First Time Home Buyer

First time buyer in Mississauga?

Let an experienced Realtor help you out.

We help you understand the current market conditions, first time home buyer incentives, different property options available in Mississauga and surrounding areas, assesses your financial situation, needs, wants and affordability and guide you towards your first homeor condo.

We will talk about Top Mississauga Schools to help you choose where you want to live based on the best schools in Mississauga. We will also discuss new or resale home options for you, based on the timing for your move into your home.

Team Kalia is amongst some of the well respected realtor teams in Mississauga who will help you identify the perfect home for your family or find you an ideal investment property. Whether a spacious house is better suited or a convenient condo, fancy townhouse or semi detached home, depending on the size and needs of your family. 

We can also help you buy a home or a condo in Mississauga & area with a family member or a friend as a co-owner.

Some frequently asked first time buyer questions:

• How much can you afford?
• As a buyer will you pay real estate commission?
• Before buying your property how do you locate the best schools?
• Are there any government incentives for first time buyers in Ontario?
• What are the latest Fist Time Home Buyer Incentives?
• What is RRSP Home Buyer's Plan (HBP)?
• Is there any HST home buying rebate?
• Do first time buyers pay land transfer tax?
• What is first time buyer tax credit?
• If you are a US resident relocating to Canada, will your US credit history help you with your home?
• Can People on Work Permit Buy Property in Mississauga (Canada)?
• What is Better - to Rent or Buy a Property after becoming a Permanent Resident?
• What is the Rent Now - Buy Later Program?
• What are the Rent Now-Buy Later Program Benefits?
• Can I buy a home as a co owner with a family member or a friend?

How much can you afford?  

Affordability 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. 

Does a buyer have to pay real estate commission?

Before buying your home how can you find the best schools?

We show you several ways to do this. You can visit local Mississauga Toronto school boards, EQAO (Education Quality and Accountability Office) to check out school report cards published by the Fraser Institute and Ontario Ministry of Education. Finding the right combination of good schools and neighbourhoods to match your budget is not always an easy task. That's where the experience of local REALTORS® like Team Kalia comes really handy.

Are there any government incentives for first time buyers in Ontario?

There are several incentives and schemes. Below are some first time home buyer incentives/ rebates:

• First Home Savings Account
• RRSP Home buyers plan
• Ontario Land transfer tax rebate of up to $4,000
• HST rebate for new home buyers
• First time buyer tax credit

What is RRSP Home Buyers Plan (HBP)?

Home Buyers Plan is a program that allows first time home buyer to borrow up to $35,000 from their "Self-directed Registered Retirement Savings Plan (SDRSP)". If you're purchasing with someone who is also a first time homebuyer, you can both access $35,000 from your RRSP for a combined total of $70,000.  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 $35,000 without penalty. This way you will receive a tax rebate.

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.

Do first time buyers pay land transfer tax?

If you are a first time home buyer, you qualify for rebate of up to $4,000. Certain conditions and restrictions apply for which you need to read up on the Land Transfer Tax.

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 introduced 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.

I am US resident relocating to Canada, will my US credit history help when shopping for home?

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.

Can People on Work Permit Buy Property in Mississauga (Canada)?

If you buy immediately upon arriving in Canada, you will be hit by 25% Foreign Buyer Tax. However, this amount is reimbursed to you when you get your Permanent Residence (PR).

What is Better - to Rent or Buy a Property after becoming a Permanent Resident? 

We highly recommend buying vs. renting, as renting is simply throwing away money (or paying off someone else's mortgage), which you will agree, mostly does not make prudent sense.  We conduct First Time Buyer sessions for Permanent Residents of Canada looking to buy in 1-2 years of landing. This informative session will clear any questions or concerns that you may have about buying a home or a condo in Mississauga & area as a First Time Buyer. By far the most important factor is building your own real estate wealth as soon as possible.

Second important consideration is that real estate market is doing very well in Canada. If you have the cash to pay 25% NRST it might sense to pay it now and get this reimbursed after becoming a Permanent Resident. This way, your property might appreciate and you will also be able to save on rent. However, we do understand that circumstances might compel you to rent initially, before you can buy your first home in the GTA. 

What is the Rent Now - Buy Later Program

As part of this program we can assist you with finding a suitable property to rent for 1-2 years (max). Closer to the end of your lease term (or earlier depending on your readiness to purchase), we will start sending you for sale listings that closely match your needs. We will arrange for showings so that you can cherry pick the home or condo you would like to buy.

As a Buyer, when you Buy your home or condo with Team Kalia, you DO NOT pay us any fee or commission, as the Buyer Broker fee or commission is typically covered by the Seller in Canada.

What are the Rent Now-Buy Later Program Benefits

• Ideal for Newcomers, People on Work Permit, Millennial Home Buyers, First Time Home Buyers in Mississauga
• Gives you peace of mind - helps you secure a unit for rent in a typically tight rental market
• Gives you confidence - knowing that you will soon become a homeowner & contribute towards your own mortgage payment
• Allows you time to save for a down payment towards your home purchase
• Gives you time to figure out the best neighbourhood to buy in, based on your work, school & other criteria
• Makes you an informed buyer as we will educate you about mortgage, resale vs. builder new options, first time buyer incentives & much more

Buy your first home in & AROUND Mississauga !

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