ARE YOU LOOKING TO BUY A HOME?
Consider me your personal guide on one of the most exciting journeys of your life! The experience of purchasing real estate is uniquely thrilling, whether its your first home, fifth home, investment or vacation property.
Over 90% of all Real Estate transactions begin with an online search, I am able to access new and exclusive listings and well as recently expired to make sure your dream home doesn’t get missed amongst the masses.
Once we find the home that fits your dreams I prepare and negotiate the offer which puts your best interests at the forefront. This is achieved with carefully written clauses and conditions in our offer document, thorough gathering of historical sales data as well as future trends regarding your particular property style or neighbourhood, and a price to bring you success.
Did you know that a majority of all compensation for Realtors is provided by the selling brokerage? Nearly all of my buyer clients pay absolutely nothing to me to work with them during this exhilarating process!
In our local market we are seeing so many changes in housing prices, mortgage rules, and developments there is no longer a “Traditional” way to become involved in real estate. I am happy to chat anytime about the best way for you to stop paying rent and invest in yourself!
THE HOME BUYER'S PLAN (HBP)
HBP a government program that allows home buyers to withdraw up to $25,000 from their Registered Retirement Saving’s Plan (RRSP) to put towards buying or building a new home. Couples, including common-law, can withdraw up to $50,000. You will not pay income tax on these amounts as long as these funds will be repaid into an RRSP in the future. You must intend to occupy in the qualifying home as your principal place of residence within one year after buying or building it.
Unless you are a person with a disability or you are helping a related person with a disability buy or build a qualifying home, you have to be a first-time home buyer to withdraw funds from your RRSP(s) to buy or build a qualifying home. You are considered a first-time home buyer if, in the four-year period, you did not occupy a home that you or your current spouse or common-law partner owned. For more information you can visit the Government of Canada’s website here.
You can find an example of the Form T1036 that must be submitted for each eligible RRSP Account Withdrawal here.
HOME BUYER'S TAX CREDIT PROGRAM
First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs.
- To assist first-time home buyers with the costs related to the purchase of a home.
- The First-Time Home Buyers’ Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750.
- Applicable to first-time buyers purchasing a home closing after January 27, 2009.
- The FTHBC is claimable for the taxation year in which the home is acquired.
- An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.
For more information contact Service Canada at 1-800-662-6232 or visit www.fin.gc.ca.
LAND TRANSFER TAX REFUND
For first time home purchases that occur before after January 1, 2017, the maximum amount of the refund is $4,000. The previous limit was $2,000 and was increased to recognize raising home prices.
Beginning January 1, 2017, no land transfer tax would be payable by qualifying first‑time purchasers on the first $368,000 of the value of the consideration for eligible homes. First‑time purchasers of homes greater than $368,000 would receive a maximum refund of $4,000. The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.landtransfertax.com):
- 0.5% of the amount of the purchase price up to and including $55,000, plus
- 1% of the amount of the purchase price between $55,000 and $250,000, plus
- 1.5% of the amount of the purchase price between $250,000 and $400,000, plus
- 2% of the amount of the purchase price above $400,000
First-Time Buyer Eligibility
To be eligible as a first-time buyer for the provincial LTT rebate:
- The purchaser must be at least 18 years of age.
- The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
- The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
- If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchas- er’s spouse. If this is the case, NO refund is available to either spouse.
- Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.
For more information visit: www.fin.gov.on.ca.