First-Time Home Buyer

READY TO BUY YOUR FIRST HOME? YOU'RE IN THE RIGHT PLACE.

Buying your first home is an exciting and major milestone therefore, it is something you should be proud of. At the same time, the process can feel overwhelming, especially when it’s your first time. Between setting a budget to choosing the right neighbourhood, there’s a lot to think about. As a first-time home buyer, you’ll have questions, and that’s why we’re here to give you the right answers to make you feel educated and comfortable with your decisions. 

Our team of specialty trained REALTORS® and support staff are committed to guiding you every step of the way with  the right preparation and support, expert advice, personalized plans, and a no-pressure approach, all tailored to you and what you need.

REACH OUT TO US TODAY:

MORTGAGE BASICS FOR FIRST-TIME HOME BUYERS

First and foremost, meet with a mortgage broker to gain a clear understanding of your financial situation and how it impacts your ability to purchase your first home. If you don’t have one already, we’re happy to refer you to a trusted partner who can guide you through your options.

GATHER YOUR PRE-APPROVAL DOCUMENTS

  • Income Qualification: T4s, Paystubs, RRSP, and Your Employment Letter
  • Credit Verification: Credit Report, Outstanding Debt, Past Collections etc.
  • Government Issued Photo ID: Driver’s License, Passport, Ontario Photo Card, Status Card etc.
  • Gift Letter: Obtain this document if a family member plans to contribute to your home purchase

4 THINGS TO AVOID ONCE YOU ARE PRE-APPROVED

  1. Avoid making any big purchases

  2. Avoid quitting or changing jobs

  3. Avoid applying for new credit

  4. Avoid co-signing on a loan

THE FINE PRINT OF BUYING YOUR FIRST HOME

Government Incentives for First-Time Buyers in Ontario.

HOME BUYER’S PLAN: enables you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a home. This program allows you to withdraw up to $35,000 without being taxed. This Plan allows you to pay back the withdrawn funds within a 15 year period.

Source: Canada HBP

HOME BUYER’S TAX CREDIT: enables you to claim up to $5000 for the purchase of a home on your personal tax return for the year of purchase. This helps to cover any closing costs.

Source: Canada HBTC

CANADA’S FIRST TIME HOME BUYING INCENTIVE:

Is a shared-equity mortgage aimed at LOWERING first-time home buyers monthly mortgage payments WITHOUT increasing the amount you need for a down payment.

  • The government contributes 5-10% of the purchase price
  • The Loan is INTEREST-FREE
  • The Loan must be paid in full within 25 years of when the home was purchased and/or when the home is sold.
 

HOW TO KNOW WHEN YOU’RE READY TO BUY

Points to stay within your comfort zone as a First-Time Home Buyer:

  1. To begin with, aim to keep your monthly mortgage payments below 40% of your household take-home income

  2. Additionally, Save up at least 5% of the purchase price for your down payment

  3. Ideally, you want to try to keep your credit score above 680

  4. Finally, plan to stay in your new home longer than 3 years to cover your upfront costs.

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For sale $649,000
5003 - 12 YORK STREET, Toronto, Ontario

5003 - 12 York Street

Toronto, Ontario

2 Bedroom 1 Bathroom 600 - 699 ft2
Bay Street Group Inc.
For sale OPEN HOUSE $888,000
27 - 2006 GLENADA CRESCENT, Oakville, Ontario

27 - 2006 Glenada Crescent

Oakville, Ontario

4 Bedroom 4 Bathroom 1,600 - 1,799 ft2
Homelife Landmark Realty Inc.
For sale $485,000
890 LIMERIDGE Road Unit# 41, Hamilton, Ontario

890 Limeridge Road Unit# 41

Hamilton, Ontario

3 Bedroom 2 Bathroom 1,099 ft2
Real Broker Ontario Ltd.
For sale $1,599,900
2156 COUNTRY CLUB Drive, Burlington, Ontario

2156 Country Club Drive

Burlington, Ontario

4 Bedroom 3 Bathroom 1,952 ft2
Right At Home Realty Brokerage
For sale $2,200,000
122 SPRING AZURE CRESCENT, Oakville, Ontario

122 Spring Azure Crescent

Oakville, Ontario

6 Bedroom 5 Bathroom 3,000 - 3,500 ft2
Right At Home Realty
For sale OPEN HOUSE $949,900
637 AMELIA CRESCENT N, Burlington, Ontario

637 Amelia Crescent N

Burlington, Ontario

3 Bedroom 3 Bathroom 1,100 - 1,500 ft2
Revel Realty Inc.
For sale $645,000
1545 - 38 GRAND MAGAZINE STREET, Toronto, Ontario

1545 - 38 Grand Magazine Street

Toronto, Ontario

2 Bedroom 1 Bathroom 600 - 699 ft2
RE/MAX Excel Realty Ltd.
For sale OPEN HOUSE $849,000
16 FLAMINGO DRIVE, Hamilton, Ontario

16 Flamingo Drive

Hamilton, Ontario

5 Bedroom 3 Bathroom 2,000 - 2,500 ft2
RE/MAX Escarpment Realty Inc.
For sale $850,000
70 WELLINGTON STREET S, Hamilton, Ontario

70 Wellington Street S

Hamilton, Ontario

4 Bedroom 2 Bathroom 1,500 - 2,000 ft2
RE/MAX Aboutowne Realty Corp.
For sale $1,049,900
628 WINDWOOD Drive, Binbrook, Ontario

628 Windwood Drive

Binbrook, Ontario

4 Bedroom 4 Bathroom 2,357 ft2
Royal LePage State Realty Inc.
For sale $949,000
85 WILSON STREET, Hamilton, Ontario

85 Wilson Street

Hamilton, Ontario

5 Bedroom 4 Bathroom 2,000 - 2,500 ft2
RE/MAX Aboutowne Realty Corp.
For sale OPEN HOUSE $749,000
22 - 50 VERNE CRESCENT, Toronto, Ontario

22 - 50 Verne Crescent

Toronto, Ontario

3 Bedroom 2 Bathroom 1,200 - 1,399 ft2
Psr