u/M-Sear

Downpayment: Approx 270 K

Mortgage Approval: 300 K

I can’t afford a freehold townhouse in the given financial condition.

I would be looking to use the condo as rental income for a few years. As of now, i will have to pay the 24K at closing due to it being investment property and also not be eligible for the upfront 5% Gst rebate adjustment at closing. These two factors are making me decide to delay my purchase till hopefully the rebates r being directly applied by builder.

However i am afraid i might miss out on the condos that are available now and i have liked.

I am just soooo confused as to what to do.

at closing?

I honestly don’t understand how these rebates are helpful if people can’t benefit from them at closing. You still need that money to close, and not everyone can afford to take out a loan, use a line of credit, or borrow the equivalent amount.

Also, when will this become law? Correct me if I’m wrong, but so far only the 5% GST rebate for first-time homebuyers (primary residence) has been passed into law. I remember Mattamy was even offering it last year before it was legislated. I hope builders will do the same with the extended rebate.

Does the property type affect how much mortgage I qualify for? If I’m pre-approved for $X for a condo, would I get approved for more for a townhouse since there’s no maintenance fee?