If you are employed, have some money saved and never owned a home you might have questions on how to make home ownership a reality for you and your family. In fact, it is very much possible you’re wasting your time and money paying rent and making your landlord richer and happier. Here are some tips for you:
- Down payments can be as low as 5% of the purchase price and up to 20% with the approval of an Insured Mortgage. Down payments of 20% and over will probably qualify you for a Conventional Mortgage. However, keep in mind that the bigger the down payment, the lower the financed amount which means lower monthly payments as well.
- You only pay GST on top of the purchase price of new homes or pre-sale. GST doesn’t apply to most re-sales homes, unless in some cases of investment properties.
- In British Columbia, first time home buyers may qualify for PTT (property transfer tax) total or partial exemption in homes valued up to $ 525K. The home must be located in BC and only be used as your principal residence. Either way, great benefit and savings for you !
- If you are a newcomer, you may qualify for a mortgage, regardless of how long you’ve been in Canada. There are specific financing programs designed just for you! Consult with a local mortgage broker and find out what suits you best !