How is Tridel's Condo Building, being built at Kipling Ave - Dundas St W?
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http://www.tridel.com/nuvo2/sales.php
We are landed immigrants and planning to move to Toronto in summer, 2009. Above Condo is expected to be completed during the fall of 2008. The Condo of 1032 Sq.ft area is priced at $333,500. Maintenance + Property Tax are $700 per month.
I like its location – Next to Kipling Subway, Express highways, lake view etc. It would be convenient for my daughter to commute to Toronto University. I may be able to commute to Oakville / Burlington / Kitchener / Brampton etc where potential employers are located for my job.
Please advise me on the following:
1. Should I wait till I move there permanently? or Is it good to go ahead now?
2. If my employment or my daughter’s university at some other place force me to move away from Toronto, Is it worth renting out or Can I sell it without suffering a big loss?
3. At present, I am non-resident for Income tax purpose. Does this Condo purchase make me liable to pay taxes?
4. I can pay 50% of the Condo price from my savings and it is sufficient till the occupancy of Condo in fall of 2008. Can I get mortgage for remaining 50% payment without being liable to pay Income tax?
- Erra
Location: God's own country
Posted on: 24-11-07 23:48:53
Just some personal view:
I once lived around that area and I can assure you that the area is good but I think that the price is just too much and that you can get a better deal elsewhere. $333K + $700 monthly for maintenance is simply just rediculous for that piece of property. And it is also not a very hot piece of property. You can get a better deal in Downtown itself for the same price. Lots of condo's are coming up in downtown and if you have a car then it actually does not matter where you stay. Another good location is some Condo's coming near Hwy-10 and Burnamthorpe (nEar Sq.-1). Hwy 403 is just at your door step.
Another good location and cheap one is the townhouses at the lakeshore near Humber park. Just 10 mins by car to downtown but you need a car. Street car is there but not to downtown. The last time I saw it , Prices were $170K for a single bedroon.
Your best bet would be to buy a detached house around Eglinton and Hwy-10. The area is good. Though it is in Mississauga, location is great and prices are really good. Being there, you donot need to pay the expensive maintainence and you can even rent your garage / basment to generate extra revenue.
I am sure that other CD's can advise you better.
Now let me get to your points :
1. Better wait till you move permanently (esp for a detached home) as you may not know what tomorrow holds and the loss of walking out will be far greater than the price appriciation on the date of move in.
2. For selling, it is mostly done by MLS. Brokers will charge a hefty 5% from you to do the selling. There are some MLS registered brokers (who perform the same service as the guys taking the 5%) who take 2% or even less. Then there are fees like lawyers, taxes, land transfer (if applicable). So you can do the math. If brokers find taht you are desparate to sell, they will pass the information to the person who wants to buy your house and you may end up getting all low offers.
There are some owner sale and in this case you donot need a broker. But may be buyers will also be very less for a owner sale as people are generally afraid to deal direct (psycological)
3. Not sure.
4. People will be at your feet to give you mortgage. Tax portion I donot know.
Hope this helps.
TK A
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I am a Gents and not a Ladies.
Hi Erra,
welcome to Canada in advance.
Our dear friend TK has given you a very good and sincere advice. Please follow the same and you will not regret.
You should take the decision of buying property only after landing and securing a job as you never know where the job would be. If you happen to get a job far away then at least your daughter can stay at the hostel at the University and you can buy a much better and bigger house closer to your job location in the same price or more but your monthly outflow could still be less as in a free hold house you would not have to pay maintenance fee. Most of the other points raised by you are also beautifully addressed by TK.
If you are NON RESIDENT for tax purposes and if you buy this property as INVESTMENT PROPERTY then most likely you would still be considered NON RESIDENT for tax purposes. If that's the case, then you will pay taxes only on the income from this property and not on your world wide income till such time you become a RESIDENT for tax purposes.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by erra
We are landed immigrants and planning to move to Toronto in summer, 2009. Above Condo is expected to be completed during the fall of 2008. The Condo of 1032 Sq.ft area is priced at $333,500. Maintenance + Property Tax are $700 per month.
1. Should I wait till I move there permanently? or Is it good to go ahead now?
Good property, excellent location and one of the most reputed high rise builders. The price is not right though, in my opinion. And there are better deals out there.
It would have made a lot of sense to book the above condo at broker's pre-construction prices (which were a lot lower than the above price). Prices have moved upwards after the launch. At this moment your price appreciation may be negligible or may not be there at all (I can be wrong). You may find lower prices in the resale market at other Tridel Nuvo buildings, adjacent to the one that is being built now.
There are so many considerations before one should buy any property. My advice will be to take a trip and see it for yourself. This way you will save your hard earned dirhams/dinars before you invest your savings.
As a buyer you will not pay real estate commissions etc. but you will incur other home buying closing costs that can be 2-3% of your property's price. This will be same for anyone who buys any condo or a home in Ontario.
Quote:
2. If my employment or my daughter’s university at some other place force me to move away from Toronto, Is it worth renting out or Can I sell it without suffering a big loss?
Perfect place to find a tenant. This is a major transport hub (GO, TTC and Bus Rapid Transit is coming soon) and is close to everything. In fact major dollars are being on infrastructure of this neighbourhood.
Quote:
3. At present, I am non-resident for Income tax purpose. Does this Condo purchase make me liable to pay taxes?
Yes. You will be liable to file your rental income and also claim rental expenses like, condo fees, property taxes, property management, service /repair etc. Depending upon the amount of your down payment your nett income/ loss can vary. It is prudent to consult a qualified accountant here.
Quote:
4. I can pay 50% of the Condo price from my savings and it is sufficient till the occupancy of Condo in fall of 2008. Can I get mortgage for remaining 50% payment without being liable to pay Income tax?
Sure, you can get mortgage with 50% down or even with 35% down payment.
You may want to learn more about condo buying here: http://condopundit.com/wordpress/?p=5
Regards,
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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/
TK, Promodji and Amit
Thanks for your time and advice.
I think TK advice is better for my situation.
Regards,
Erra
