1. Speak to a bank or mortgage broker before you start looking, and find out what
you’re preapproved purchase amount is so you know how much you can afford.
2. Keep in mind that most closings are 60-90 days! So if for example you were planning
to be in your new condo by April, you’d have to buy in January – February timeframe.
3. Work with a professional Realtor who will guide you through the buying process. The
Real Estate salesperson you choose will be committed to helping you sort through
the options available to find the right place at the right price. And their services are at
no cost to you, since typically it’s the seller that pays the real estate fees.
4. Know that you will need extra money for closing costs: land transfer tax, lawyer’s
fees, and mortgage insurance if necessary. (note: first time buyers can get up to
$7,725 back on the land transfer tax)
5. Make sure you have put away cash for a deposit, 5% of the purchase price is
preferable. The deposit needs to be delivered to the listing brokerage within 24hrs of
your offer being accepted, and should be either a bank draft or certified cheque.
6. Have a good Real Estate lawyer handy, you will need to contact them as soon as
your offer is accepted. Your Relator can refer a few trusted lawyers if necessary.
7. Try to see a few different buildings visiting them at different times of the day and
evening. Check out the neighbourhood and local coffee shops at the same time to
see if the area suits you. When you buy a condo you are not just buying the unit but
also the neighbourhood it's in, and its lifestyle.
8. Purchase the largest suite you can afford, that has a pleasant view and bright
exposure. (Bachelor and Junior 1 bedrooms are more difficult to re-sell and rent out)
9. Make sure the unit doesn’t look out over areas that can get noisy late at night or
early in the morning, like garbage pick-up areas or garage entrances.
10. Even if you don’t need them, always try to get a unit that includes a locker and
parking. If you don’t end up using the parking space you can always rent it out.
11. Find out what the monthly condo maintenance fees include and don’t include (for
example water, CAC, heating, etc.).
12. Find out who the occupants of the building are: mostly owners or tenants? Owners
are preferable as condos that are mostly rented out may not hold their value as well.
13. When you are ready to make an offer, make it conditional on your lawyer reviewing
the Condominium Documents and Status Certificate.
