First Time Buyer Mississauga
Amit invites you to attend a first-time buyer
educational session in his Mississauga office.
Amit will help you understand different property options in
Mississauga and evaluate your current market situation. You will
learn about home buying steps. Depending upon current situation, your
needs, wants and affordability you will understand what is best for you;
home or condo living (townhouse or apartment), new or resale Mississauga
property. Amit will
help you understand your
home buying expenses,
selecting Mississauga neighbourhoods,
mortgage options,
importance of home inspection,
home insurance,
green
friendly home improvements,
purchase and sale agreement plus some important clauses that will protect your rights.
Amit's local expertise and experience will play an important role when it comes to
buying/
investing in your first home/ condo.
Amit has won
the trust of many satisfied home buyers
and has the experience, knowledge and expertise to help turn your dreams
into reality.
Some
frequently asked questions
How much can I afford?
The shortest answer to that question is: it depends on a number of factors.
The most important are your gross household income, your down payment and
the mortgage interest rate. Lenders will also consider your assets and
liabilities. Your own lifestyle and debt comfort zone also come into play.
To help you estimate the maximum mortgage you can afford
housing affordability tool. Call Amit to find out your home
affordability qualification over the phone. |
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As a
buyer will I pay real estate commission?
NO, buyers do not pay any real estate commission in most cases.
The seller usually pays real estate commission to the listing brokerage who, in
turn, forwards the appropriate portion to the buyer’s brokerage. The
buyer can be asked to pay the real estate commission when buyer broker
is not paid any commission by the listing broker or the seller, however
this type of situation rarely happens. |
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As a newcomer what's the minimum down payment?
With "Welcome to Canada" program for permanent residents customers can
now borrow up to *95% LTV (loan to value ratio). If you do not have a
job or credit history, as a newcomer you can still purchase
a home with 35% down payment.
*Conditions - Home buyer must have income to support the loan. Gross debt
service ration/ Total debt service ratio (GDSR/TDSR)
must be in line. Buyer must have found employment
and have at least 5% down payment along with the estimated
closing
costs (credit history in
Canada is not required). Genworth and CMHC are willing to take other
sources of credit history. |
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Before buying our home how can we find best schools?
There are many ways to do this. You can visit the following websites:
local Mississauga Toronto school boards, EQAO (Education Quality and Accountability
Office), check out school report cards published by the Fraser
Institute and Ontario Ministry of Education.
Finding the right combination of good schools and neighbourhoods that match your budget is not always an easy
task. That's where the experience of
a local REALTOR® comes handy. Call Amit to help you find your
first home. |
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Are there any government incentives for first time buyers
in Ontario?
Below are some first time buyer incentives/ rebates.
- RRSP Home buyers plan
- Ontario Land transfer tax rebate of up to $2000
- GST rebate for new home buyers
- First time buyer tax credit
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What is Peel region's affordable home ownership program?
As per this program qualified applicants will receive down
payment loan of up to a maximum of $10,000 to purchase
a resale home; home price not to exceed $247,000, in the
Region of Peel. This program is offered to someone who is currently renting. Eligible
applicant's annual income should be $75,800 or less. The
applicant must be 18 years of age, remain the sole owner and
principal resident of home for 20 year period. On the 20th
anniversary date, the loan is automatically
forgiven provided there has been no defaults. Visit Peel region's
website for more details about
affordable home ownership program.
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What is RRSP
Home Buyer's Plan (HBP)?
Home Buyers' Plan is a program that allows first time home buyer to borrow
up to $25,000 from their "Self-directed Registered Retirement Savings Plan
(SDRSP)". You must be a Canadian resident who has not used this plan before.
The loan is not taxable as long as the funds are repaid into the RRSP
(registered retirement savings plan) over a 15 year period.
The money cannot be withdrawn until 90 days after the RRSP
contribution. After 90 days one can use the Home Buyers'
plan to withdraw $25,000 without penalty. This way you will
receive a tax rebate. |
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Is there any GST home buying rebate?
Resale homes are exempted from GST in Ontario. The new housing GST
rebate (36% of five percent GST paid) is available to individuals who
build or buy a new house. The rebate on a home priced at $350,000 is $6,300 ($350,000 X
5%X 36%). For new homes priced between $350,000 and $450,000
before GST, the GST rebate would be reduced proportionately.
No rebate for homes priced at $450,000 or higher before GST.The GST new housing rebate is the mostly assigned to the builder by
the home buyer. The builder sells with GST included and on that basis
takes back the rebate.
The home should be either a
single unit residential complex or a residential condominium unit. The
home is intended for use as the primary place of residence. Please visit
Revenue Canada website for more details.
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Do
first time buyers pay land transfer tax?
If you are a first time home buyer you qualify for rebate of up
to $2,000. Certain conditions and restrictions apply, read
Land Transfer Tax |
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What is first time buyer tax credit?
To assist first-time home buyers with the
costs associated with the
purchase of a home, Budget 2009 proposes to introduce a
First-Time Home Buyers’ Tax Credit—a $5,000 non-refundable
income tax credit amount on a qualifying home acquired after
January 27, 2009. For an eligible individual, the credit
will provide up to $750 in federal tax relief starting in
2009. |
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As an investor do I qualify for first time buyer rebates?
No. Real estate investment property does not qualify for
first time buyer rebates. If you are a
non-resident
investor buyer you will treated equally as any other
citizen or permanent resident of Canada. |
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I am US resident relocating to Canada, will my US credit
history help when shopping for home? Yes, your US
credit history will definitely play an important role. If
you have secured a permanent job in Canada, then you may
even buy
with as low as 5% down payment. (*see above conditions) |
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A Focus on Mississauga & You!
Amit Kalia, Broker
Sutton Group-Summit Realty Inc. Brokerage
independently owned and operated
1100 Burnhamthorpe Rd W #27, Mississauga ON L5C 4G4
Work: 905-897-9555
Cell: 905-339-5111
akalia@trebnet.com
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