How Much It REALLY Costs to Buy a $500,000 Condo

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

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  • @teresam9080
    @teresam9080 4 ปีที่แล้ว +48

    1. Down payment
    2. Land transfer tax
    3. Home inspection
    4. Lawyer fees

  • @joshanderson7880
    @joshanderson7880 3 ปีที่แล้ว +4

    The answer is at 6:54

  • @Miso__doodle
    @Miso__doodle 4 ปีที่แล้ว +15

    Save 6-8 months living expenses. Even if you are renting it out.

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว +3

      Always a good idea to have a buffer of cash when buying a home! Thx for sharing

  • @DianaDang3
    @DianaDang3 3 ปีที่แล้ว +5

    Great video! I am starting to think about buying a condo in Toronto/GTA in the next couple of years so would love to see a video on what I need to do to prep and what a first-time buyer needs to know!

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      Sure no prob I can do a setup video - thx for the video idea ;) stay subscribed

    • @darleneaitken1620
      @darleneaitken1620 2 ปีที่แล้ว

      Condo fees are brutal and go up every year, on top of your mortgage.

  • @susantoughlian9601
    @susantoughlian9601 2 ปีที่แล้ว +1

    Love this Pete... especially love the breakdown.. good job sir

    • @ThePeteLy
      @ThePeteLy  2 ปีที่แล้ว

      Thx Susan! All the best in ‘22 🥂💪🏻

  • @UPC289485
    @UPC289485 4 ปีที่แล้ว +2

    Thanks for the heads up!! 10K additional it is

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว

      No problem 👍

  • @mikepatingo1888
    @mikepatingo1888 4 ปีที่แล้ว +5

    Omg! I thought i was ready! Hold up! Need to save more😘! Great heads up!

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว +2

      Haha thanks. Those numbers are for conventional mortgages (20% down). You can still get qualified with less than 20 just FYI

    • @mikepatingo1888
      @mikepatingo1888 4 ปีที่แล้ว

      Thanks Pete! You’re the Man!

    • @mikepatingo1888
      @mikepatingo1888 3 ปีที่แล้ว

      Im back and I am ready!😊

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      Ready to buy?? 😉@@mikepatingo1888

  • @Maxbbxo
    @Maxbbxo 4 ปีที่แล้ว +4

    Very useful info. Thanks for the helpful information

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว

      Glad it was helpful!

  • @Milkugh
    @Milkugh 3 ปีที่แล้ว +2

    Great video, thank you ! Preparing myself in these next few years 🤞🏼

  • @rfman6929
    @rfman6929 2 ปีที่แล้ว

    We need three bedrooms condo in Mississauga

  • @scottmadramenxu
    @scottmadramenxu 3 ปีที่แล้ว +10

    Home inspection for a condo is a waste of money in most cases.

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      Yes for condos it’s really more about the status certificate

  • @50tigres79
    @50tigres79 ปีที่แล้ว

    I just bought a 1 BD condo in June 2023 in Richmond, BC for 548K. I paid 19.5% down payment. Sigh.

  • @yumi7433
    @yumi7433 2 ปีที่แล้ว

    This is really great information thank you!

  • @RICKRUTA
    @RICKRUTA 2 ปีที่แล้ว +1

    Great video. Well done!

  • @FS02012
    @FS02012 3 ปีที่แล้ว +3

    Condos are now 888,000 2 bed.

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      Numbers rounded for easier illustration and yes, prices keep going up

  • @gdi1093
    @gdi1093 4 ปีที่แล้ว

    Another killer video! Keep it up!!

  • @mommylou2417
    @mommylou2417 3 ปีที่แล้ว

    How many years are the mortgage offered by most banks and can you give us the breakdown of monthly payment plus current prevailing interest?. Thanks

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      Check out ratehub.ca (mortgage calculator tab)

  • @skyzsolstice
    @skyzsolstice 2 ปีที่แล้ว

    is all this information still relevant in 2022

  • @oceanbreeze4361
    @oceanbreeze4361 4 ปีที่แล้ว +1

    Do u need to have title insurance when u buy a property such as a house or a condo? It's not a must if am correct.

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      not a must but lawyers generally won't close the deal without it. Only costs $200 for the life of the time you own the property so why not??

  • @jcsdesign
    @jcsdesign 4 ปีที่แล้ว

    What about development levies (mandatory) and hot, cold and total water meter (3 additional charges) ? This is what I have to pay as per my purchase agreement.

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      For preconstruction yes not for resale

  • @adjoaaj7593
    @adjoaaj7593 3 ปีที่แล้ว +1

    Thanks! do these rules apply to people that hold a PR status?

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      Yes. Same benefits for PR's as Citizens

    • @adjoaaj7593
      @adjoaaj7593 3 ปีที่แล้ว

      @@ThePeteLy awesomeeeee :) thanks!

  • @joemalcom1229
    @joemalcom1229 4 ปีที่แล้ว

    Good information Pete!

  • @JoTokutora
    @JoTokutora 4 ปีที่แล้ว

    Let me give you a tip for future videos. Specify in the title if your video is location biase. In this case Toronto. Many people dont live there are some tax intricacies do not apply

    • @AntzMr
      @AntzMr 3 ปีที่แล้ว

      He catches more audience and he did specify in the video if you did watch it about outside toronto or not.

  • @anishlamsal3323
    @anishlamsal3323 3 ปีที่แล้ว +4

    Hi Pete,
    Very informative video. For someone with an annual salary (FT) of $90K before taxes plus about$100K in savings, how much max mortgage in your opinion do you think the person would get approved for? I have heard conflicting opinions from other individuals who say they will get 4X thier salary while other have said it can go up to 5X and even 6X depending on credit score and lending habit. What is your thoughts on this? Please respond. Thank you

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      NO PROBLEM ANISH. SEND RICH A QUICK EMAIL AND HE'LL HELP YOU GET IT SORTED OUT richard@vinegroup.ca

    • @bk6572
      @bk6572 3 ปีที่แล้ว +8

      I make $95k a year and have 150k in saving. I was pre- approved for 580k easily with 20% down payment with zero debt. My credit score is 850. So in your cases you should not have any problem getting 550k mortgage

    • @karatsurba4791
      @karatsurba4791 ปีที่แล้ว

      ​@@bk6572that's a fantastic 👏👏 credit score mate. What do you suggest people who are interested to achieve such as score ?

  • @Aannon
    @Aannon 4 ปีที่แล้ว +2

    Thanks Pete, great tips. I guess I need to save a bit more now hahah

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว

      🙏 appreciated

  • @KaySeminomadic
    @KaySeminomadic 3 ปีที่แล้ว +1

    Do you recommend buying a condo without parking if it is a really good location?

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      Yes absolutely!

    • @bhuwin6186
      @bhuwin6186 2 ปีที่แล้ว

      If your city has good public transport

  • @ramzyy5362
    @ramzyy5362 3 ปีที่แล้ว

    Hey I got a question so if you want to buy a property in cash can you save up money in your savings account for some time and buy a property without using a loan

    • @virgoteaze
      @virgoteaze 3 ปีที่แล้ว

      It’s near impossible but good luck

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว

      Cash is always good. Anytime, anywhere 😉

  • @bahijarhafiri
    @bahijarhafiri 11 หลายเดือนก่อน

    Biggest lesson i learnt in 2022 in the trading market is that nobody knows what is going to happen next, so practice some humility and follow a strategy with a long term edge.....

    • @GhanYt
      @GhanYt 11 หลายเดือนก่อน

      Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

    • @bahijarhafiri
      @bahijarhafiri 11 หลายเดือนก่อน

      Definitely! All of this happened in less than a year after Jenny Pamogas Canaya, told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

  • @nav7631
    @nav7631 4 ปีที่แล้ว

    do you still pay tltt and pltt in north york

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว +1

      Yes. But once you go north to Thornhill you don't

  • @eshapatel2929
    @eshapatel2929 3 ปีที่แล้ว +1

    Can a dentist afford to buy a condo in the city??? 🤔

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      depends what kind of dentist 😝

    • @eshapatel2929
      @eshapatel2929 3 ปีที่แล้ว

      @@ThePeteLy General dentist 👀

  • @Slickpete83
    @Slickpete83 4 ปีที่แล้ว +3

    maybe update title to read cost to buy "first primary residence "condo , idea for another video the costs of buying your "first investment condo" assuming you already own a primary residence , anyways good video

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว

      Yup all great ideas Slick!

  • @joearchibald3170
    @joearchibald3170 3 ปีที่แล้ว

    thank you bro

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      You're welcome!

  • @jeffotoole4509
    @jeffotoole4509 4 ปีที่แล้ว +1

    So if a condo costs 500k and the usual rental return on 500k in capital on a rental is 1% then you should be able to collect $5000 a month in rent. A 500k condo in Toronto right now will collect if you can even get a renter is between $1700-2000 a month. How does this even cover the mortgage? It doesn’t. You have insurance, condo fees, maintenance and the other 100 thing that come up. Who on earth would throw their money down this hole? I guess the real question is do condos have to sell at real prices to what they rent out at? Can the industry live on fantasy land of negative carry forever?

    • @ThePeteLy
      @ThePeteLy  4 ปีที่แล้ว +4

      Selling prices and rental rates in some cases are completely detached from one another and remain so even during these unusual times. But we always must factor in WHEN people bought - if they got something 10 years ago and at current rental rates (minus pandemic) then they'd be cash-flowing. Buying at current prices will not cash flow unless you're putting 30-50% down and believe it or not, there are those who can/do that! Thanks for the comment

    • @jeffotoole4509
      @jeffotoole4509 4 ปีที่แล้ว +3

      @@ThePeteLy so putting 250k down on a condo and renting the other 250k out to still not be cash flow positive people are actually doing this? How do you convince people of that? I guess to make this market right we need to bring prices down to what they were 10 years ago. This craziness still never ceases to amaze me that someone would give a client the advice to plunk 250k down on a condo to rent it at negative carry. Welcome to 2020.

    • @JC-hl9nu
      @JC-hl9nu 3 ปีที่แล้ว +1

      @@ThePeteLy If from investor point of view, say all 500k is borrowed over 30 yrs. For every 100k borrowed, monthly repayment is around 450 dollars principal + interest. 450 * 5 = 2250. Rents out for pre pandemic 2100 or during pandemic 1800. Lost of few hundreds per month. But the equity gain from the property is way more. Throwing all 500k into one property is bad strategy. Leverage on others peoples money always a better option. Just need to be careful with the interest rate risk. Which government seems keeping it low. I prefer to calculate it this way.

    • @scottmadramenxu
      @scottmadramenxu 3 ปีที่แล้ว +1

      Condo brings you negative cash flow in today's market. Appreciation is the only catch.

    • @bwooodstar
      @bwooodstar 2 ปีที่แล้ว

      Its the worst investment not worth it anymore anywhere in Toronto

  • @lydiaaschenaki7479
    @lydiaaschenaki7479 4 ปีที่แล้ว +1

    Owe my Ontario tax, Thank you

  • @drizzy9572
    @drizzy9572 3 ปีที่แล้ว

    Ayo im 17 do u think i could buy a condo

    • @ThePeteLy
      @ThePeteLy  3 ปีที่แล้ว +1

      Nah…you gotta focus on bringing in the cheddar first #priorities (unless you’re wealthy)

  • @bwooodstar
    @bwooodstar 2 ปีที่แล้ว

    Condos = waste of money & little control of repair costs

  • @jamesmatheson5813
    @jamesmatheson5813 4 ปีที่แล้ว

    I was hit by a truck with my Christian group in Toronto ans had $50000 stolen from my dying mother in thr queens hotel
    On top of that.no one speaks and people erw addicted to drug's and mo one helps each other and everyone os racist
    Why would anyone want that
    You need to write Ford and get my money back