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Questions asked by every CONDOMINIUM PURCHASER

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Questions asked by every CONDOMINIUM PURCHASER Buying a brand-new condominium is a thrilling experience, and that’s putting it mildly. However, when you begin to feel more at home in your new surroundings, you may have some questions. Some of the more frequent examples are listed below. How might my situation be affected by interim occupancy? Before the entire development is registered with the local municipality, you may move in, but you won’t be the legal owner of the unit. The time between when you receive the keys to your new condo and when you assume title to the apartment is known as “interim occupation” (when you own your home) There will be a monthly charge paid to the builder during this time that will cover the interest accrued on the remaining debt, the estimated municipal taxes on the unit, and the estimated costs of maintaining the property. When the developer finishes the condo and the condo association is officially registered with the land registry, the interim possession period ends. During this time, you and the builder will decide upon a closing date, which is the day you will officially become the owner of the property. Who can file a claim for a warranty? Within the first 30 days of moving in, you are eligible to submit your first warranty claim for the one-, two-, or seven-year unit warranty that kicks in when you take possession. Everything from the unit’s walls and flooring to its cabinets and counters is covered by the guarantee, as long as it’s located inside the unit’s boundaries. You, the unit’s owner, must file all warranty claims with the building’s developer and Tarion. If you are a homeowner, you can fill out the warranty documents for your home and submit them to your builder and Tarion all at once using our online service, MyHome. We urge all new condo owners to sign up for MyHome as soon as they move in. When do I get to see the limits of my unit? A “unit” in a condominium complex is what a buyer acquires upon making such a purchase. Your builder should have issued you with a copy of the condominium project’s Declaration and Description, which will outline the boundaries of your unit. This will serve to define your group’s confines and its shared resources. When problems arise, whose responsibility is it to file a warranty claim, and what common components are involved? In a condominium complex, the unit owners collectively share the common elements. In most cases, the units themselves are not included but everything else on the property is. The recreation room, lobby, elevators, and parking garage are all staples. You may also have access to ‘exclusive common components,’ depending on the condo unit type you purchase. Things like a balcony that you use exclusively would fall under the purview of the common elements warranty but are not shared with other tenants. Since the condo corp is technically the “owner” of the project’s shared spaces, it is the only entity authorised to submit and manage warranty claims for these areas to the developer and warranty administrator, Tarion. When the condominium development is first recorded with the city, the warranty on the shared parts goes into effect

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Pre-construction assignment sale is ADVANTAGEOUS

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PRE-CONSTRUCTION ASSIGNMENT SALE IS ADVANTAGEOUS Things can shift rapidly in life, for better or worse. The Agreement of Purchase and Sale includes a no-assignment clause for the security of both the original purchaser and the developer. It normally takes about four to five years to finish building a condo from the ground up, and even longer for a high-rise complex. These apartments are put up for sale well in advance of when the building really begins. George, a bachelor of 27 years, has a career in the medical sciences. He has worked hard and saved enough money to put a down payment on an apartment in a new downtown Toronto development that will have 30 stories when it is finally finished four years from now. After putting down a down payment and signing the purchase agreement, George is free to carry on with his single life and thriving profession as a proud future homeowner. Imagine that two years from now, George receives a job offer in a different city, meets a wonderful new person, and envisions a bright future with them both. Or perhaps his financial situation has taken a turn for the worse, and he no longer qualifies for a mortgage and desperately needs the pre-construction condo unit. It’s also possible that George is an investor with extensive knowledge of the local real estate market. He invests in pre-construction unit contracts, then, when the time comes, lists the apartments for sale as assignment sales through real estate agents. Due to the length of time, it has taken to complete the building, the value of the land on which it is situated has increased, increasing the worth of the unit beyond the amount paid for the contract. In the few years it takes to construct a condo complex, a lot can happen in anyone’s life and finances, both for the better and for the worse. These are just a few of the many circumstances that frequently lead to an Agreement of Purchase and Sale assignment in the pre-construction building industry and with developers.

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A New Purchaser of a Condo Under Construction

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A New Purchaser of a Condo Under Construction In the pre-construction real estate market, an assignee is the new buyer of a home or condominium who has legally transferred the contract for that property through an assignment sale. A contract for a yet-to-be-built property is being offered for sale or assignment by the original buyer to a potential buyer (or assignee). At this point in time, the buyer assumes full legal responsibility for the contract’s ongoing performance. The seller (assignor) has transferred the contract to the buyer (assignee), who is now legally bound by the terms of the agreement. Consequently, the assignee is the buyer in an assignment sale and, in the end, the legal owner of the house. Catherine wants to find a new place to live just outside of Toronto, where she presently resides and works, so she talks to her real estate agent online about possible pre-construction townhomes in Vaughan. Her real estate agent recommends a new townhouse in the city, one that is convenient to a wide variety of services and transportation alternatives. Free parking is provided, and homeowners association dues are inexpensive. Catherine is in luck because the sale of the unit is an assignment prior to construction, which means she can haggle for a lower price and potentially save a lot of money. The home, neighbourhood, and sales incentives are all appealing to Catherine. She gets an excellent price reduction and signs the contract to buy the new townhouse. In this transaction, Catherine is the new buyer, or assignee, of the pre-construction contract. She takes over the ownership of the pre-construction contract and assumes the assignor‘s rights and obligations under the agreement. To rephrase, once the assignment sale closes, Catherine will be the official owner of a brand-new house.

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How to Sell a Pre-Construction Condo

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How to sell pre-construction condo It is the obligation of the original buyer to abide by the conditions of the Purchase and Sale Agreement. At the conclusion of a pre-construction assignment sale, the new buyer takes over the obligations. Due to the complexity involved, the process must be closely monitored till completion. For instance, an individual is trying to unload the contract he signed three years ago for a one-bedroom condo in a downtown Toronto building that is nearly ready for occupancy. He decides to consult with a real estate agent who specialises in pre-construction assignment sales as well as a pre-construction attorney who has experience with assignment sales so that he may fully understand his legal obligations before, during, and after the transaction. The concerned person should check with the developer and his purchase and sale agreement before advertising the contract for sale. Next, he must follow the specific guidelines his developer has set down in the contract for assignment sales. His developer has specified in the contract that he must pay the developer’s administrative and/or legal fees if he assigns the pre-construction contract for the unit in dispute. Finding a buyer for the contract is now his responsibility as well. That individual further plans to get the sale advertised on venues where interested parties congregate by engaging the aid of a real estate agent who specialises in pre-construction assignment sales. The seller’s continued participation is essential because he is the one who decides on the selling price (and whether or not he is open to bargaining) and who must approve the final sale price. The person will no longer be the owner of the contract for the unit once the pre-construction assignment sale is finalised and the contract is passed to the new buyer. He is no longer entitled to any of the benefits promised under the contract or the use of the unit in question. The new owner is responsible for all fees associated with the pre-occupancy, closing, and mortgage. However, he needs to be wary because he might be held responsible for the new home’s costs and obligations if the new buyer defaults on the contract. Typically, the individual will collect his earnings once the closing has been completed and the new buyer has obtained the title to the property. Seller’s rights and duties are a significant factor to consider when selling an assignment during pre-construction.

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Discover before building

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Discover before building You’ve been looking for a new place to call home for what feels like forever, but nothing is quite right. Instead, you’ve made up your mind to commission the construction of your ideal house on land you already own. Even while well-meaning relatives and neighbours may offer to help by recommending builders, you should seek out expert guidance to safeguard your investment before any ground is broken. Consultation with an experienced real estate attorney who is conversant with contract homes is a smart choice to ensure that your rights are safeguarded in the contract you sign with the builder. Verify the builder’s credentials before hiring Whether the prospective builder you wish to hire is licenced should be your first step. Before constructing or selling a home, a contractor must first register with Tarion. That a builder has the resources and expertise to see the project through to completion and back it up with warranty coverage is just one of the requirements for registration. It is unlawful to construct without being registered with Tarion, thus if they are doing so, they have not been properly verified. Put your deal in writing You and the builder should have a binding agreement outlining the scope of work, the costs, and the timelines for both construction and payments. Having a written agreement might strengthen your position in the case of a disagreement. Tarion can help you out if your builder stops functioning on your house or if there is a serious disagreement during the building process. Tarion may award you compensation if you can prove that your builder did not provide the services promised in your contract. What happens if the cost of the construction exceeds the money you paid for it?

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A Guide for interim occupancy

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A GUIDE FOR INTERIM OCCUPANCY In some cases, pre-construction condo buyers will be allowed to move in to their finished unit before the rest of the building is ready. This is known as “interim occupancy,” and it is permitted until the city has determined that the building is secure for occupants. Condo buyers often misunderstand the distinction between temporary occupation and ownership. Occupancy does not automatically imply ownership. Although you may be able to move into your unit before construction is finished and the condominium is registered with the municipality, you will not get title to the unit until after these two steps have been completed. For more information on what to look out for while purchasing a condo in the pre-construction phase, please visit our site. Interim Occupancy Time The duration of a temporary tenancy may range from a few weeks to a whole year. How long you have to wait until you can move in permanently depends on how far along in construction you were when you gained possession of your property. When the local government finds that your dwelling is “fit for occupation,” it will issue a certificate of occupancy. Occupancy compliance with the Ontario Building Code does not equate to full completion. If the builder grants you interim occupancy, it will be because you have an occupancy permission. You are not required to occupy your unit during the interim period, but you may if you so desire. It is possible that the building’s common areas and other units will be undergoing renovations at the same time as your occupancy, so you should be prepared for some noise and inconvenience. As development continues, you’ll be able to stay in the building during this interim occupancy term until the condominium is officially registered. The interim occupation charge Whether or whether you live in the unit during the interim occupancy term, you will still have to pay a monthly fee to the builder. Interest on the remaining amount of the purchase price, predicted monthly municipal taxes for the unit, and projected common cost fees are all factored into this interim occupancy charge in accordance with the Condominium Act’s provisions. The interim occupancy fee is not a reduction in the ultimate condo purchase price but is due and payable only during the interim occupancy period. You can think of your interim occupancy fee as rent. Taking ownership of a condo Until the developer registers the condominium with the city, you do not have legal ownership of your unit. The condo owners form a corporation and select a board of directors to oversee the building’s operations. A portion of the land, including your own unit as well as the shared areas, is sold to you. Once you sign a mortgage, monthly maintenance agreement, and tax documents, you are no longer responsible for interim occupancy expenses. Common areas in your building now have a warrant.

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Five Things to Know Before Purchasing a Condo

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Five Things to Know Before Purchasing a Condo Buying a new condo is a big investment that demands careful preparation and research, regardless of whether this is your first or fifth condo purchase. In this way, you will know exactly what to expect from your new condo and will be able to buy with confidence. Affordability of the condos As the cost of a condo is typically less than that of a “normal” house, it might be a better option for someone looking to buy their first home. Plus, you get the aforementioned extras. Although the purchase price is important, it is not the only cost to consider when deciding to become a homeowner. This is because condo maintenance expenses may ultimately make condo payments more expensive than rent payments for a similar single-family home. Mowing the lawn, cleaning the common areas, and painting the exterior of the building will not be on your to-do list. To be fair, though, somebody has to do it. You, together with the other owners, are responsible for these costs. Condominiums have more rigorous mortgage requirements. You may have heard that condo financing is more challenging, and that’s because they are. Condominiums provide their own set of obstacles when trying to get a mortgage. Condominiums are subject to further scrutiny from lenders to ensure they meet certain criteria. Some condos have these features, but some do not. You shouldn’t let the difficulties deter you, though; millions of individuals have funded their homes in this method with no major problems. Live by the HOA Rules In the process of purchasing a condo, you will be provided with a copy of the Covenants, Conditions, Restrictions, and Easements established by the condo association or condo management firm (CC&Rs). This is crucial background knowledge. To begin, they’ll outline who is responsible for what within your unit and what is yours to maintain as an individual owner. It’s possible that you’re not responsible for maintaining the exterior doors and windows if they aren’t yours. Furthermore, while central air conditioning is a standard feature, window air conditioners are not. Those specifics will be spelled out in your CC&Rs. The regulations you must follow are spelled forth in the CC&Rs as well. Liabilities are shared with hoa Because you have a financial stake in the HOA (partial ownership), you may be held responsible for its problems. As a result, you can be on the hook for some of the cost of fixing a problematic building if it gave its stamp of approval to the project. You may also be required to pay for the HOA’s legal fees and share in any losses incurred if the HOA is unsuccessful in its attempt to get the developer to take obligation. In fact, you will be treated as an anonymous third party in any lawsuit the association files. It’s probably best to avoid buying into a community with a HOA that’s in the middle of a major lawsuit or that routinely files lawsuits. The “assessments” on a condo might be costly In most cases, a financially stable HOA or condo corporation will have significant reserves. Each month’s fee should be somewhat higher than necessary to allow for savings. In this way, it will be able to afford costly maintenance and repairs if and when they become essential. However, not all condo or HOA management companies are competent. There isn’t enough savings to pay for major maintenance like a new roof, HVAC system, or window replacement.

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A comparison of Open and Closed Mortgages

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A comparison of Open and Closed Mortgages Open mortgages are flexible enough to repay all or part of your mortgage at any point while leading to the continuity of the term without paying any upfront fees. Interest rates on open mortgages are often higher than those on closed mortgages. Open mortgages provide flexibility until you are ready to lock in the due term. Closed mortgage Closed mortgages limit early repayment options, but generally offer lower interest rates than open mortgages. A closed mortgage is a mortgage that cannot be prepaid, renegotiated, or refinanced before the end of the term without paying an upfront fee. However, some closed mortgages allow certain upfront preferences, such as the right to make an annual upfront payment of a percentage of the original mortgage amount without paying an upfront fee. Open vs Closed Mortgages There are two types of mortgage loans: open mortgages and closed mortgages. There are some differences between the two types, but often people confuse them. The main difference between the two types of mortgages is the repayment period. With a closed mortgage loan, you commit to a mortgage loan for a specific period of time. Often referred to as a lock system. In this lockout system, you can pay off your mortgage loan only when you sell your property. An open mortgage, on the other hand, is not that strict. With this mortgage system, you can repay your mortgage at any time without penalty. An open mortgage loan is issued for a shorter period than a closed mortgage loan. Duration varies from 6 months to 1 year. However, interest rates are higher for an open mortgage system. In a closed mortgage system, you cannot refinance or negotiate a mortgage before the end of the specified period. And if you want to renew your mortgage, you have to pay a fine. The amount of the penalty is set by the mortgage lender and can be interest or the difference between interest rates for a certain period of time. Some closed mortgage systems allow you to take advantage of open systems, such as a variety of early repayment options. The advantage of choosing a closed mortgage plan over an open mortgage plan is time. Plans range from 6 months to 25 years. However, if you choose the variable open floor plan, you can get mortgage terms of up to two years. In a closed mortgage plan, you can pay the principal in different payment sets at your convenience. A closed mortgage plan is safer. Open plans can be affected by market conditions with short-term and high-interest rates. However, an open plan is more flexible than a closed plan. With the open plan, you can cancel your loan at any time without penalty. Although the interest rate of an open plan is high, the short term can save you quite a bit of money sometimes. You have to pay interest over a longer period of time compared to a closed plan, which can sometimes approach the amount of interest on an open plan. A good time to choose an open mortgage plan is when there is financial uncertainty or when interest rates are expected to fall. Advantages of open mortgages More flexibility; You can quickly pay off your mortgage loan without penalty. Increase your monthly payments or make one-time payments with virtually no penalties. It is cheaper and more flexible when refinancing your mortgage. Negatives of an open mortgage Mortgage interest rates are higher than on closed mortgages. Advantages of closed mortgages Mortgage interest rates are lower than on open mortgage loans. Disadvantages of closed mortgages Less flexibility. You can’t pay off your mortgage quickly without a fine. If you make too many recurring payments or make a lump sum payment, you will be fined. Refinancing a mortgage is expensive and difficult. Conclusion In any case, the choice between open or closed almost always depends on the plan you have to own your home. For example, if you think you can recover it back in the near future, you may be able to work with an open mortgage. If you have a long time, it is better to have an interest in the closed period. If you need an expiration (that is, a result of selling a house), or if you need to pay more than a mortgage or prepayment than the allowable limits of the closed mortgage, closed mortgages may be appropriate mortgages. you. If you have the flexibility of the ability to be repaid at any time without punishing punishment, you must be paused about the higher mortgage rate provided by the open mortgage. Generally, closed mortgages work best when the situation does not change, but it is suitable for the case of selling the house during the open mosquitoes or receiving a house when receiving a massive cash inflow (ie, inheritance, settlement It is better to discuss with a mortgage expert with a license, such as a consensus, etc.). Related posts. Severe Impact on Mental Health Thanks to the Canadian Real Estate Market by admin123 A comparison of Open and Closed Mortgages by admin123 How to Purchase a Home in Canada in just 7 Easy Steps? by admin123 Would the GTA see a slowdown in rising prices this spring? by admin123 Whitby to witness the largest development in 30 years by admin123 February Leap in Canadian building intentions by admin123

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How to Purchase a Home in Canada in just 7 Easy Steps?

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How to Purchase a Home in Canada in just 7 Easy Steps? Despite growing housing costs, real estate remains a valuable investment for several Canadians, especially millennials who want to purchase a home. Ever since beginning of the epidemic, record-low rates of interest have created an opportunity for hundreds of individuals to purchase their first house, whereas the prospect of increasing rates in the second quarter of 2022 has prompted many more to lock in rates, get pre-approved, as well as close on homes as soon as humanly possible. However, how do you go about buying a home in Canada? You might not know where to begin if this is your first time. The journey of purchasing a home, whether it’s a single-family home, a townhouse, or a condo, does not really begin when you phone a broker to schedule a viewing. Rather, it begins years before you decide to purchase a home, whenever you decide you’re ready. Here’s how to buy a home in Canada, step by step. We go through everything from choosing if you’re ready to buy a property to receiving your keys. In seven simple steps, you can purchase a home. Whether you’re purchasing a house, a townhouse, or a condo, the processes are the same. For the sake of clarity, we’ll focus on how to purchase a single-family home. Step 1: Put money aside for a deposit. Saving for a down payment is the first step in purchasing a home. A down payment of at least 5% of the buying price is required in Canada. For residences priced between $500,000 and $1 million, you’ll need 5% of the first $500,000 and 10% of the remaining amount. A minimum down payment of 20% is required for residences worth $1 million or higher. Remember to save 3 percent to 5% of the home’s purchase price for closing fees while saving for a deposit. Step 2: Organize yourself. Spend the effort to manage your money and documents while you’re collecting your deposit for a house. It’s possible that you’ll have to save for your down payment for months, giving you time to: Pay off your debts. Now is an excellent moment to pay off any credit card debt, student loan debt, vehicle loans, or a balance on a credit card. You may borrow more for your home if you have less debt. Compile your paperwork. A lot of documentation is required when applying for a mortgage, so now is the best time to get to work. If you locate your ideal home and need to move swiftly through the mortgage approval process, preparing your papers in advance is really helpful. Step 3: Examine your options for rebates and grants Buying a property is pricey, so don’t add to the expense. Check to see if any refunds or incentives are available to you. Step 4: Look for a good deal Why must your mortgage be any dissimilar? You wouldn’t get auto insurance without first searching around for the best deal, then why should your mortgage? Finding the best mortgage rate might save you hundreds – if not tens of thousands – of percent interest over the course of your loan. When you work with a mortgage broker, looking for the best mortgage rate is simple. Step 5: Obtain a pre-approval for a home loan A mortgage pre-approval is indeed a low-risk approach to get these crucial details that will help you figure out your maximum purchase cost. You may lock in a quote for up to 160 days if you really like the mortgage rate as well as the lender. If you secure a mortgage rate, even if rates go up, you’ll still be able to get the cheaper rate. Don’t worry if rates fall; your lender will accept the reduced rate. If you’ve never gotten a pre-approval before, review our list of pre-approval dos and don’ts before proceeding. Step 6: Find a place to live Finally, there’s the exciting part: looking for a home! You’re ready to call a real estate agent and start your property quest now that you have your mortgage pre-approval, a maximum purchase price in mind, and a sizable down payment. Here are some of our best advice: Find a real estate agent that specializes in the property or neighborhood you want to live in. If you’re a first-time homebuyer, you should avoid advertising yourself. It’s preferable to rely on a seasoned agent’s knowledge. Make a list of “must-haves” and “nice-to-haves” for your future home. Knowing where you can be flexible is critical. Examine the market in your preferred neighbourhood to ensure that property prices and your maximum buying price are in line. In a competitive market, you must be ready to act rapidly. Step 7: Make a proposal and close the transaction Things will move quickly after you locate the house you like, so don’t be alarmed! You’ll start by submitting a buying bid. If the home market in your area is hot (as it is in much of Canada), you shouldn’t be the only one who makes an offer. When your offer has been accepted, you’ll submit a deposit to the buyer, work with your mortgage broker to confirm your mortgage financing and schedule a home inspection. Depending on the outcomes of the house inspection, the offer may be modified. Even so, you’ll finally acquire financing and, with the aid of a real estate lawyer, pay your deposit and shift the title to the property into your name. Relying on the parameters of the acquisition offer, the whole procedure might take 30-60 days. You’ll get the keys from your real estate agent after everything is in place, and you’ll be the proud owner of your new house. The Final Word While this piece may appear to be comprehensive, it merely touches the surface of what it takes to buy a property in Canada. If you’re not sure what to do, you can always get free assistance from one of our mortgage

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Canada’s housing affordability declines the most in 27 years.

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Canada’s housing affordability declines the most in 27 years. A mortgage for the average home in Canada will cost Canadians more than half of their household income for the first time since the mid-1990s. The National Bank of Canada (NBC) noted in its latest Housing Affordability Monitor report that housing affordability in Canada has worsened for the fifth consecutive quarter. In comparison to the previous quarter, the MPPI (mortgage payment as a proportion of income) for a typical home increased by 4.9 percentage points. This is the worst quarter in more than 27 years of declines in the stock market. All ten major markets studied by NBC were found to have decreased in affordability, with the exception of Victoria, Toronto, and Vancouver. “Over the last 12 months, the worsening in affordability was the nastiest in 40 years,” said the report. “For the first time since 1994, it would take more than 50 percent of income for a representative household to service the mortgage on a representative home in Canada’s main urban centres.” “Headwinds will continue to blow against Canada’s real estate market in the months ahead with the Bank of Canada pursuing its monetary policy normalization process through higher policy rates and quantitative tightening,” further said the report. In Q1-2022, rising property prices and rising interest rates were cited as the two key factors that contributed to Canada’s deteriorating housing affordability. Since Q3-2013, NBC’s 5-year benchmark mortgage rate has jumped 46 bps in Q4-2021, the highest one-quarter change since that period. By choosing variable-rate mortgages in recent months, most homebuyers have been able to escape large price rises, but the terms of these mortgages are becoming less attractive. Because of this, the resale market has been affected. The worst losses in affordability have struck Canada’s major cities the hardest. The most severe drops in affordability were seen in the largest and most costly cities in Canada during the first quarter of 2002. For the third quarter in a row, Victoria recorded the highest annual decline in its MPPI, which rose by 19.6 percentage points. As a direct consequence of this, Victoria’s MPPI reached 80%, which represents the highest level for the city since the second quarter of 2008. The MPPI in Victoria experienced an increase of 8.5 percentage points on a quarterly basis. The MPPI increased to 85.7 percent for non-condos and to 44.2 percent for condos, representing respective increases of 9.3 percent and 4.1 percent from the previous quarter. At the moment, the yearly household income required to afford a non-condo in Victoria is $204,078 whereas the annual household income required to afford a condo in Victoria is $123,747. At an annual savings rate of 10%, it would take 382 months (31.8 years) to save up enough money for a downpayment on a house that is not a condo, while it would only take 58 months (4.8 years) to save up enough money for a condo. In the same province, the city of Vancouver had a significant decline in its affordability as a result of the MPPI’s seven-point increase during the first quarter of 2018, an acceleration that hasn’t been seen in the records since the year 1994. The typical monthly mortgage payment in Vancouver now takes up 81.4 percent of the city’s median salary, making it the most expensive city in Canada in which to purchase a property. The Vancouver Multiple Property Index (MPPI) surged by nine percent quarterly to reach 101.5 percent for properties that were not condos. Meanwhile, the MPPI for condos rose by 3.2 percent to reach 43.4 percent. If you want to buy a house that isn’t a condo in the largest city in British Columbia, you’ll need an annual income of at least $285,078; if you want to buy a condo, you’ll need an annual income of at least $142,357. In the event that you intend to save up for a down payment, it will take you approximately 452 months (37.6 years) and 63 months (5.25 years) of savings at a rate of 10% to be able to afford a non-condo or condo residence, respectively. In Toronto, the situation is not significantly better than it was before. The city saw the largest quarterly decline in affordability since 1994 during the first quarter of 2012, as the MPPI increased by 8.1 percentage points to reach its highest level since 1990. The median price per square foot index (MPPI) for non-condo properties rose by 8.9 percent quarterly to 81.5 percent, while the same gauge increased by 4.2 percent for condo properties to an MPPI of 44.2 percent. Homebuyers in Toronto need an annual income of $228,100 to be able to afford the typical house that is not a condo. This figure is significantly more than the required amount of finances, which is only $144,644 for a condo. It would take around 363 months (30.2 years) to save up enough money for a down payment on a house that is not a condo, while it would only take 64 months (5.3 years) to save up enough money for a down payment on a condo in the city.   Related posts. 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