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We Bought A House In Canada | What To Plan Before Buying A House | Canada Couple Vlogs - YouTube
Channel: Canada Couple Vlogs
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Hi guys.
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You must seen the last video, we talked
about the real estate market in Canada
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the real estate market of Canada is crashed
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and for those who don't know,
we have brought our own house in Canada.
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You must see it in the background.
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but it will take some
time for the home tour
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because we are purchasing d茅cor
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all the shops and malls are are closed,
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they are opening gradually.
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- So today we are going to..
- Garden centre
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because it's springtime, and is the time when
people decorate their house with flowers
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as you can see this yellow flowers.
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- We are very fond of flowers...
- Not 'we', only she like flower.
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I am very fond of flowers.
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I had wished that we will have
our own house and we will decorate it.
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So Garden centres are opened,
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lets see, we have half an hour,
because it's open till 6:00 pm.
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Let us go there, and do some shopping
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and we will decorate our house,
and then we will give you a home tour.
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Don't ask why we are going so
late at 6:00 p.m., it's Sunday
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- We get up late--
- Everybody knows who does late
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- So tell us in the comment.
- Now I am being scolded, let's go there.
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So there are a lot of important
information which we will share,
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throughout the whole video
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we will tell you about buying a house in Canada,
we have detail videos soon in this channel
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please subscribe this channel so that you
don't miss those videos, so let's go.
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We'll talk in the car, take you with us.
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-We will shop with you together.
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- First of all you must be thinking why we
purchased house too soon after coming to Canada
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we have moved inside the house
before 2 years is completed,
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and we had book our house after
1.5 years of coming to Canada.
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if you talk about apartment or
condo, which is of one room
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it's rent is approximately $2000.
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If you are living in downtown torronto or you're
living near Mississauga's Square one area.
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So the single room rent is near about $2000.
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Even if you are going to the basement or
apartment, then also the rent will be around $1500.
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So if you are living near the downtown area, or you
are near the office and you need only one room
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then you can live in an apartment for long time.
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But if your family is coming from
your home country or you have kids
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then it will be very hard for you to accommodate
in one room, you need at least two room apartment
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or you need detached house or
a semi detached house in rent
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and its rent is around $2,500, which is
very close to a mortgage of a house.
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So even if you purchase a house for
$6-$7 Lakh then mortgage is around $3000
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so why not to pay that mortgage
instead of paying $2,500 in rent?
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So that was one of the reason.
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So any immigrant coming here they purchase house
here within 2 years, 3 years or maximum 5 years.
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So it is important to start saving from the
beginning, since the day you land here because
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once you do a little bit of down payment
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after that it is like paying your rent,
you have to give only that amount.
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It's a good thing, you are
creating an asset,
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and your rent is not getting wasted.
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And housing market is really good here.
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and you will get house of all ranges, so
you have a lot of options to choose from.
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So it is preferable to purchase
your house as soon as possible
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instead of paying rent which is getting wasted.
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If you have seen the previous video,
the housing market is not crashed yet
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crash in the sense, that is, very little
number of houses are coming for listing
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like, before if it used to be 100 houses, now only
50 houses are being listed in the market for selling
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because in this situation everybody knows
that no one is going to purchase the house
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and neither anyone would be interested
in selling if the rates are going down.
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But if this situation persists then
eventually within next 6 months...
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lot of articles are coming
out, also banks are announcing that
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housing market will go down
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the rates will go down from
5 to 10% of all the houses,
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then for next 6 months is going to be a good
time if you are planning to purchase a house.
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As you can see behind, we
have reached garden centre.
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- I will not be scolded.
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because we are here before 6:00 p.m.
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-That doesn't mean that I will be able to shop
within 15 minutes, though I feel really good.
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I have kept the plants very carefully
so that they are not broken.
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Very carefully.
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- its misconception to believe that by
planting money plant, you will get money.
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So everybody purchase money plant!
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- It is very important thing in present time.
- Especially if you are not wearing gloves.
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-Necter!
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- Always keep sanitizer inside your car.
- Please give me.
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How you will do it with one
hand, switch the camera off.
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As the market is down now, so this is the right
time if you are thinking of purchasing a house.
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Or maybe if you are planning to purchase
house in Canada in next 6 months to 1 year
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then you should start with some basic things.
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First and foremost thing here is credit history.
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It is important to build credit history,
it will help in approving your mortgage
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to know what's your score is important.
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The second thing which you need to
be aware of after credit history is
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what is your preference?
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If your preference is to purchase
house near your office
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If your preference is to purchase in downtown,
or your preference involves good schooling.
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So when you will shortlist this things,
you will narrow down your options.
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You will have a specific region instead
of whole greater Toronto area i.e GTA
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like, you have to purchase house
in Mississauga or Brampton,
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that way it will be easy for
you to search for houses.
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The next important thing is a good realtor
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you will find houses online to see, but till
the time you don't have a good realtor
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it will be very difficult for you, to know about
the positive and negatives aspects about the house
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- So it's really important
to have a good realtor.
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- Specially if you are buying a
new house from builder directly
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then it is not necessary for you to involve
realtor, you can directly buy it from builder.
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But of course as Manpreet has said, if you are
purchasing old house, then realtor will help you a lot.
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Because he will speak in your behalf with the seller
about the prices, he will negotiate the prices
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and he will also tell you the negative aspect
about the house which you don't know
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because they have a lot of
experience of selling houses.
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- and the good thing is you don't
have to pay anything to the realtor,
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the seller have to give certain
percentage to the realtor.
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- So it is a good thing for a buyer.
- And as you can see, the car is not moving.
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After driving so much, I am very hungry, let's
get something from McDonald's from drive through.
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We shouldn't be eating outside, but it
will take a lot of time to reach home.
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So we'll have our meal on the way, and
we'll discuss about the other points.
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And as you might know in Canada, there
are full time jobs and contractual jobs.
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So if you are in contract, then it will be very
difficult for you to get your mortgage approved.
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So if you are planning for next 6 months or
one year, try to move on to full time job
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and after getting the approval, ending the
whole process of purchasing the house,
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after settling in the house and moving, then again
you can go to the contract, so people also do that.
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Because if you are in contract for 2-3 years
then you have the chances of getting approved
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in case, if you are in one year contract, or 6
months contract, then it will be very difficult.
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So it is a point which you need to keep in mind, if
you want to initiate the process of buying home.
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For just starting out, you can visit REALTOR.Ca
to view the houses, the listings.
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Here transparency is highly maintained
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like if I want to sell my house,
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then I will upload photos and videos with all
the details of how many rooms, bedrooms,
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washrooms are there in my house.
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From there you will get an idea of
what kind of houses you are wanting,
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it is free of cost
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and in this, you don't have to do much
you just have to go and check the houses online
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in areas which you have narrowed
down in the previous steps.
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And one thing I should mention
that it is also important for you
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to filter out that, how many rooms,
bathrooms and washrooms you need
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so you can narrow down your
preferences in this regard also.
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So many kinds of houses are there like-
townhouses, semi detach, detach.
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So you don't need to get confused, we
will make a detailed video on this.
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But you have to take
it into your criteria,
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like if you want a big house, or a detached
house or you need a condo, apartment
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so it depends upon your requirement.
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So when you you put all this things in the filter
of REALTOR.Ca, there you will have the budget
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that you can purchase $3 lakh house, or
you can purchase $7 lakh house
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and then when you have all the criterias
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and all the preferences are narrowed down
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and then you can target and
focus on those houses only.
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And few people keep open houses, where you can visit
in weekends, for this you don't need REALTOR.Ca
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you can go according to the timings,
and view the house yourself.
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We have finished our meal, and had coffee.
So we've got some energy back.
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Let's complete the video.
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Another point which you need to keep in mind is,
if you want to buy new or old house through builder
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because both have advantages and disadvantages,
we will make a dedicated video on this.
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But in crux, new houses have
their own disadvantages,
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for example..
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for that you need to have some knowledge,
and you need to have a good realtor
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he will help you in this regard, if it is
justified for you to purchase this house or not.
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Let's say you got the house in
cheap rate of about 3-4 lakh,
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but after you moved in and you
have to spend additional $2 lakh
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so that house will give you losses.
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And moreover sometimes it happens that
you get old house, with good condition
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because here is a concept that people
change their houses every 5 years
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based on requirement like some people have
children growing up and they have space crunch
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and for storage the need more space,
maybe it also depends on schools,
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people shift if they find
good schools in other area.
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So people here on an average stay 5 years in
their houses and within 5 years they move on.
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- Which is unusual.
- Because in India we have homes forever
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but here people change their
houses very frequently
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and therefore it may happen that you get old house,
which maybe only 5 years old, that too in good price
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and also well maintained.
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So again it depends upon
your budget and other things.
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You can get fantastic old houses.
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There's one another thing which
is very unusual in Canada
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that is a single house can
get multiple bidding.
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For example if a seller has listed
his house of $5 Lakh
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someone will bid $5,10,000, someone will bid
$5,30,000 or someone will do $5,50,000 bidding.
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So obviously the seller
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will sell his house to the
highest bidder, i.e the $5,50,000
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it happens when the house is really very
good and multiple buyers are bidding on it.
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Which is very unusual.
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Because in South Asian countries, like in India,
Pakistan I don't think this things happen.
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So you have to be careful about these things, your
realtor will help you very much in this regard.
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He will tell you about how much bidding you
should do, so that you can get the house.
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So now the market is very down
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now less houses are coming for listing,
and also the sellers are also less
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because the market is unpredictable
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because no one knows what will happen
in 6 months? Will the prices go up or down?
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Everyone is holding up.
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So now the bidding in the market is
very less, so if you get a good house
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and you bid upon it, chances are
high that you might get that house
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because others or not bidding.
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So this market is a buyer market and for the
next six months it will remain a buyer market
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because the prices will also go down
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and the government will also try
to bring the buyers to the market,
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so the interest rates
might also get low.
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So one cannot predict
about the next 6 months.
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But if you get a good opportunity,
if you get a good house
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you must bid on it
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you never know, you might
get a house of your choice!
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- That too on a reasonable cost.
- Yeah, exactly.
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- So this was about the high
level home buying process
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and we will make detailed video on all other
topics, if you want videos on a specific video.
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so please comment down below and we
will add that topic in our list.
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But we will make sure that you
get all the information, end to end.
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All the mistakes that we did in our house
buying process, we'll tell you about it
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so that you might not get any loss.
Although we had incured a little loss.
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So you can learn from our mistake
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So this is an objective behind
making all these 'home buying' series
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and of sharing our experience.
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So all the videos will be about this.
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Subscribe our channel, so that
you don't miss any video.
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And do not forget to like, because I hope
the information was very helpful for you.
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So it is more of like a
first hand experience,
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we are trying to share all the experience
that we have got while purchasing our house
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because is emotional thing
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as you are buying your first house, it is very
important for you to keep certain things in mind.
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We hope that you enjoyed this video.
Like, share and subscribe.
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- Till next time, stay safe
- and stick around.
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