First Time Home Buyer

First time buyer in Mississauga?


Let an experienced Realtor help you out.

Nothing can be more daunting than buying your home for the first time, especially in Mississauga where you are spoilt for choice. Here is where a local, experienced realtor can help. Team Kalia has been serving clients since 2013, helping new immigrants /newcomers and home buyers settle down with their first home in Mississauga.


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 residential or commercial 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. 

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Testimonials

"When I first got the idea of getting a condo I was looking at various articles and newspapers, etc. Everything seemed so complicated; so much chaos, it really scared me and I believed I wasn't ready. Then I found Amit's blog and his website where everything started to make sense. Amit's website mentioned no obligation consultation, so I called him. Soon enough Amit helped me to find the place where I wanted to live. The process went by so smoothly and he taught me everything, every step of the way." Thank you very Amit, I could not be happier, and this was made possible because of you." Javadine Gardner


Backed by Canada’s top name in real estate, Re/Max, our sincerity, high values and awarded sales experience have won us the patronage of several satisfied first time home buyers over the years. The first consultation with us is complimentary. In that one session, we help you understand your home buying expensesnew builder vs. resale homes and condos, the best Mississauga neighbourhood for you, mortgage options, importance of home inspection, home insurance, home improvements, purchase and sale agreement plus some important clauses that protect your rights. After that you relax and he takes over. We will guide you to your first investment at the fastest time and the best rate within your budget. You will also receive new home listings of Mississauga homes and condos for sale in your inbox every morning, followed by a personal visit to select your dream home. 

Some frequently asked first time buyer questions:

First Time Home Buyer Incentives - Sep 2019
 

How are eligible for this incentive?

Scenario Example:

Purchase Price: $500,000
Downpayment 5%: $25,000
Incentive 5%: $25,000
Mortgage with incentive: $450,000
Purchasers with incentive can cut their mortgage cost by 150/month.

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.How do you figure out your home affordability qualification?  Call Amit and find out in minutes.

Does a buyer have to pay real estate commission?

In most 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 real estate commission when the buyer's brokerage is not paid any commission by the listing brokerage or the seller.

 

As a newcomer what's the minimum down payment? 

We introducs you to the exclusive "Welcome to Canada" programme for permanent residents and newcomers who do not have a job or credit history. This programme allows you to purchase a home with 35% down payment. The down payment requirement may be reduced if you find permanent employment in Canada.

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:

What is RRSP Home Buyers 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.

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.

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.

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 15% 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.

Remember - the amount that you pay as rent on a monthly  basis can cover the cost of your own mortgage on your own home or condo, depending on the down payment that you are able to put in at the time of buying.

Second important consideration is that Real estate market is doing very well in Canada & some property types are still affordable.

However, we do understand that circumstances might compel you to rent initially, before you can buy. This is fine and we can help even in this scenario.

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

 

Buy your first home in & AROUND Mississauga !

We only collect personal information necessary to effectively market and sell the property of sellers, to assess, locate and qualify properties for buyers and to otherwise provide professional services to clients and customers.We do not sell, trade, transfer, rent or exchange your personal information with anyone.

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