bowave

yes, i'm sorry i have actually posted this query elsewhere on this site but got no response! reason i'm posting it here is that i too am looking to purchase a condo in downtown toronto, but am having difficulty in obtaining the right mortgage loan, as I am a UK citizen; ie i'm looking for something like 15% to 20% downpayment but at present have only heard of one Bank who will do it, and they require 30% downpayment!!! Thats far too much for me, as 30% for me will be around C$60 000!!! Can anyone help at all, please? oh, and what is the capital appreciation of property in toronto like in percentage terms per year? many tnks.

flatty38

There are some banks that will do 5% deposits on mortgages. They tend to be for people who are continuing the same line of work in canada that they did in the uk. Mortgages here are a minefield as they are anywhere else, you need to shop around. Most instituions require 25% deposit.

the best policy seems to be to invest in RSP's to use as a deposit in a few years and rent in the meantime.

No idea about appreciation I'm afraid, all I know is the closer to downtown, the more expensive properties are.