All Forum Posts by: Preeti Madan

i recently got Permanent residency in Canada and my household income is 166k CAD (mine 85k CAD and spouse 81k CAD per annul). Currently i am staying in basement rental(1700 CAD) with my husband. CIBC bank pre-approved 675k CAD loan with 10% down-payment. I searched property last month in Scarborough, Richmond hill, Markham and other GTA area but didn't find any good detach/semi detach house (with separate basement ) within 800k.

Now I have three option:-

1) Move to outer GTA area like Ajax,Pickering, aurora , new market or other part of Toronto MSA. I am planning to stay in basement and rent upper part to get 70% of mortgage payment from tenant.

2) Invest in two pre-construction condo (both value should be under 500k) and stay in rental,

i will show 20% down payment for one condo and 10% for other to meet the mortgage insurance requirement

3) Invest in one pre-construction condo and buy one condo to live. i will show 20% down payment for one condo and 10% for other to meet the mortgage insurance requirement

Please let me know which option i need to choose or if you have some better option then also please let me know.

Thank You @Roy Cleeves for feedback. is Eastern Ontario is good to invest for rental properties? like Durham Region?

What are the best areas for rental property in Ontario, Canada region which can generate +ve cash flow

That's a great deal. and far better returns than rental market investment. I am currently in USA and moving to Canada in May. I am actively looking to invest my money in real estate and network with like minded people. Thank you for posting here.

Hi Matt, Thank you for posting the information here. I am currently in USA and moving to Canada end of May. I am actively looking my investment property there which I can use to live and rent. I read that Canada housing market is going down ..is it? would you recommend any particular area? is there anyway I can join this event online?

Thank you for all the help

@Jared Lawrence welcome to community. This place is hub of experts so you are at right place

All of the above mentioned books are great. I am also newbie in Canada RE market. Check this book out too: 97 Tips for Canadian Real Estate Investors bu Russell Westcott. 

Would love to Attend when i move in Toronto this year. I am in USA right now.

I have been planning to start investing in Mississauga/ Brampton, Ontario with House hacking. In Ontario, renting out basement is very common. My starting out strategy is buy a below average property, with basement, in livable position and either rent out basement or main floor for maximum money out. Live there for a few years and do cosmetic renovation. After that move to other property and rent out both the floors to get more money. after my few months research i have got to know that, In Ontario, it's hard to get cash flow and Buy and Hold strategy works better. I have a few below questions:

• Is there any risk i should be considering in above approach?
• I heard USA and Canada market doesn't work same, in that case if basement doesn't have kitchen then what would be the approximate cost of building it or how can i calculate it?
• in there any different route i should consider?
• Is Mississauga/ Brampton a good place to invest in or one is more good than other for house hacking?

Thank you for any help.

Preeti

@Shawn Mcenteer I agree and i ended up having my house staged. Appreciate your response.