The task of buying your first home can be overwhelming. I will help you, like I help all my clients overcome any challenge. Your first step should be to get in touch with me and discuss your plans. You will need a realtor like me who is patient, and willing to explain all the complexities of lawyers, mortgages, and land transfer taxes. I will explain all you need to know, at your own pace. I can also explain how you can take advantage of government programs designed to help first time home buyers own their own home. Here are some examples.
RRSP Home Buyers Plan
Do you remember all that money you put aside into RRSP’s each year? You can use up to $20 000 per person of your RRSP savings toward a deposit on your first home. You have to start repaying that money after two years, and each year thereafter you have to return at least 1/15th of the withdrawal. You must have returned all of the initial withdrawal 15 years after that, or else there are penalties. For more information click on this website: www.cra-arc.gc.ca
New Home Land Transfer Tax Rebate
If you buy a newly constructed home, first time buyers are able to get a rebate up to $2000, on the land transfer tax they pay to the province.
City of Toronto Land Transfer Tax Rebate
First time buyers subjected to Toronto’s new Land Transfer Tax will receive a rebate up to $3725.
Not everyone has the patience and skill needed to help first time home buyers, if you are not completely certain of what awaits you on the way to becoming a home owner, please contact me, and I will explain all you need to know.
how about a grant for first time buyers? that would be good!
Do any of you know where the best area is to live for new / first time home buyers?