Posted on: 22-02-09 10:29:39
My parents (canadian citizens) are working abroad and wishes to buy a property (house/condo/flat/duplex) so that they can own something in Canada and come/go whenever they please without going through renting everytime. They are not looking for an investment property and have no problem with budget. They are looking for something that is going to be less hassle and also easy to own.
-Can some experts on this board suggest what they should go for (house or flat)?
- What documents they need to show to get mortgage? (they are working outside Canada)
I am not an expert but would recommend either a freehold townhouse or house....don't own something with monthly fee obligation.
Probably a freehold townhouse in a small closed community, where neighbours can keep an eye, would be better.
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Pooja
Quote:
Originally posted by indigo-p
My parents (canadian citizens) are working abroad and wishes to buy a property (house/condo/flat/duplex) so that they can own something in Canada and come/go whenever they please without going through renting everytime. They are not looking for an investment property and have no problem with budget. They are looking for something that is going to be less hassle and also easy to own.
-Can some experts on this board suggest what they should go for (house or flat)?
- What documents they need to show to get mortgage? (they are working outside Canada)
A condo apartment may be the best option for an absentee owner. If the budget is not a problem then there can be many choices.
Condos are preferrred because of many reasons, read more: http://condopundit.com/wordpress/?p=15
Where in Canada are they planning to buy?
Mortgage should not be an issue as long as they are putting 35% or more down payment.
You will find some FAQs relevant to the non resident buyers here: http://www.realestate-ontario.com/toronto-realestate-investment.htm
Good luck!
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
You can buy more than you want... just wait. If it can happen in NYC it can happen in GTA too.
http://www.nytimes.com/2009/03/01/realestate/01walk.html?_r=2&ref=patrick.net
THE real estate market in Manhattan has become so unnerving to buyers that some are forfeiting six-figure deposits rather than close on deals they have made.
At 304 Spring Street, a sleek condominium building in SoHo with stunning Hudson River views, the buyer for the duplex penthouse recently decided he would not go through with the deal and walked away from a $780,000 deposit.
At 1120 Park Avenue, a classic prewar co-op filled with multimillion-dollar apartments, it appears that a buyer forfeited a deposit of as much as $1.1 million.
Real estate agents representing buyers of at least three other multimillion-dollar properties also report clients who knowingly left deposits of more than $1 million or hundreds of thousands of dollars on the table.......................
Quote:
Originally posted by indigo-p
-Can some experts on this board suggest what they should go for (house or flat)?
"A lot of people will be interested in re-financing mortgages and it will spur a lot of first-time buyers," Rawson predicted.
The federal budget, yet to make its way through Parliament, offers $750 in tax relief for first-time home buyers while increasing the limit that can be withdrawn from RRSPs for a down payment by $5,000.
"Quite honestly, people are saying nobody is buying, but there seems to be a lot activity right now. In my region, applications doubled in January from December," Rawson said."
As I've stated ad nauseam on this blog, any crash needs a teasing and tipping point. Low interest rates may be the teasing point as existing homeowners jump into the market to take hold of lower interest rates while new buyers feel that they will miss the opportunity of a lifetime do the same.
When these people enter the RE market just as the economy continues its rapid dive and they lose their jobs or watch the values of their homes plummet radically they will be the first to panic and bolt because they are last in the door and try to be the first out due to the fact that they have not invested tens of thousands in mortgage payments and downpayments in their properties. If you get several hundreds of these individuals in a specific market you get the tipping point. This is when the collapse takes hold. This is exactly what happened in the US in some markets; a surge when low teasing rates and falling values enticed especially those notorious for bad timing: young people.
The next gorilla emerging from the mist is the banks sitting on those foreclosed properties in the future. They will unleash those weapons of real estate value destruction upon the market for literally next to nothing to get something back on their original loan. When the banking gorilla decides to sell a few hundred properties for 30% below the market average Mom, Pop and Joe Blow are totally toast and are forced to cut their prices. We all know who will win that war. Ask the people of Arizona, California, Florida and Nevada.
Rahul I am not sure why you are posting here and discouraging someone, he / she is not asking to buy or not to buy, he is just asking what to buy.
