Gaulam :
Buying a house in Canada is a worth investment, if you stay in it , b'cos you save in paying rent and pay mortgage instead. if you buy a house (3 floors) worth about 300K on the spot with money, the sum you spent can generate $1250 per month (simple interest assuming 5% interest). Generally ING bank offers just 3.5% interest. Other investments offering more than 5% may be very high risk. You need to pay atleast $2100 rent for 2 floors (if you rent) and the basement can generate $700 or so per month. Plus you have the value of your house.
Personally to me, investing in Condo's is a very bad financial decision for investment. The returns in condo (if any) is negligible. It is the White Elephant investment of Canada
OTOH, You can pay some down payment and get a house and then invest the rest of the money you have in other high return yeilding investments (CD's can advise you of this).
TK
Sidenote : Your signature is very creative and unique.

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I am a Gents and not a Ladies.

TK: Many thanks for your input, I shall keep that in mind if ever I make it to that paradize called Canada! Also, glad you appreciate my signature, it took me many hours to think of one.......only to discover it was not that original (from the movie Gone with the Wind).

Actually your signature was on the footnote of a Moderator of this site. It was lengthy and explained the actor/ film etc... and took the life out of the signature. But yours was crisp, direct and Frank.
TK
Sidenote : i heard in 680 news a year ago that this was judged as the top most quotation/ dialouge of hollywood films.

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I am a Gents and not a Ladies.

let me know if you need any help with it as I am a licensed mortgage agent


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Aly Azam
905 315 3296

Big Vee,

My impression from reading your posts is that the home should have been bulit prior to 1996 to be able to make the basement of that house legal ( with necessary modifications).

Is it correct or the basement in the house also should have been there prior to 1996?

Thanks,

Some rental property pit falls in Toronto and area-Red flags to watch

It sounds good and it is also not a bad idea to rent out part of home to generate income. In fact, as per a recent poll (by Harris/Decima) 69% of Canadians think owning a residential property or renting out part of their home is a savvy investment.

Let me tell you about some issues concerning basement apartments. Keep these point in mind, before buying a property with in-law suite.

* It can be hard to find out if the property is actually legal or not. Try finding out from the seller or his agent about the legal status and get some disclosure in writing.

* Check the building and fire codes. Failure to meet these standards mean that property owner is operating illegal basement apartment, in contravention of Residential Tenancy Act.

* Before assuming the tenant, find out if there are any legal issues (complaints regarding repairs, living conditions etc.) pending with local landlord tenant board.

* Involve an expert lawyer, to arrange tenant transition issues.

* Avoid signing the agreement of P&S of any income producing property, before consulting a good lawyer.

The law is somewhat in favour of tenants, when it comes to legal resources.

There is a lot more to consider when comparing traditional real estate transaction with something like the above.

Before thinking of buying an investment property it can be prudent to read and learn more about "landlord and tenant rights".

Here is a link: http://www.ltb.gov.on.ca/en/index.html

Happy New Year and Best Wishes to All!

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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/

Quote:

Big Vee,

My impression from reading your posts is that the home should have been bulit prior to 1996 to be able to make the basement of that house legal ( with necessary modifications).

Is it correct or the basement in the house also should have been there prior to 1996?

Thanks,

Unquote:

Big Vee and other real estate experts on the forum,

Would appreciate any feedback on this.

Thanks,