Are you buying home first time? Here are the Tips for you
Know what you are looking for in your first home
During the home buying process, it’s natural to get excited. But it’s important to not get carried away by emotions. You can arrive at a rational decision by asking yourself a few questions:
How long will you live in this house?
Can you comfortably afford it?
Is this where you would like to live?
Does it offer room to grow?
Is transit easily accessible?
How long would your commute be?
What’s the school district like?
Use First-Time Home Buyer Incentives to your benefit1:
The federal government has several beneficial measures to help Canadians purchase their first homes.
The Home Buyer’s Plan allows first-time homebuyers to withdraw funds from their Retirement Savings Plan (RSP) to use towards their first home.
The Home Buyer’s Amount is a $5000 non-refundable income tax credit that can be applied to certain qualifying homes.
The First-Time Home Buyer Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. Borrowers who meet the criteria can apply for a 5% or 10% shared equity mortgage with the Government of Canada.
The GST/HST New Housing Rebate offers qualifying homebuyers a GST/HST rebate on the purchase price of a home.
