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Toronto House Purchase

Toronto House Purchase

Old Sep 12th 2014, 8:06 pm
  #16  
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Default Re: Toronto House Purchase

Originally Posted by Goodbhoy View Post
Thank you.
I have been using realtor.ca to look for properties but please let me know if you have a better alternative.

The areas I was looking at were further North as I will be working in Concord area.
Been looking at Bolton and Nobleton where I seen some nice properties for rent.
Never been to the areas, obviously, but they seem to be ok.
They are near highway 400 for commuting.

If in Bolton you wouldn't need the 400 - just scoot down to Hwy #7 or Steeles Avenue and hang a left.
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Old Sep 12th 2014, 8:49 pm
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Default Re: Toronto House Purchase

Originally Posted by R I C H View Post
Largest by market capitalization is irrelevant if there's no convenient local branch. HSBC might be the largest foreign owned bank in Canada, but it's 7th largest in terms of branch presence.
Whom is the 6th largest???
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Old Sep 12th 2014, 8:53 pm
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Default Re: Toronto House Purchase

Scratch that just looked it up. HSBC 8th by branch locations actually.

National Bank of Canada and Laurentian Bank of Canada both have more branches.
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Old Sep 12th 2014, 8:56 pm
  #19  
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Default Re: Toronto House Purchase

I would have a look around and find a decent Realtor - have a search and see what you can find for the area. You really could do with a Realtor her to help you with finding somewhere to live. As a renter / buyer, they don't cost you anything and a good one is an absolute godsend - they will find out everything about the area's you are looking such as schools / transport etc and the prices houses are selling for.

Also when it comes to buying, be careful with assuming the buying prices are what the properties are listed at. These are offer prices and if you are looking in the city and multiple bids are made, I have seen cases where the selling price has been 15%+ over the list price. A good realtor will help with that.

Also don't feel you should stick to the banks for mortgages - we found somewhere that was cheaper than the lowest our bank would give us via a broker.

Finally, when buying a place, make sure you factor in land transfer taxes - these can be very expensive too.

Don't let this put you off though - it's a great city to live in.

As for the water / lakes. It's nice to live near them but they come at a premium. if you like your fishing, you will be spoilt for choice here (compared to the UK) and you won;t mind a bit of travelling for what is on offer.
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Old Sep 12th 2014, 9:51 pm
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Default Re: Toronto House Purchase

Originally Posted by JamesM View Post
HSBC is bigger than them all by market cap.

Thanks for that.
http://www.canadabanks.net/default.a...Canadian+Banks

Last edited by MarylandNed; Sep 12th 2014 at 10:00 pm.
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Old Sep 12th 2014, 9:55 pm
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Default Re: Toronto House Purchase

Originally Posted by Goodbhoy View Post
Rural would be nice. I currently live in a rural location in the UK.
Yes, I will need a public school and College for the kids.

If I was being really fussy, it would be nice to live on or near a lake or river.
Well Lake Ontario is pretty big! You could also look at somewhere near Lake Simcoe (e.g. Barrie) or Lake Scugog (e.g. Port Perry). Anything near a lake big enough for a boat will likely increase your commute.

Last edited by MarylandNed; Sep 12th 2014 at 10:06 pm.
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Old Sep 12th 2014, 10:02 pm
  #22  
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Default Re: Toronto House Purchase

I think it's a good idea to rent for a year or so...this will give you time to choose the right area for you and your family...especially if schools are a consideration. Selling here costs an arm and a leg...so not so easy to move if you find property is not in the right area for you. You will also need to choose a good realtor...buying and selling here is nothing like the UK.
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Old Sep 17th 2014, 9:18 pm
  #23  
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Default Re: Toronto House Purchase

I'm with HSBC and the nice thing is they give you one "free" withdrawal per week from any bank- ie they refund the charge*. One way of compensating for poor branch coverage but as I withdraw from an ATM roughly once a week I don't worry about where from.

* catch is they refund $1.50, most ATMs seem to charge $2 these days, so it now costs 50c.
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Old Sep 17th 2014, 9:27 pm
  #24  
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Default Re: Toronto House Purchase

Protip: Get cashback from a grocery store. Spend that 50c buying a pack of gum, and ask for $100 cash back. No fees!
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Old Sep 21st 2014, 3:30 pm
  #25  
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Default Re: Toronto House Purchase

Am sure you know but the property market is different here. an offer is an offer, similar to the scottish system. Go to a bank and see what your mortgage eligibility is before you start house hunting.
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Old Sep 22nd 2014, 6:31 am
  #26  
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Default Re: Toronto House Purchase

There is a newcomers to Canada scheme for mortgages - you don't need traditional credit rating (although you can obtain a copy of your credit rating from the UK which will help). There is a list of alternative ways you can prove your credit worthiness, make note and bring the documentation with you!

You can read more here: CMHC Newcomer | CMHC

For permanent residents, where there is limited Canadian credit history and where foreign credit bureaus are not available, CMHC continues to consider alternative sources of payment history for Loan-to-Value ratios between 80.01% and 95%.

Newcomers with non-permanent resident status have access to CMHC-insured financing of up to 90% loan-to-value ratio for the purchase of a 1 unit owner-occupied residential property.

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Old Jul 17th 2015, 3:20 pm
  #27  
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Default Re: Toronto House Purchase

What are the costs of buying a house in Ontario. Here in the UK we have estate agent fees of 1% or 2%, plus the cost of a solicitor and a surveyor.
In Canada do you pay state and Provincial taxes on house purchase ?
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Old Jul 17th 2015, 3:27 pm
  #28  
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Default Re: Toronto House Purchase

Originally Posted by williamceri View Post
What are the costs of buying a house in Ontario. Here in the UK we have estate agent fees of 1% or 2%, plus the cost of a solicitor and a surveyor.
In Canada do you pay state and Provincial taxes on house purchase ?
You're better off starting a new thread for this instead of unearthing an old thread from nearly a year ago. Then you're more likely to get better answers, I suggest you go do that.
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Old Jul 17th 2015, 3:44 pm
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Default Re: Toronto House Purchase

OK, Iwill try to work out how to start a new thread, which isn't immediately obvious to mw.
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Old Jul 17th 2015, 3:49 pm
  #30  
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Default Re: Toronto House Purchase

Originally Posted by williamceri View Post
OK, Iwill try to work out how to start a new thread, which isn't immediately obvious to mw.
Click on this... http://britishexpats.com/forum/canada-56/ ...it's the main index page for the Canada forums. Look down the left hand side of the page and you will see a blue tab marked 'New Thread'...click on this and off you go!
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