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04-25-2013, 09:29 AM
  #751
llamateizer
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Quote:
Originally Posted by Hades View Post
Guys who purchased a house or condo, I've been thinking of saving up to buy a condo in a few years. I have a few questions though, how much is it recommended to have saved up for down payment? Is a condo worth it in Montreal or is it too expensive? Can I rent it out at no loss if I don't want to move in immediately?

I have not bought any condo/house yet.

I looked at some information before

you need to have a minimum down payment of 5% generally.
If your downpayment is less than 20% you have to pay a 2% (not sure about the number) for insurance to the CMHC (Canada mortgage and housing corporation)
http://www.cmhc-schl.gc.ca/en/index.cfm
Maximum time to pay has passed from 30 to 25 years.

Have you heard about the RAP (regime acces propriété). you can put up to 25k to your RRSP (REER) and buy your house with that money without penalty. 15 years to pay back the RRSP

Yes you can buy the condo and then rent it to someone.
you have to consider paying co-ownership fee(frais de copropriété), school, city and welcome tax.
I find condo price in montreal is high, but alot less than a house. If you can live in south shore, you`ll save alot more money.

you can have decent condo for 180-200k in montreal (not downtown)
and bungalow house for 250k in south shore

any question, i might be able to help you

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