First time buyer
Amit invites you to attend a first-time buyer educational session in his Mississauga office. Amit will help you understand the market conditions, 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'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.
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, use housing affordability calculator. Call Amit to find out your home affordability qualification over the phone.
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.
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.
There are many ways to do this. You can visit 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.
Below are some first time buyer incentives/ rebates:
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.
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.
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.
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.
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.
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.