Welcome to the Toronto Real Estate Podcast! In today's Toronto real estate podcast, we have some valuable tips for those looking to buy Real Estate in the next few years. Join us as we we share our 25 years of honest advice for first-home buyers. In this episode, we cover financial preparation, saving for a down payment, and leveraging preconstruction opportunities. Learn how to work with mortgage brokers and understand key real estate terms to make your dream home purchase a reality. Don't wait any longer-start planning for your future home now!
Timestamps:
0:00 - Intro
1:28 - What should you do first?
5:44 - How can newbies find a mortgage broker?
14:30 - Resale vs new build real estate
19:23 - Land transfer refund for first home buyer
23:08 - Check your credit report (credit score)
26:09 - Build your contingency/emergency fund
31:27 - Paper working guide
33:10 - Real estate terminologies
38:00 - How to hire a real estate agent?
42:25 - Prioritize your needs
49:11 - Think strategically about the neighbourhood
53:59 - Outro
DOWNPAYMENT REQUIREMENTS:
Save for a Down Payment
1/ $500,000 or less = 5% of the purchase price
Example: A small studio worth $475,000 equates to a downpayment of $23,750
2/ $500,000 to $999,999 = 5% of the first $500,000 of the purchase price and 10% for the portion of the purchase price above $500,000
Example: A one + den with parking worth $750K equates to a downpayment of $25,000 (5%) on the first $500,000 and an additional $25,000 (10%) on the remaining $250K = $50,000
3/ $1M or more = 20% of the purchase price.
Example: If you purchased a starter home for $1,2M, the downpayment would be $240,000
FIRST TIME HOME BUYER PROGRAMS:
1/ The Federal Home Buyer’s Plan
The Federal Home Buyers’ Plan permits first-time home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) for a down payment. However, any amount withdrawn under this plan must be repaid to the RRSP within 14 years.
2/ First Home Savings Account
The federal First Home Savings Account (FHSA) allows first-time home buyers to save up to $8,000 tax-free towards purchasing a property, with a lifetime FHSA limit of $40,000.
3/ First-Time Home Buyer Tax Credits and Benefits
After purchasing your first home, there are further tax credits and benefits that first-time home buyers can take advantage of to reduce the financial burden of home ownership.
4/ Home Buyers’ Amount for Tax Return
First-time home buyers may be eligible to claim up to $10,000 of the purchase price of their home on their tax return pursuant to the Home Buyers’ Amount.
5/ Land Transfer Tax Refund for First-Time Homebuyers
First-time home buyers who purchase an eligible property are eligible for a partial or full land transfer tax refund, up to a maximum of $4,000, under Ontario's Land Transfer Tax Refund for First-Time Homebuyers program. To qualify, the person claiming the tax refund must be a first-time home buyer and occupy the home as their principal residence within nine months of the date of Title transfer.
Stay updated with the latest Toronto real estate news and dive deep into the housing market with the Toronto real estate podcast. Understand the condo market in Toronto and how real estate inflation impacts it. Join us to explore the dynamics of Fox Marin Toronto Real Estate and gain expert perspectives on the Toronto condos and Canada's real estate landscape.
Hop on to our knowledge base -
-- foxmarin.ca/faq-real-estate/
Also, remember to read our blog posts -
-- foxmarin.ca/blog/
Our Press Releases have been featured in prominent business publications such as Toronto Life, Elle Canada, National Post and The Global And Mail -
-- foxmarin.ca/press/
Connect with us via -
--- Office - 416-322-5000
--- Text - 416-559-8988
--- Email for general inquiries, press, & marketing - hello@foxmarin.ca
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Meet us in person at our office -
-- Fox Marin Associates Ltd., Brokerage, 489 College Street, Suite 305, Toronto, Ontario, M6G 1A5
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26 июн 2024
