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04-26-2013, 11:34 PM
  #753
Hades
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Join Date: Apr 2009
Country: Australia
Posts: 1,374
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Quote:
Originally Posted by llamateizer View Post
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
Thanks man.

So 5% is all it takes? What is the recommended downpayment though? I'm guessing 20%. That's not much, say I buy a 200k condo, all I need to put down is about 20k. I'm still a student though, but I'm thinking of working a few extra hours a week and save up to have enough to put down a good downpayment in 3~4 years. Is this a good idea? Been thinking of buying a condo in Montreal area and renting it out while I save up money at my parents.

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