Purchasing a home is a great first step in your real estate investment journey. I truly believe wealth is created through real estate!
New home buyers can qualify for many incentives to help them secure their dream home while utilizing benefits to save them money. Below is a list of the incentives offered and how they can help you in your home buying journey.
Land Transfer Tax Rebate
When you buy land or an interest in land in Ontario, you pay land transfer tax. First-time homebuyers of an eligible home may be eligible for a refund of all or part of the tax
1st Time Home Buyer Incentive
helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.
Home Buyers Plan
The Home Buyers’ Plan is a program that allows you to withdraw $35,000 from your RRSP to buy or build a home
New Housing Rebate
The GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house
Down Payment
Any home purchase $500,00 and under requires a 5% down payment everything above $500,000 is 10% down up to 1 million.
How much home can I afford?
Your first step in your home buying process should be getting a mortgage pre approval. This will let you know what you are approved for and what you can actually afford. I can refer you to a trusted mortgage broker who can assist you with this!
