- We don't just build buildings we build homes, and the homes we build are for life.
- Condo living gives you the benefit of owning your own home, with none of the maintenance worries.
- Why wait? You can move in right away.
- Buying your first home can feel like a big step. When you buy a Tridel home, the step feels a lot smaller.
- The quality of care our customers receive at Tridel is as important to us as the quality of the buildings they live in.
- When a company is as dynamic as Tridel is, there's always something new and exciting to tell people about.
- When you buy a new Tridel home, you get an exciting new lifestyle to go with it.
- We are at your service 24 hours a day. Drop us a line, we'd love to hear from you.

Financial Programs

What Can I Afford

Know Your Builder

Buying vs. Renting

Benefits Of Buying A New Condo

Article

What Can I Afford

You will need to estimate your income, expenses, investments, savings and debt to determine what would be an appropriate mortgage for you. Bank of Montreal has an interactive worksheet that can help you with this exercise. The Bank of Montreal website provides a description of various types of mortgages along with the advantages of obtaining a pre-approved mortgage.

Some examples of these guidelines include:

Total monthly mortgage payments should not exceed 27% - 32% of your monthly income before taxes.
Total monthly payments for the mortgage and other loans and credit cards should not exceed 37% - 40% of your monthly income before taxes.

To get an estimate of your mortgage, use Tridel's Mortgage Calculator.

Other Home Ownership Expenses

It will be important to calculate all other expenses associated with a home purchase, as well as what you can afford for a down payment and mortgage payments. Monthly expenses can include: utility expenses (hydro, phone, cable, internet), entertainment, taxes, credit card payments, and any other recurring expenses.

You may want to check your monthly statements and credit card or bank statements (for any automatic monthly payments), to give yourself as accurate a picture as possible.

For further information, we suggest the following websites: Bank of Montreal, Canada Mortgage and Housing Corporation, and Royal Bank

Additional Costs

Beyond the actual purchase price of the home, there are other costs associated with buying a new home. These are called closing costs and usually are about 2% of the total cost of your home.

Based on a $200,000 condominium in the GTA - some estimated amounts are:

Tarion Warranty Corporation enrollment fee- $520 approx.
Land Transfer Tax $1,725
Legal Fees $750 - $1,500 plus disbursements
Home insurance approx. $450/ year
Hydro Meter (if applicable) $450 - $600

You will also need to allocate costs for moving, storage and decorating in your "new house" budget.

You can also download a helpful document prepared by CIBC for First Home Buyers