This guide will help you in your quest to purchase a condo in Toronto. Whether this is your first
condo or your tenth, you should still get plenty of information from this guide.
Let's begin by discussing the necessary steps to prepare you for condo ownership.
1. Decide how much condo you can afford.
Typically, the price of your condo should equal no more than three times your gross income.
2. Prepare a wish list of the needs and wants in your new condo.
Prioritize the list and decide which the necessities are and which features you’d like but can live without are.
3. Select three or four Toronto area neighbourhoods.
Consider their school districts, proximity to work, recreational activities, safety & expansion plans.
4. Do you have enough money for a down payment?
How about closing costs & other fees in the condo buying process? On average, expect the costs to be between 2%-7% of the sale price.
5. Get your credit in order.
Obtain a copy of your credit report.
6. Don't make any major purchases in the few months
Before buying a condo since this may affect your debt-to-income ratio.
7. Explore the difference mortgage options and determine which is right for you.
Get pre-approved by a lender to help you determine how much condo you can afford. This will also speed up the closing process.
8. Organize all the documentation a lender will need to pre-approve you for a loan.
9. Find an experienced Toronto real estate professional to help you search for a condo and assist you in the buying process.