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?
In most of the cases buyers do not pay any real estate commission.
The seller usually pays real estate commission to the buyer’s brokerage
through his/her listing brokerage or sometimes directly to
the buyer's brokerage. A buyer can be asked to pay the real
estate commission when buyer's brokerage is not paid any
commission by the listing brokerage or the seller. |
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As a newcomer what's the minimum down payment?
With "Welcome to Canada" program for permanent residents,
newcomers who do not have a job or credit history, can purchase
a home with 35% down payment. This down payment requirement
may be reduced for buyers who find permanent employment in
Canada.
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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 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 HST home buying rebate?
Resale homes are exempted from HST in Ontario. HST is payable on new
builder homes and condos. 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 be
able buy
with as lower down payment. |
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Local Experience Pays!
Amit Kalia, Broker
RE/MAX Legacy Realty Inc. Brokerage
independently owned and operated
220 Burnhamthorpe Rd W #102, (fronting SQ One mall)
Mississauga ON L5B 4N4
Work: 905-795-1900
Cell: 905-339-5111
condopundit@gmail.com
Terms of Use
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