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Today: 20.01.2018 - 15:08:21
   Canada Mortgage Hub Discussion Board -> Mortgage Montreal -> With $70.000 canadian dollars can i buy a three bedroom bungalow in Canada?
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papi130

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With $70.000 canadian dollars can i buy a three bedroom bungalow in Canada?
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Post # 1.

pancho120

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No. You might be able to pick up something in a northern town.It won't help you to get citizenship, by the way.
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ostros

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It could posibly be done in a few communities but not many. One possibility would be Elliot Lake in Northern Ontario. It was once a thriving uranium mining town, when that disappeared it became somewhat of an inexpensive city for retirees. _http://www.elliotlake.com/
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qqq3

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The only places you may be able to purchase a home for that amount of money, are small Northern communities. There are many towns/villages in Northern Ontario where houses go for $15,000....BUT there is no work there, no access to shopping and limited opportunity. The homes are generally older, many turn of the century and would require double that money to be fixed up.
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partwolf

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no you definitely can't.Calgary Alberta, and Vancouver BC are two of the most expensive cities to live in, in Canada. for 70,000 you couldn't even buy a one bedroom condo. In Ontario you would need a minimum of 130,000 for a "beginner" home and for that price it would likely not be three bedrooms and if you wanted something nice would probably be a small condo.To get a better idea go to mls.ca. It lists Realtor listed homes that are for sale across Canada (you just choose the city) and includes pictures and prices. I just checked quickly and for 70,000 in Alberta you are looking at trailers and shanties, and it is the most reasonably priced province you mentioned.if you have 70,000 you could use that as a down payment and get a mortgage and buy something nice.
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poli_b

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I'm not sure why everyone was telling you "Absolutely not. You won't find a place.". Canada is such a big place that you will DEFINITELY find several places across the country that are available under CAD$70,000.However, the two questions to ask yourself on that are:1) What type of place am I going to find? Most likely a older cottage converted to be a permanent home. It may need some fixing up. And probably on a small lot. 2) Where in Canada will this house be? Canada is the second largest country in the world (in area) and so the home you find may be well out of any city center and could be in a remote part of Canada.I did a search on the national realtors website (_http://www.realtor.ca) and when I looked for 3 bedroom 1 bathroom homes in Newfoundland under $75K, I found over 700 listings. That is just ONE of the ten provinces and three territories.You will almost certainly not find a home (one that is not already condemned) in one of our major Canadian cities like Vancouver, Toronto, or Montreal. Even in the smaller cities (Hamilton, Saskatoon, Nanaimo), the housing market is up and prices are minimum six digits.But bungalows on a small plot of land will certainly be available in many of the Atlantic provinces, and probably in small prairie farm towns. And of course, up north past places like Thunder Bay, Prince George, and Val-d'Or.As a non-Canadian, you will want to consult with an estate lawyer regarding buying foreign property and to see what taxes may be due as a person buying who is not from Canada. There are taxes and fees that may be incurred at the municipal, provincial, and federal level depending on where you buy.For example, in Quebec most municipalities charge a duty on the transfer of immovables. This is more commonly known as the "welcome tax" by residents, as in "Welcome to the city...now pay us a fee to transfer the house into your name". It is typically 1-2% of the sale price, or the value of the house, whichever is higher. And federal and provincial income taxes may have to be paid on the property in terms of capital gains, or if you use it as a rental or investment property.You should also not expect to be eligible for a mortgage or loan for buying that property unless you already have established credit with a Canadian bank. And as someone else mentioned, owning property in Canada does not immediately make you eligible for permanent resident status, nor for citizenship. You would still have to apply.
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