U are very very smart and u love what u do, but 5 to 6 % is only for people who wants to live but for investors is around 8 to 9% including 24000hst as this needs to be paid upfront although it comes back later but is burden at the closing time. Thanks for distributing knowledge
THANKS! Great info, I'm new to investing. I understand you primarily focus on the condo market in Toronto, how about the housing market? Maybe make some videos on that?
I really appreciate your videos. Very well done and really informative. I’m new to this and am thinking of investing in the near future. Just to be clear, in relation to this video closing time means when you get the actual keys and not right away when you invest?
Hi Roman, On the closing date, the ownership of the property is transferred to the buyer. It is not the day you start invest. The bank pays the mortgage amount you borrowed to the seller (developer) on the closing day and you start making mortgage payments.
My indian agent lied n falsified . he said only 2 to 3%max. i was so lucky that my good lawyer asked me to cap all my developments levis fee. i did it to max 200 n 500 dollars. Bought it for 490k 4 year ago . soon will be ready. its out of toronto. How much do i need based on 1 p. tax n caped fee 200 n 500 dollars max. ? it says $5000 levis fee for one bed room, would this be included in my purchase price when i get mortgage? or is it part of my closing cost? do i still need to pay $5000 dollars if it says my development levis are caped to $500? is this fee part of development fee? 5000 dollars for one bed room n 7500 for 2 bed rooms?? thanks a lot
What a joke. You are double taxed on the transfer tax in Toronto? And what the fuck is that 2.7% of municipality levies? In Vancouver we paid GST (5%) and property transfer tax (no double dipping) and that's about it. I wonder why you guys haven't started a revolution for these absurd fees yet?
Thanks for the thorough breakdown and info! I bought a pre construction condo and want to be educated and prepared for all the costs 😊
You are changing my life and knowledge
U are very very smart and u love what u do, but 5 to 6 % is only for people who wants to live but for investors is around 8 to 9% including 24000hst as this needs to be paid upfront although it comes back later but is burden at the closing time. Thanks for distributing knowledge
so insightful. thank you
So you would have to.pay closing costs on top of the down payment upfront
Closing cost is only paid towards the end of construction when the building is registered and the title of ownership is transferred to you.
Another great video !
Thank You
Very good information
Excellent advice appreciated
Can you post similar cost for closing in 2021. For Mississauga and toronto
Amazing information... thank you
Are these costs the same for a resale unit? Or which of these are unique for preconstruction only?
THANKS! Great info, I'm new to investing. I understand you primarily focus on the condo market in Toronto, how about the housing market? Maybe make some videos on that?
Sure Darren. Let me know what topics you are interested. I will try to put together a video for it.
@@condowong maybe the pros and cons of investing in a house vs condo. As I am having trouble deciding what is best.
Watch this one: ruclips.net/video/7tZsriDhZNg/видео.html
I really appreciate your videos. Very well done and really informative. I’m new to this and am thinking of investing in the near future.
Just to be clear, in relation to this video closing time means when you get the actual keys and not right away when you invest?
Hi Roman,
On the closing date, the ownership of the property is transferred to the buyer. It is not the day you start invest. The bank pays the mortgage amount you borrowed to the seller (developer) on the closing day and you start making mortgage payments.
can you use the appreciation on the preconstruction toward downpayment?
lets say 5% deposit + any appreciation + remaining downpayment left from %20.
No. The appreciation is only money you will profit from a sale. The down payment is entirely up to you to fund.
No
My indian agent lied n falsified . he said only 2 to 3%max. i was so lucky that my good lawyer asked me to cap all my developments levis fee. i did it to max 200 n 500 dollars. Bought it for 490k 4 year ago . soon will be ready. its out of toronto. How much do i need based on 1 p. tax n caped fee 200 n 500 dollars max. ? it says $5000 levis fee for one bed room, would this be included in my purchase price when i get mortgage? or is it part of my closing cost? do i still need to pay $5000 dollars if it says my development levis are caped to $500? is this fee part of development fee? 5000 dollars for one bed room n 7500 for 2 bed rooms?? thanks a lot
Had no idea how much levies could be. As much as land transfer tax :-(
Do these costs apply to a house also?
Do you know how much notice you get for these charges and how much time you have to pay them?
Angela, these fees must be paid at Closing.
How would exchange rate factor into the budget?
Here money is Shrestha money today.it is setlment .
What a joke. You are double taxed on the transfer tax in Toronto? And what the fuck is that 2.7% of municipality levies? In Vancouver we paid GST (5%) and property transfer tax (no double dipping) and that's about it. I wonder why you guys haven't started a revolution for these absurd fees yet?