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When I was living in Torotno Canada, I really wanted to have my own property in somewhere where is popular and growing area like Yonge & Eglinton (like Shiba in Minato-ku Mid-town) or Harbour front area (like Yokohama, bay area). But because the market in Toronto is quite hot, I couldn’t afford any property with $200K of my budget.

When I ask an opportunity in this budget, most of realtors normally introduce a property in a failed development area or a suburb area such as, Scarborough or North York. Or maybe Lakeshore which is extlemely inaccesible to downtown…

But I didn’t give up finding a studio property that is nice, modern, close to station, convenient, in popular area of downtown and price is $200K! It was because I had only $40K of savings in my account at that time -♪( ´ ▽ ` )

To be introduced new condo project faster than anyone in cheapest price

Foreigner is usually required 20% of downpayment in Canada. And then 50% would be safe in final closing (I was ok with 35% though). Plus, full-time employment is mandatory for a mortgage approval.

But fortunately, I found such an ideal plan meets my requirement perfectly.
It’s “buying a new condo project in Toronto Mid-town”

“People want a property can be occupied immediately” so “the project that just started and cannot be occupied in 3 to 4 years is bottom price in the market”. Also, it could be a good investment because at least you won’t lose money. (May not be applicable in Japan market though)

The key point of this strategy is a honest realtor. Because if client budgets is 200K, realtor usually recommends a property that can be closed immediately in order to receive the commission asap. Fortunately, a president of my previous work place kindly introduced her great realtor to me so I could register the property I currently have.

In conclusion, I could buy a brand-new studio apartment by $228,900 with 20% of downpayment. It’s located in convenient popular area in mid-town Toronto. In addition, I had additional 4 years to save up rest of 30%♪ Many investor says putting half of downpayment doesn’t work as an investment. But in my case, I just wanted to have one property as a solid faundation of my financial stability so it was still an ideal opportunity for me.

Toronto has changed in this 4 years

By the way, in 2013, the value of studio apartment in Yonge & Eglinton was around 250K to 300K.

I purchased my unit in fall 2013 and occupancy date is October 2017! Of course I saved up 50% of downpayment, and also saved up 15K for closing (too much?) as well as 10K for 1 year living expense. Great thanks to Lovecaba and US big law firm ( ´ ▽ ` )

Now all units in this condo had been sold out, they started another twin condo project in front of my condo and they had also benn sold out. And then, the value has still been increasing 2 years in row. New transportation (train has direct access to the airport from Yonge & Eglinton) will also be coming soon. I think Eglinton is thriving well as a mid-town of Tooronto.

Lucky ( ´ ▽ ` )

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