International students buying property in Toronto
Foreigners or international students buying property
Few gifts increase in value year after year! The gift of a home in Toronto is one of them. Increasingly, parents recognize the value of investing in real estate for their children over anything else. In most cases, these children are college or university students. It’s the biggest blessing they could get from their parents. The young adults are spared the hassle of paying rent or staying in substandard accommodation such as basement apartments or paying exorbitant rent for small one bedrooms in Toronto (A one bedroom rental in Downtown Toronto costs approximately $1,700 per month), while the parents enjoy peace of mind knowing that their children are secure, both financially and emotionally.
About 10% of Canadians consider buying a home for their children. Nowhere is this more apparent than in Toronto and Mississauga.
These days, children enter the adult world sooner than we did. The affluent choose to study in foreign universities to be better prepared for a fiercely competitive international world.
Children face adult responsibilities even before they have graduated. Most tend to study outside their country of residence which requires them to live and fend on their own. At such times, a home of their own addresses half the challenges.
With a major part of their lifestyle looked after, they can settle in faster to focus more on education, rather than get weighed down by rental expenses and inconveniences.
With this trend of increasingly on the rise, developers in Toronto real estate market have taken the initiative to build condos that are tailor-made for students and those starting out in life.
These Toronto real estate properties are fitted with the best amenities and located conveniently for commuting ease.
Affluent non-resident foreign students end up paying almost three times in tuition fees the amount than local Canadian residents.
These young adults start out by spending four to six years studying in Canada. Then they move on to enter the work force on a work permit and go on to become Canadian residents if they so desire.
The Canadian real estate market has been rated one of the best in the world. There are no restrictions on international students buying property in Canada.
To make it easy to study and work in Ontario, Toronto real estate investment is the best decision possible. If you are in that bracket, it pays to consider property investment and prepare them for a secure, financially sound future by planning well in advance.
How can you help with international students buying property in Toronto or Mississauga?
It is a fairly easy process. There are two options that I can suggest to you:
You can buy a home right at the outset and put it out on rent. International students buying property requirements are 35% or more down payment. A loan of the balance amount can be secured from top banks at very low interest rates. This loan amount along with other property expenses will be serviced from the rental income. This allows investors to avoid digging in to their pockets for mortgage payments, condo fees, taxes etc. Property can be easily managed by professional property management companies or through my special ala carte property management program offered exclusively in Mississauga. For more information read: Non-residents investors FAQ.
The other option is to buy a pre-construction condo in Mississauga or Toronto from a reputed builder. Some of these projects are expected to reach completion in 2 to 3 years. This way, parents can buy property on easy instalments. Most builders allow up to one year for a 20% down payment. The balance can be paid upon completion a few years down the line. For instance if you invest in 2014, you can wait up to 3 years to pay the full amount in 2017.
Is there any better gift for your child or yourself?
International students buying property in Canada, contact me at 905-339-5111 before the best options are taken.