home faster and will also consider your ... interests along the way. When choosing a real estate agent, make sure you choose the one that works best for you. You can ask your questions at any time during the purchase process and you should never feel that you have made a decision in a hurry and under pressure. Keep in mind that what matters is that you buy a home that fits your circumstances.
Frequently Asked Questions
FAQs about Buying Housing in Canada
Before handing over the apartment and transferring the document, you must introduce your lawyer to the project developer
Yes. The price of the apartment is calculated on the basis of square feet (not square meters). Apartments in the good parts of Toronto range from $ 300 to $ 700 per square foot. About every 10 square feet of average is one square meter.
No. At the time of the contract, the presence of your real estate consultant is sufficient. However, we recommend that before finalizing the contract, be sure to provide a copy of it to your lawyer for legal advice, and after ensuring that all clauses of the contract and the conditions described in it, proceed to finalize the contract. After signing the contract, you have 10 days to cancel and terminate it.
The prepayment required for pre-purchase depends on the project, location and market situation. Typically, those who have residency or citizenship in Canada can pre-purchase the apartment for 5 to 25 percent of the total price of the apartment. Non-Canadians need to pay at least 35% of the total price.
Sometimes a foreign national buys a house, stays in it for a few months of the year, and eventually rents it out. Note: Special tax rules apply to such situations, and Canadian tax returns must be filled in by the national. In fact, if the tax payment is not properly regulated, the landlord must pay 15% of the gross income each month to the tax office until the tax returns are refunded. However, it is possible to prevent a sharp drop in rents, especially when people living in Canada pay taxes on behalf of the remaining foreign nationals at the end of the year. In this case, be sure to consult with the accountant.
The price of the apartment depends on the location, proximity to the city center, proximity to the metro, building life, monthly charge, apartment facilities and also the size of the apartment. The average price of a two-bedroom apartment is 70-80 meters in the city center from $ 300,000 upwards.
No. Prepaid payments are usually made in installments over a period of 6 months to a year.
No. Non-Canadians can also buy or pre-purchase an apartment with 100% ownership.
Builders and sellers of apartments must become members of Tarian before the start of the project. Tarian is the only non-profit organization that oversees the implementation and quality of residential projects. To become a member of Tarian, project developers need to provide and prove the necessary assets, expertise and experience to implement projects in a timely and quality manner.
- Remuneration of the lawyer.
- Property and Salesmen’s Real Estate Advisors Commission (this amount is paid by the seller, not the buyer.)
- Relevant taxes (explained in the tax section).
- Assignment fee. That’s between $ 3,500 and $ 5,500. The exact amount is stated in the contract. Depending on the agreement, this amount will be paid either by the seller or by the buyer.
Most people who pre-purchase an apartment see it as an investment. And waiting for them is a significant profit after the delivery of the apartment and its resale. So the first criterion that everyone should consider is that after the delivery of the apartment, they can resell it in the shortest time and with the highest possible profit.
There are many factors that affect the rapid sales of new apartments. The most important is the location of the apartment. Whether located near the city’s main streets, such as Yang Street, close to the subway, close to Ryerson University and Toronto, is definitely a top feature for that apartment.
Apartments overlooking the Toronto Tower also have their own fans. Lower floors are less noticeable due to low or low sun visibility.
Sunlight is especially important in Toronto’s climate, especially in winter. Apartments in the north may be sold later due to lack of sunshine, and those in the east or west are usually sold at a better price and less time due to good lighting, morning and afternoon sun, and open view. .
If you are planning to invest and sell immediately after delivery, do not buy very large or very small suites. Two-bedroom apartments of about 70 to 80 square meters (700-800 square feet) are more interested in both renting and selling.
In the pre-sale of apartments, parking and storage (Locker) are usually sold separately. Parking is priced between $ 25,000 and $ 45,000, and warehouses range from $ 3,500 to $ 5,500. As much as possible, do not buy an apartment without parking and storage.
After selling more than 55 to 75 percent of the suites, banks and financial institutions will start financing and financing the project.
Yes. According to the Consumer Protection Law, it is possible to terminate the contract provided that it is terminated within ten days after the contract is signed. You can submit your cancellation in person. You can also cancel by sending a fax containing your full details and the purchased apartment. Make sure the fax sent reaches the sales office. Make sure your receipt is contacting the sales office. Be sure to keep the fax confirmation in your file. (This is called a 10-day cooling-off period.)
Advance payments in Canada are not paid to sellers, and these amounts are deposited with the seller’s attorney on credit and in a trusted bank account. Apartment builders have no right to withdraw or use these funds to build the project. After the completion of the project and its legal delivery to the lawyer, the prepaid money will be deducted from the lawyer’s deposit account and after all the legal steps and coordination of the buyer’s lawyer; the project owners will be paid.