Just getting on the market

[Rural Caledon]

hi all!
I've scoured the boards looking for answers, and maybe I was searching the wrong thing.

I'm a recent graduate, and I've been in the working world for about 6 months now. Unfortunately, work is now moving to the DVP/401 and I commute from Caledon (obviously).

I would like to get into a new condo. I have these questions:
1) What is the usual deposit schedule like?
2) Where can I find information on new developments?
3) High-rise, mid-rise, or low-rise?
4) I've got a pre-approved mortgage for approx. 240,000$, where should I be looking?
5) What are the benefits (other then space) of going downtown compared to North York.

Basically, what should I know before I start heading into this? I've read all the articles you can read, and talked with a real estate agent. What I am looking for is comments, opinions and suggestions from people who have lived and done it before.

Thanks. (Ps, I hope this is in the right sections)

 

[simuls]

The search function isn't that great on here (they should integrate google with it!) as all of your concerns have been addressed - so keep looking. I will, however, give it a shot

1) Deposit schedules vary depending upon the builder and upon what you can negotiate. Some will take as little as 5% down, some demand the full 25%. A typical one will be like this:

$2000 on offer with a post-dated cheque for the balance to 5% (to be cashed after the 10 cooling off period)
5% 30 days after signing
5% 90 days after signing
5% 180 days after signing

...but like I said, this is completely variable. My first condo I gave them the $2000+5%, then 5% 180 days later, and another 5% 1 year later. My most recent condo I got them to accept only 10% down - $2000to5%, then another 2.5% 90 days later, and another 2.5% 270 days later. Be strong!

2) Exactly where you've been looking - condo guide, online, developers websites, RE agent.
3) Depends what you like as each has it's own benefits. High rises tend to have more amenities and low rises can have higher fees. You won't necessarily find each type available in every neighbourhood.
4) Honestly, $240 000 isn't a ton, but you can find units downtown (think 4-500 sq ft). I'd chill for a bit and see what re-sale will be like in 2010. With 15 000 units coming online next year alone, we could see a sharp spike in availability and prices might drop. Maybe. For new projects look at LTD at Bathurst/Lakeshore - easy access for you to get on the DVP. Fly had some very inexpensive units as well, but both of those won't be ready for several years. I don't know the North York area very well so I won't even try to advise.
5) You'll get less space in your unit downtown than you will in North York. To my mind, the benefits are endless - especially if your work is in between the two. Tons of culture, parks, waterfront, restaurants, bars, girls/guys, etc.. but all that might be moot if your friends are in North York.

 

[tissot]

Since your work area is DVP/401. I think either Metrogate (Tridel) or Heron Hill's (Monarch) would be a good place to start. I think they are priced quite reasonably and they are fairly close to your work.

Here's some links to Metrogate and Heron Hill's

Solaris at Metrogate
http://tridel.com/solaris/prices.php

Ultra at Heron Hill's
http://monarchgroup.net/Community.aspx?CommunityID=434

Legacy at Heron Hill's
http://monarchgroup.net/Community.aspx?CommunityID=424