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Updated over 7 years ago, 03/21/2017
Starting Out In Toronto
How do I start real estate investing in Toronto? I am willing to drive around the Greater Toronto Area so I am not limited to only Toronto. Do I need a six figure income to start out?
- Real Estate Educator, Mentor, Investor
- Toronto, Ontario
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Hi @Ian Ramos, there are lots of things to consider initially. One of them is to speak with a mortgage broker to see what you can qualify to borrow. Happy to make an introduction if you'd like. Email me if that is the case.
Hey @Ian Ramos I would start with education, and for that you're in the right place. There are tons of amazing resources on BP to edcuate yourself in what to look out for in a deal and how to crunch the numbers etc. Toronto or other GTA markets are very viable, but it will all depend on what your personal strategy is. As mentioned though, to help determine where you stand, speaking with a good mortgage broker is important.
Hey Ian,
You don't need a six figure income to invest in Toronto but you do need a six figure down payment!
Figure out what strategy you want to employ first and that will guide you where and how you'll want to invest.
@Ian Ramos - You'll need 20% down, or 10% if it's owner occupied (think multiplex). There are some lending products out there which work on DCR. So if the place is already leased up, as long as you have the down payment, you won't need a large income to guarantee the property.
Originally posted by @Phil Gardner:
Hey @Ian Ramos I would start with education, and for that you're in the right place. There are tons of amazing resources on BP to edcuate yourself in what to look out for in a deal and how to crunch the numbers etc. Toronto or other GTA markets are very viable, but it will all depend on what your personal strategy is. As mentioned though, to help determine where you stand, speaking with a good mortgage broker is important.
What are some good resources. I feel like a lot of things on BP are US based
Hi welcome to B/P. This is a great place to be if you like real estate. I was born in Canada but have lived and invested in real estate in the U.S. for over 30 years. I am now here in Vancouver for the summer as the dessert can get very hot this time of the year. I personally started out in real estate with no money so do not let that become a barrier to your future success. If there is anything I can do to help your future success let me know.
I just recently came back from a trip to Toronto to visit family. I've gone there every year since I was born (literally). Over the past several years I have seen new constructions explode! I have family in Brampton and Nobleton areas so if you are from GTA, you'll know what I'm talking about. My cousin purchased a home for ~500k 3 years ago and just sold for about ~850k. A couple other family members that have bought and sold their homes resulting in the same situation. Safe to say that the appreciation will continue it's climb?
@Ian Ramos Sorry to hijack your thread for a moment lol Good luck with your investing!
@Kevin Phu Appreciation will continue to climb, supply is very low for detach and semi detach properties and demand is sky high, multiple offers of properties every day, this is one on the most aggressive real estate markets in north america.
@Kevin Malcolm I believe it! Do you see a lot of US investors in the Toronto market considering the currency rate right now?
#2 General Landlording & Rental Properties Contributor
You start by learning the Ontario Residential Tenancy Act and the Ontario landlord tenant board, also known as the Tenant Protection Board, rules. Ontario is extremely pro tenant and you need to know all the rules and how they are applied by the board before you even consider buying a property. You are about to start a business and had better learn the codes before you do or you will be sorry.
Read through the posts on here about problem tenants. In every single case the owner never spent a second of time learning the codes that apply to there business and then come on here looking for answers. By then it is way too late and their business is in jeopardy.
Study, learn the rules, attend landlord tenant board hearings in your area. Don't be the one that posts with kindergarten level tenant questions because they were too lazy to bother learning the codes before they invested.
@Kevin Phu surprisingly no. we are seeing 50-65% return on investments here, lots of investors coming from Asian.
Claude Boiron
Hey Claude
I am new to the blog but am looking at buying my first rental property in Hamilton.
Are you free at all for a coffee?
Shoot me an email
Thank you
Zack
