Expert: Derek Hamilton - 10/6/2009

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