GUIDE FOR

HOME BUYERS

Let me help you buy your dream home.

Steps to Purchasing Your Next Home

FINANCES

Getting pre-approved for a mortgage is a crucial first step in the home process. It helps you determine your budget and gives you an advantage when making an offer. Contact a mortgage broker or your preferred bank to start the process today.

HOUSE SHOPPING

Looking for a new home can be overwhelming, but I'm here to help make the process easier for you. With your preferences in mind, I'll tailor a custom search to find the perfect home within your budget and in the right area for your family. As your Realtor, I'll book private showings to ensure a more relaxing and personalized shopping experience. Let's work together to find your ideal place.

PURCHASE

Putting in an offer, with the guidance of your Realtor, you may need to go through counter offers with the seller to agree on a price and close the deal. Depending on what subject condition you have in the contract, we will help you book and inspection, forward paperwork to your bank or mortgage contact, and look over strata documents if applicable.

NEW HOME

Congratulations on your new home! To ensure a seamless transition, finalize paperwork and payment with your notary or lawyer, set up home insurance, book movers in advance, and receive the keys to your new home

For First Time Home Buyers

Property Transfer Tax exemption

If you are purchasing a home under $500,000.00 Re-Sale property, you probably will be eligible for this exemption.

Must be a First time home buyer, Canadian Citizen or Permanent Residence and you have to use the home as your primary residence.

How much is the Property Transfer Tax (PTT)?

1% on the first $200,000.00

2% on the balance up to $2,000,000.00

Math: $8,000.00 PTT for a $500K home

Now that number is bumped up to $750,000.00 for a Pre-sale home but with this type of property keep in mind you will have to pay a

5% GST on this new home.

GST New Housing Rebate

For newly built homes, FTHB can apply for a GST credit from the Gov and/or the developer. In BC, the GST is 5% and you may be eligible for a rebate of 36% of the payable GST depending on the cost of the home and if you make this your permanent residence.

For homes between $350K-$450K the rebate (36%) is gradually reduced

Tax Credit On Your Annual Return

Another great on is the FTHB when you do your tax return you can claim on line #369 and claim $5K on a purchase of a qualified home. This tax credit boils down to about $750.00

Every little buts helps so make sure when you purchase your first home you tell your accountant that you want to use this FTHM tax credit.

RRSP Tax Free Borrowing

Use up to $35,000.00 from your RRSP, which is it added to your income for that year, but with this plan, you don’t need to start repayment until the next year.

To stay tax free, you must return that money within a 15 year period. Great option to help with your lay-down and reduce mortgage payments.

Home Buyer Incentive

Government invests in the property with you. When the value goes up during the time of repayment, your repayment also goes up. Opposily if the value goes down then the payment reduces.

For resale properties, option for 5% shared equity mortgage. For Pre-Sale you can apply for a 5% or 10% shared equity mortgage. Can be useful to look into this, it's a fairly new program, speak to your bank or mortgage broker.

Government Website: First time home buyers' program