From a first condo to a family home, I help Scarborough buyers put the financing questions in order before making a commitment. Start with the payment you can manage, then work backwards to the purchase budget.
Compare the whole monthly budget
If you are comparing a condo with a freehold property, build two separate budgets. Ask for the actual property tax, maintenance fee and heating information for each home. Keep commuting, childcare and an emergency reserve in your personal budget too.
A detail to check early
Scarborough is within Toronto. Have your lawyer include applicable Toronto municipal land transfer tax when estimating your closing funds; the down payment alone is not the full cash requirement.
Questions to bring to our conversation
- Which neighbourhoods and property types are you comparing?
- How much savings should remain available after closing?
- Are your purchase funds saved, gifted, or coming from another sale?
Choose the next step that fits your plans
Preparing to buy
Understand the review process before your home search.
Explore →Approaching renewal
Compare the current offer with your future plans.
Explore →Considering a change
Review the costs and implications of new borrowing.
Explore →Prepare before we speak
Bring your timeline, your main question and a rough outline of your plans. You do not need to upload financial documents to start. Read the related planning guide and note anything you want me to explain.
Further reading: City of Toronto: Municipal land transfer tax. General information; lender requirements and individual circumstances vary.