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The main thing is to use all the tools at hand to make sure you take advantage of every program you qualify for.
If you are thinking of buying a new home or condominium in Ontario for the first time, congratulations! You are about to embark on one of the best life steps you can make.
You may even be a newcomer to Canada looking to purchase your first home or condo in this country. Either way, know that there are invaluable resources out there to help you make the best possible decision. Here, I’ve listed a few websites you can research to get your questions answered.
The Government of Canada (www.canada.ca) offers a wealth of information.
• https://bit.ly/2ZuCdka This site by the Financial Consumer Agency of Canada includes topics such as figuring out how much you can afford for a home, saving toward the purchase, paying for your home, tax credits for homebuyers, home-buying costs, working with a real estate agent, buying a condo, buying to rent and what to consider if you are an immigrant. There is even a step-by-step guide you can use to decide whether homeownership is right for you. It’s well worth a visit.
• https://bit.ly/2Zs6xvO This page by the Government of Canada has to do with newcomers who are looking to purchase a home here in our country. It links to the following two resources from the Canada Mortgage and Housing Corporation (CMHC).
o https://bit.ly/3EoP1b8 Buying Your First Home in Canada: What Newcomers Need to Know
• https://bit.ly/3bhtNzt Here, CMHC links you to Canada’s homebuyer incentives and rebates.
o https://bit.ly/3mkqv4K The First-Time Home Buyer Incentive allows eligible first-time homebuyers with the minimum down payment for an insured mortgage to apply to finance a portion of purchase through a shared equity mortgage with the Government of Canada.
o https://bit.ly/3vS3YiN The Home Buyers’ Amount offers a $5,000 non-refundable income tax credit on a qualifying home acquired during the year (up to $750 in federal tax relief).
o Home Buyers’ Plan (HBP) https://bit.ly/3Em5TiH allowing you to withdraw up to $35,000 in a calendar year from your RRSPs to buy or build a qualifying home.
o GST/HST New Housing Rebate (https://bit.ly/3pGjltE) – Find out whether you qualify for a rebate of part of the GST or HST you paid on the purchase price of your new home.
If you are considering a condominium, check out these sources:
https://bit.ly/3jJXLk9 This website offers the free download of CMHC’s booklet “Condominium Buyer’s Guide” covering the basic information you need to know, from figuring out whether a condo is right for you, to checklists, tips, FAQs and even a glossary of terms.
• https://www.ontario.ca/page/condominium-law-changes This site covers the amending of the first overhaul of Ontario’s condo law in over 16 years, with enhanced consumer protection.
These are just a few resources available to you. Choosing to buy new is a great decision on your part. The main thing is to use all the tools at hand to make sure you take advantage of every program you qualify for and make the right new housing choice for you.
Debbie Cosic is the founder and CEO of In2ition Realty, a real estate brokerage that specializes in project marketing, merchandising and selling of new homes and condos. Visit http://in2ition.ca /