Things to check before buying a house in Greater Toronto Area, Ontario, Canada

Toronto is largest city of Canadan and Greater Toronto Area (GTA - includes Mississauga, Brampton, Vaughan, Caledon, Oakville, Burlington, Ajax, Pickering, Richmond Hill) has population over 6 million people.  Greater Toronto Area (GTA) is home for many immigrants from other countries like Philippines, India, China, Iran and other countries.
No matter you are from Canada or from other countries. You should keep in mind following things before you buy home in Greater Toronto Area:

1. Decide your budget

Before you starting exploring any options first thing you have to decide is the budget. You should calculate the down payment you can pay and then explore options for mortgage. A high-ratio mortgage lets you borrow up to 95% of the purchase price. The new rules require a minimum 10% down payment for homes over $500,000 – but only on the portion of the price over $500,000. Here's the link to calculate mortgage:https://www.ratehub.ca/mortgage-payment-calculator

2. Decide the Type of Home or Property You are Looking for

After your budget and mortgage calculation done, you can choose the right type of home or property that fits into your budget. You can choose from
Condominiums, duplex or triplex house, bunglow, basement apartment or detached or semi-detached house.

3. Find a Real Estate Agent

You'll find many real estate agency, which will help you in house hunting. They will show you the photographs, video tours, virtual tours and the house. They will also help you in documentation and getting a good deal.

4. Take House Video Tour, Virtual Reality Tour or explore Photographs Gallery

Before you go and visit the place physically, it's suggested to see the photographs or take video tour of homes. Now a days Real Estate Agents have variety of options like 3D Tour or Virtual Reality Tour of House that will give you extensive experience. You can also check the house in photographs or featured sheet (brochures). It will save your time, effort and money.

5. Go for a Visit and Inspection

After taking a video tour or exploring marketing materials, you can go for a visit and inspection if you like one. Real Estate Agent comes with you on a visit. You can proceed for making deal if everything fits in.

6. Finalize the Deal and Complete the Formalities

If you are going to make the deal ask your agent to do final negotiation with the owner and complete the formalities. Otherwise, you can legally withdraw the deal and hunt for another property.

Source:

https://www.livingin-canada.com/living-in-toronto.html

https://www.thestar.com/news/gta/2017/10/25/toronto-still-top-choice-for-recent-immigrants-as-more-people-flock-to-the-prairies.html

https://www.getsmarteraboutmoney.ca/invest/investment-products/real-estate/if-your-down-payment-is-less-than-20/