The large bill for a major issue is known as a special assessment here in AB. Just want to mention that you can actually add special assessment coverage to your insurance policy. I was pleasantly surprised to learn of this when I got insurance for my townhouse.
Based on some Googling, it seems like an estoppel package is the same as what GTA realtors tend to call a Status Cerificate. Any difference that know of?
Yes Don you are 100% correct that is the terminology used in Ontario. I should have mentioned in the video that not everywhere in Canada uses the same terms.
Your colleague Nolan @ 360 Mortgage has an amazing mortgage affordability calculator unlike any others I’ve seen...It gave me an insight such as your topic today,I realized the price went down when I put condo compared to putting house.You guys have given me great knowledge compared to those out here in Ontario who seem only concerned with $...I know it’s the end game & everyone wants money but these guys over here are the ideal 🐍 & 🐺...I’ve come to the conclusion that there are many that do mortgage fraud over here because there is no way everyone here affords these $500k to $1million 1 bedroom condo...Just an observation,unless everyone in Ontario is a multi millionaire 🤷
Thank you for your kind words! Nolan has some incredible content. For anyone that hasn't seen his channel you really should check it out. th-cam.com/channels/erAshMdznpVNf2AkeUFCPg.html Maybe in the future you might see us in a video together. 🤷♂️ If you have found our content helpful give us a helping hand and send our videos to your friends. Social media shout outs, emails, texts, carrier pigeons they all help!
Nice Video. I have just purchased a condominium and I want to rent it out. What is the process for that? I am first time buyer and this is the first property. Is there a problem? Can I rent out my primary residence?
Thanks for watching. You can absolutely rent out your own home. Just make sure that you are following all local bylaws and reporting rental income to CRA correctly.
***Don't buy a condo from an old run down apartment building complex or you could see your fees triple in no time, and good luck in selling it afterwards***
@@BaldPrairieRealEstate seems like you have to do your due diligence on it like you do before buying a stock. I am surprised there are no condo buying financial consultants out there to sort through all the confusion, and pick the winners from the losers.
@@charronfamilyconnect Yes that is why it is so important to go through the estoppel package. In that package they have to detail out the financial position of the reserve fund. In conjunction with a lawyer or accountant you should be able to determine if they have their finances in order.
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Are you thinking about buying a condo this year? If so where are you looking?
Yessir, looking near Montreal. Thanks for the video!
@@Evanngelos Awesome! Good luck in your search. Never hesitate to reach out if you have any questions.
Looking in Regina, first time home buyer here so iv been watching your videos religiously to figure out how to do it.
@@robbiehugg2409 Good luck with your search. If you have any questions do not hesitate to reach out to me.
I love the breakdown of purchasing power I had no idea the difference between single home and condo
Thanks Ryan. I thought it was a great example to show and something that not a lot of people know.
The large bill for a major issue is known as a special assessment here in AB. Just want to mention that you can actually add special assessment coverage to your insurance policy. I was pleasantly surprised to learn of this when I got insurance for my townhouse.
Yes that is a good one! I am working on a condo buyers guide video right now and special assessment is going to be a segment in that video.
As always: very helpful, thanks a bunch!
Thanks!
Based on some Googling, it seems like an estoppel package is the same as what GTA realtors tend to call a Status Cerificate. Any difference that know of?
Yes Don you are 100% correct that is the terminology used in Ontario. I should have mentioned in the video that not everywhere in Canada uses the same terms.
Your colleague Nolan @ 360 Mortgage has an amazing mortgage affordability calculator unlike any others I’ve seen...It gave me an insight such as your topic today,I realized the price went down when I put condo compared to putting house.You guys have given me great knowledge compared to those out here in Ontario who seem only concerned with $...I know it’s the end game & everyone wants money but these guys over here are the ideal 🐍 & 🐺...I’ve come to the conclusion that there are many that do mortgage fraud over here because there is no way everyone here affords these $500k to $1million 1 bedroom condo...Just an observation,unless everyone in Ontario is a multi millionaire 🤷
Thank you for your kind words! Nolan has some incredible content.
For anyone that hasn't seen his channel you really should check it out. th-cam.com/channels/erAshMdznpVNf2AkeUFCPg.html
Maybe in the future you might see us in a video together. 🤷♂️
If you have found our content helpful give us a helping hand and send our videos to your friends. Social media shout outs, emails, texts, carrier pigeons they all help!
Well done👍👍
Thank you very much.
Nice Video. I have just purchased a condominium and I want to rent it out. What is the process for that? I am first time buyer and this is the first property. Is there a problem? Can I rent out my primary residence?
Thanks for watching. You can absolutely rent out your own home. Just make sure that you are following all local bylaws and reporting rental income to CRA correctly.
im In Mississauga, any tips? im looking to purchase in about 3 years. Was yours a pre built condo?
***Don't buy a condo from an old run down apartment building complex or you could see your fees triple in no time, and good luck in selling it afterwards***
Yes especially in condo conversions you need to be very diligent in your investigation of the properties financial position.
@@BaldPrairieRealEstate seems like you have to do your due diligence on it like you do before buying a stock. I am surprised there are no condo buying financial consultants out there to sort through all the confusion, and pick the winners from the losers.
@@charronfamilyconnect Yes that is why it is so important to go through the estoppel package. In that package they have to detail out the financial position of the reserve fund. In conjunction with a lawyer or accountant you should be able to determine if they have their finances in order.