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Toronto Housing (Closing cost (Legal fees and disbursments (min…

- - - - Toronto - 0.83% on 400K home
- - - - GDS
        
        mortgage payment + property tax + heating cost + 50% condo fee divided by Annual Income
        
        must be less than 32%
        
        Gross Debt Service Ratio
      - TDS
        
        Total Debt Service Ratio
        
        House expense (per GDS) + credit Card interest + car payment + loan expense divided by Annual Income
        
        must be less than 40%
      - both TDS and GDS must be less than max
    - - increase downpayment
      - payoff debt
      - increase income
        
        get co-signer
- - - - Disadvantage
        
        renovations
      - Advantage
        
        No waiting
        
        mortgage pre-approved right away
        
        You can see what you’re buying
        
        bidding war for a good unit
    - - Advantage
        
        flexibility to customize
        
        appliances, cabinetry, flooring)
        
        Lower Price
        
        New
        
        time to save money
        
        appreciate
        
        Fixed price
      - Disadvantage
        
        pay a number of fees for closing
        
        layout can change
        
        phantom rent
        
        Delay
        
        subject to HST
        
        But if you are planning to live in the new condo (rather than rent it out), you might be eligible for an HST rebate