Pre-construction condo purchases

[ercchry]

Originally posted by BananaFob


That being said, I bought a pre-construction condo in 2009 at Luna and it's worth way more now... But I didn't buy it with the intention to flip.

being in the industry you are in though i doubt you bought it with the intention to lose money though

[Sugarphreak]

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[BananaFob]

Originally posted by ercchry


being in the industry you are in though i doubt you bought it with the intention to lose money though

Actually wasn't in the industry when I bought it. But at least I lucked out and chose a good development!

[chibwack]

Ahh yeah, 20-30 grand will take a bit longer to pay off. I've got a few things coming together in the next 60 days or so that should put around 10k in my pocket, which I thought may be enough to reserve a unit. Probably still set that aside, but I'll just keep on looking in the meantime!

[Sugarphreak]

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[Disoblige]

Originally posted by Sugarphreak

Take advantage of the first time home buyers plan, that is like an extra 20 or 30%. Only catch is it needs to be placed in your RSP for 60 days.

If your employer contributes to your RRSP, that's like free money for your down payment

[flipstah]

Originally posted by Disoblige

If your employer contributes to your RRSP, that's like free money for your down payment

I don't think you're allowed to take that unless it's fully vested in your name.

[Kloubek]

Unless I missed it, I don't think anyone mentioned it probably isn't a fantastic idea to put down deposits to purchase property which you are *assuming* you'll be able to afford by the time it is finished being built. I don't know about the rest of you, but my career took a few "unforseen circumstances" before I was actually on my way to (somewhat) comfortable living.

Especially with this shaky economy.

[Sugarphreak]

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[schurchill39]

Originally posted by Sugarphreak
Take advantage of the first time home buyers plan, that is like an extra 20 or 30%. Only catch is it needs to be placed in your RSP for 60 days.

**SNIP**

I was just looking into it and its 90 days, not 60. I wish it was 60 days though because thats almost 2k more I could be using,

Originally posted by flipstah


I don't think you're allowed to take that unless it's fully vested in your name.

If its in your RRSP you can use it. Maybe you're thinking about company pension?

[tch7]

Originally posted by schurchill39
If its in your RRSP you can use it. Maybe you're thinking about company pension?

No, it's very common that you cannot withdraw the employer RRSP contributions until you've been with the employer for a certain length of time (often 2 years).

Until you've reached the end of vesting period, anything your employer contributed to your RRSP is not technically yours and can be taken away.

[chibwack]

Originally posted by tch7

No, it's very common that you cannot withdraw the employer RRSP contributions until you've been with the employer for a certain length of time (often 2 years).

Until you've reached the end of vesting period, anything your employer contributed to your RRSP is not technically yours and can be taken away.

We should point out the vesting period is set by the employer though so you may be able to find a workaround, and most share ownership plans are the same

[msommers]

Sounds like I should take Phreak out for lunch (with unlimited coffee) and bring a notepad; seem to know your shit and I could definitely use the knowledge.

[JordanLotoski]

There are some grea buildings to be built in the city, Im liking the east village.

http://www.thenewcalgary.com/calgary-condos/
http://www.evexperience.com/

Most developers advertise a 5% down, but make sure to read the fine print as almost all of them want you to cover a bond http://drake17.com/blog/introducing-bonddrake-bond

Best bet for you is get in touch with a great mortgage broker that can work with you over the next 2-3 years, he/she can help you get to your final goal.

If you have any questions in the meantime feel free to PM me.

[Sugarphreak]

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[S-FLY]

Originally posted by Sugarphreak


^^ They won't let you sign the contract without a pre-approval from a lender that is guaranteed at possession (be it 2 or even 3 years later), or a huge down payment, haha.

I think that depends on the developper.

[Sugarphreak]

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