AboutDerek Hamilton Expertise Any questions relating to Residential Real Estate in the City of Toronto or Southern Ontario.
How much is my home worth in todays market? What's involved in Buying Real Estate ? How much do you need for a down payment? What's involved in Buying a Condo? What's involved in Buying a Co-op? What do you need as a deposit? How to choose a good Real Estate Agent for your property? What should you do to prepare your home for the market? How much Commission should you expect to pay? What are the expenses when Buying or selling your property? Should you have your home Staged for the market?
Experience Residential Real Estate Sales Representative in Toronto Ont,Canada for 24 years. Award winner for 20 straight years with Royal Lepage R.E.Service ltd. and 10 years with Sutton Group Bayview Toronto,On. Prior experience was 10 years building new custom homes & Renovations in North Toronto. I have a total of 30 years experience in the Residential Real Estate field.
Organizations I also subscribe to the Georgian Triangle Real Estate Board in Collingwood & the surrounding areas.
Education/Credentials George Brown College "Carpentry", Continuing Education with the Toronto Real Estate Board. Member sinse 1985.
Question QUESTION: Hi,
I have no Canadian citizenship (I'm Israeli) but I would like to purchase a condo in Toronto. I would like to know if I allowed to own a property in Canada (to buy one) and if I does is it possible for me to get a mortgage loan (and if does what percentage of the property value).
Regards!
Boris
ANSWER: Hi Boris,
Yes, You can purchase a Condo or any Real Estate in Toronto or anywhere in Canada.
As far as getting a Mortgage. You would need to fill out an application form with a Mortgage Broker or bank to see if you qualify for a Mortgage? For a standard Conventional Mortgage you need to put down a min. of 25% of the Selling price and have some proof that you can make payments on this Mortgage. Security and or a job etc...I can help you buy a Condo in Toronto and set you up with a Lawyer and a Mortgage Broker if you need help. What is your price range and area etc...
Let me know.
Thanks and good luck.
Derek Hamilton
---------- FOLLOW-UP ----------
QUESTION: Hi Derek,
Thanks for such a quick response. What about my price range than I can put down 70K hence in case of maximal mortgage we are talking about 280K top. I have a question according the mortgage proof. Is a stable job in big American company (Israel site) as Software Engineer is good enough for this cause? And the last question is my price range is enough to buy a medium-small condo in the center (close to business and shopping centers) of Toronto (and if does is it a good location to rent the condo for a decent price?) ?
ANSWER: Hi Boris,
There are many Condos on the market in Toronto ranging from $250,000 - $4,000,000
The first thing to do is talk to a Mortgage Broker and get pre-qualified for a Mortgage.
I can send you someone to talk to about that if you want? Then I can send you Condo's For Sale in your price range in the downtown area. Lots of things to consider when buying a Condo. Location, Price, Maintenance fee's, Taxes, Exposure, What floor your on etc... Maintenance fee's will run approximate.$350.00-$450.00 per Month and Taxes will be approximate.$250.00 per month on top of your Mortgage payments.
Will you be in Toronto anytime soon to look at Condo's ? I sold a Condo a few Months ago for $400,000 and my Buyer is renting it out for $2000 a Month. For a $300,000 Condo 2 Bedroom you are looking at renting it out for $1500 per Month ?
Thanks,
Derek
My e-mail is derekhamilton@trebnet.com
---------- FOLLOW-UP ----------
QUESTION: Hi Derek,
Thanks again. I think is is a good idea you will connect me to some Mortgage Broker. According my arrival to Toronto I would prefer to do it at the last stage of the whole process after I'm completely sure what Mortgage I'm allowed to get and after I have chosen a bunch of candidates (condo's) to look at. I would be very pleased if you can send me the Condo's for sale. Do you think a week in Toronto will be enough to choose an appropriate condo and to close the deal or I will need some more time?
Regards,
Boris
Answer Hi Boris,
Here is a contact for a Mortgage in Toronto. I hope she can help you.
Tell her you have been talking to me.
Janet McCuaig
Northwood Mortgage
jmccuaig@northwoodmortgage.com
1 416 969-8130 ext.246
Fax: 1 416 987-5890
Mobile 1 416 457-8312
Please confirm by e-mailing me direct.
Thanks,
Derek
