First Time Home Buyers can
purchase up to $425,000 home
without paying property transfer
tax. The qualifications for
the exemption are as follows:
A first time home buyer can
now qualify for a full exemption
with a purchase price of less
than $425,000.00 (previously
$375,000.00).
A partial exemption
is available if
the purchase price
is more than $425,000.00
but less than $450,000.00.
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Steps
to buying your first home
Congratulations on taking the first steps
towards buying a home! Buying a first home
is a very exciting time. If you've never had
a mortgage before, I can help and am more
than happy to answer any questions you may
have.
There are unique programs available to first
time home buyer that can make buying your
first home easier and more affordable:
Home Buyers' Plan (HBP)
Buy your first home with the HBP program.
The HBP program is an effective way to help
first time home buyers access funds for a
downpayment. The plan allows for withdrawals
of up to $20,000 per person (or $40,000 per
couple) from registered retirement savings
plans (RRSP's) to aid in buying or building
a qualifying home.
5% Down Payment Mortgages
The objective of 5% Downpayment Mortgages
is to assist those with good credit and steady
incomes to purchase a home. 5% down payment
mortgages can be ideal for:
Current renters who often worry
they won't be able to afford a
home or save enough money for
a down payment
Professionals starting their careers
or may have large student loans
These mortgages can go as high
as a 35-year amortization
Downpayment from a Gift (Non-Borrowed
Funds)
All or part of the minimum equity requirement
(5% for down payment plus 1.5% for closing
costs) may be provided by way of a financial
gift as long as all of the following
conditions are met:
The lender has verified
that the funds are in the
recipient's possession at
least 15 days prior to closing
The lender is satisfied
that the money is a genuine
gift
The gifter is an immediate
relative of the recipient
Home buyers can receive down payment
from borrowed sources that include:
Lender cash back incentives
Personal loans, lines of
credit or credit cards
Unsubstantiated gifts
Please Note: When using a borrowed downpayment
there are higher credit criteria and
also increased insurance premiums.
5% Cash Back Option
Consider a mortgage that
can help buy the home you
want by covering excess
costs with a 5% cash back
option. The 5% cash back
can be used for expenses
such as legal fees, land
transfer costs, moving expenses,
furniture, appliances, or
to pay off other high interest
debt such as credit cards.
The 5% cash back option
will apply if credit is
in good condition.
Steps
to buying your first home