First Time Home Buyers

 
  1. First Time Home Buyers: Each owner can withdrawal up to $25,000 in RRSP for Downpayment, but this must repayed back over 15 years at equal payments into your RRSP.
     
  2. First Time Home Buyers: Receive a credit for $3725 on Land Transfer Tax (In Toronto it's about 2% and in surrounding areas it is approximately 1%) 
     
  3. Land Transfer Tax: Click Below For Calculator:  http://www.torontorealestateboard.com/buying/LTT_calculator/ltt_calculator.htm 
     
  4. Deposit: When purchasing a property you will need to put a deposit with your offer, which is usually 3-5% of the purchase price when your offer is accepted. This deposit must be received within 24hrs of the accepted offer and will be forwarded to your downpayment on closing. 

  5. Lawyer fees: on closing range from $1,000-$1,500. 

  6. Title Insurance: $200-300  

  7. Home Inspection: Costs around $250-500 depending on the size of the house.

  8. Mortgage Financing: A rule of thumb is that the banks will lend you 5 times your income minus outstanding debts. The banks require that you put a minimum of a 5% deposit, but 20% is always preferred. If you are putting less then 20% deposit the bank will charge you a mortgage insurance fee which is usually about 2% of the mortgage, which they will add to your mortgage amount.

  9. Mortgage Appraisal: Costs around $300-400. The banks may require an appraisal before they lend you the money to ensure the value of the house is accurate. 

  10. Disclosure Forms: Each owner must provide Government issued ID for proof of Identity. 

  11. Buyer Representation: Each owner must sign the Buyer Representation form to clarify which Agent is representing them in the buying process.

  12. We have our own inhouse Lawyers, Home Inspectors and Mortgage Agents to offer you a Full Service Real Estate Experience!

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