Posted on: 03-06-04 11:51:56
i am going to migrate to canada very soon.pl let me know the cost of 1-2 bhk house in middle class area in toronto & vancouver for outright purchase.i am presently working in nigeria & i would like to come there only after necessary infratructure.
Toronto is about 8-12% cheaper in real-estate than Vancouver. Vancouver real-estate has increased an avg. 20% since just last year. An average house in Vancouver costs $356,900 . Here is a snippet from todays news paper.
"Detached properties in the valley sold at an average price of $356,900 in May, a 20.4-per-cent increase from $296,400. Townhomes fetched an average of $217,100, up 13.5 per cent from $191,200, and condos averaged $142,600, up 11.8 per cent from $127,500."
For Vancouver ... your best bet is to look at Surrey (40minutes from downtown) where $300-350K will get you a very nice middle class townhome (1600-1800 sqft). Anything else in Vancouver is ridiculously expensive with West Vancouver, North averaging at 800K.
Quote:[ii]
Orginally posted by sanjarin
i am going to migrate to canada very soon.pl let me know the cost of 1-2 bhk house in middle class area in toronto & vancouver for outright purchase.i am presently working in nigeria & i would like to come there only after necessary infratructure.
thanks desi.vancouver
is it possible to take a housing loan from canadian bank while working outside canada.what could be the interest rate.What could be the maximum amt available.The repayment can be made out of rental income as well as salary earned outside canada.pl guide
Interests rates today in Canada are between 5% --> 6%, depending on where you get it. They were as low as 4.3% only 3 months ago. As for whether you can get a mortgage, while out of the Country, perhaps someone else can advise...
try sending an email to any of these banks :
http://www.cibc.com" rel="nofollow">LINK
http://www.rbc.com" rel="nofollow">LINK
http://www.bmo.com" rel="nofollow">LINK
Quote:
Orginally posted by sanjarin
Quote:[ii]
Orginally posted by sanjarin
i am going to migrate to canada very soon.pl let me know the cost of 1-2 bhk house in middle class area in toronto & vancouver for outright purchase.i am presently working in nigeria & i would like to come there only after necessary infratructure.
thanks desi.vancouver
is it possible to take a housing loan from canadian bank while working outside canada.what could be the interest rate.What could be the maximum amt available.The repayment can be made out of rental income as well as salary earned outside canada.pl guide
Only a very few banks give mortgage to non residents from selevtive countries ( Nigeria may not be one of them) and that too you have to put minimum 35% down payment ( it could be more depending on how they view it) toward the house and may also have to put into deposit with them 6 months worth of mortgage payments plus property tax with them. In addition the banks would like to make sure that the property would generate the rental income sufficient to take care of the mortgage and tax payments. However, it is easier to buy it as a new immigrant, thats when you actually land in Canada as a P R. You can email me with your personal questions regarding mortgages to get free advice.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Maybe a little naive q .
Is it possible 2 mortgage a house for NR PR and put it on rent after fulfiling all the requirements of 35% down payment and all.
In this case do the NRs need 2 show the source of their income that is paying off the mortgage or can the rental be adequate ??
Do the Middle East countries come under "the list" ??
Regards,
Manasvi
thanks for the valuable infn given by desies which really made my ideas clear about housing.i have chosen vancouver to be the place for settlement
pl let me know whether i can get any tax deduction for the interest on the loan amt or any exemption on the income by way of rentals etc
if my budget is $100000 could i get any kind house in vancouver.kindly specify the type of house,if at all.
