In Canada, mortgage lenders require a down payment from the buyer in order to qualify for a mortgage. The minimum amount required is 5% of the sale price of the property you're buying. The primary reason for a required down payment is to show good faith to the lender you intend to fulfill your payback obligations as you’re financially invested in the initial payment.
If you’re thinking about buying a brand-new condo, one of the foremost thoughts on your mind is likely how long the build will take. Questions might arise, such as how early to think about listing your current home for sale or how long to sign on your current rental lease.
Living the condo life means being at the heart of the action. A vibrant community you can immerse yourself into, easy access to all the best nightlife, and your favourite activities just steps from your door are some of the best reasons to live in a condo.
Perhaps it’s been on your mind for a while... maybe the kids have moved out and you really don’t need that much house anymore. Or you might be nearing retirement and want to spend more time on your hobbies than on lawn care and shovelling driveways.
You may be under the assumption that all condo styles are the same. Maybe you’ve been thinking about buying a condo in a modern, high design, high-rise condo in the urban core. That might just be the right condo style for you.
As you weigh all your options in your hunt for the ideal new condo, you’ll consider things like location, building or property amenities, proximity to shopping and dining establishments, among others. You’ll choose a floor plan that works best for your lifestyle in your retirement.