Hi
Was thinking of Toronto as have a brother living there who is an investor but he was dubious about the apts on the paper over the weekend - there are a glut of unrented apartments in Toronto at the moment in 'bad' areas and loads more going up!
Would I be able to get a mortgage from a Canadian bank? Would this work out more tax-efficient than re-mortgaging my own home here?
Interesting. Here is what I got from the estate agent about those places in the papers:
There is a management company who shall look after the initial letting and
management which is free for the first year. Thereafter it would cost 50%
of one months rent to find a Tenant and ?480 to manage for year 2 if you
wished to retain the agent.
Canadian mortgages are available - up to 65% @ 5% pa
Hi Kerinsip
I got the same info from the agent. All fine for year 1 on paper but cannot rent condos in TO at the moment. Also the ones on offer in this case are much smaller than the average apt in TO. Pity as it looked like a good innvestement. It certainly pays to have a contact in the place of interest.
Silly