Keith: 250-231-8187  keith@allprorealty.ca

Wayne: 250-368-1617  wayne@allprorealty.ca


Re/Max All Pro Realty
1252 Bay Ave, Trail, BC, V1R 4A6
Office: 250-368-5000
Fax: 250-368-3340

 

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Are You Ready to Buy Your First Home?

 

First assess if you have the financial resources. You should have at least 5% of the purchase price of a home for the down payment. While saving can be tough, buying a home should be part of your long term financial and personal growth strategy.

Secondly assess how long you expect to stay in your new home. Moving has its expenses and you will want to position yourself to be able to build some equity. It helps if your job and home life are stable.


Government Benefits for First Time Buyers

 

There are two benefits programs provided to first time home buyer in British Columbia (BC).

 

BC Property Transfer Tax Exemption

The BC Property Transfer Tax is equivalent to 1% of the first $200,000 of the purchase price, and 2% of the amount above $200,000. This is a significant amount of money levied on any real estate transaction. For example, for a $300,000 purchase, the transfer tax is $4,000. As a qualified first time home buyer, you will not have to pay this tax.

 

RRSP Home Buyer's Plan

The HBP program is offered by the Federal Government and allows you to use up to $25,000 ($50,000 for couples) of your Registered Retirement Savings Plan (RRSP) towards the down payment on a home. You can withdraw this money tax free from your RRSP. You'll need to pay back this money to your RRSP over the next 15 years.

*Government regulations change often, so please be sure to check with your notary or lawyer as to specifically what benefits you are entitled to.

 

What Can You Afford?

If you haven’t already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms, and options.


Benefits of Home Ownership


Pride of Home Ownership

Pride of home ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make home improvements knowing that any appreciation that results will be to your benefit. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.

 

Appreciation

In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your real estate investment. Also, in Canada your principal residence is exempt from capital gains taxes.

 

Mortgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your home loan, which builds your equity. Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that you can use, improve and sell. Your home is a safe haven for investment. You can borrow against a home's equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?

 

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.