buying a condo to rent

COLUMBUS, OH

The Livabl forums are closed to new posts and replies.
Read more about this here.

Change Location

Back to Conversations

SAMEER KANE

NewBee

Hi all,
Excellent forum this. Very knowledgeable responses. Had a quick question myself.
I am a Canadian citizen working in the US. Contemplating buying a condo. May move to Canada in maybe 4-6 years down the line. Thinking North York. Bank asking 35% down. I can afford that. Looking for approximately around$200,000. I have heard a lot about 'tax withholding'(25%?). Is this true?. Is it worth ?. I just plan ro buy this as an investment and rent it for the long term.
Please advise.
Thanks

New Home Q&A

PHILIP LAM

NewBee

1 BEST REPLY

SAMEER, I'm at the same situation as yours. Planning for my retirement back at TO, let me know what you've found out on the tax implications since I'm also working in US and not paying any taxes in Canada since we moved to the States.

Thanks
Philip

ZACKERY COTE

Buzzer

Why you want to buy a flat on rent? If you will move to Canada in next 4-6 years, then go and buy a flat as real estate is the best investment now a days. And when you want to move to Canada that time sell it. It will give you much more in return. So go ahead.

SAMEER KANE

NewBee

Hi Zachary,
Thanks. Well. .actually I meant to say that I am thinking of buying (investing) in a condo and then letting it out for rent to offset my mortgage. Trying to but in North york, budget around 200,000. Is there anything that I should be concerned about or is it a fair, profitable investment?
Thanks,
Sameer

ZACKERY COTE

Buzzer

Oh, then Mr. Kane you may look for @LJM Developments.
They have many projects. And if you want to see the actual condos on your computer then visit
http://waterviewcondominiums.ca/sales-tool/

NERSES SRAIDARIAN

NewBee

i can suggest a few condos that are now in the preview stage of the sales.
feel free to email me at info@bigcityrealtor.com

ZACKERY COTE

Buzzer

Sameer, do one thing. Search for the #LJM Developers. Visit his project and find any nearby. Might be you will get something. Good luck.

KATHERINE HO

NewBee

I might help you with your queries Sameer I know a lot of guys that I can refer to you. You can contact me using this numbers 6598213389 or visit my site http://www.myproperty.sg/crown-robinson/ and I will willingly guide you

VESPERKAN

NewBee

You can check out some of the buildings on Bayview and Steeles, or by Center and Yonge. those are in the range of $200,000 but it probably won't be where you want to live. They will definitely be rent-able. I have a friend who purchased a condo at Yonge and Center a few years ago. . while the value of the property hasn't increased, it hasn't decreased significantly enough to negate the amount of rent made in the few years she had the unit. It should still be a profit. Just remember to consider the convenience of the location.