Real Estate

First Time Home Buyer

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  • Jun 7th, 2016 9:33 pm
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[OP]
Deal Addict
Feb 9, 2013
1807 posts
776 upvotes
Mississauga

First Time Home Buyer

What are the perks to first time home buyers in Toronto?
9 replies
Deal Addict
User avatar
Mar 23, 2011
1757 posts
771 upvotes
Years of bidding wars before you finally get to settle on a house that if you had your choice you wouldn't buy but you just finally wanted to get a house!
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"It's better to be dead and cool...than alive and uncool!"
Deal Fanatic
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Sep 8, 2007
9018 posts
10319 upvotes
Way Out of GTA
The opportunity to buy after a quick thru and then put in an above asking price offer with no conditions. So whatever lurks behind the walls is a big surprise later on. Who doesn't like surprises?
[OP]
Deal Addict
Feb 9, 2013
1807 posts
776 upvotes
Mississauga
What?? I'm talking about is there any incentives the canadian government gives to first time home buyers.
Deal Addict
Nov 26, 2005
3100 posts
262 upvotes
Vancouver
jdu0ng wrote: What?? I'm talking about is there any incentives the canadian government gives to first time home buyers.
any incentive is meaningless in current market. the property transfer tax exemption for first buyer is for property under 500k, totally meaning less when average house sell for 1.5M+.

OH unless you are talking about small apartments, some of these still exist under 500k.

personal tax credit is about $800ish, not even enough to cover legal fee.
Temp. Banned
Aug 7, 2011
6623 posts
991 upvotes
Vaughan
What's with the useless answers?

Sorry OP, I don't have your answer, but hopefully someone helpful will come along. Seriously guys.
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Dec 23, 2015
2124 posts
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Newmarket, ON
jdu0ng wrote: What?? I'm talking about is there any incentives the canadian government gives to first time home buyers.
The HBP. How could you not already know this? You should have researched it.
Deal Addict
Jan 29, 2006
1642 posts
798 upvotes
Center of the univer…
Home buyers plan... take out $25000 from your rrsp and repay after two years, you have 15 years to pay it.

Land transfer tax rebate of $2000
Deal Fanatic
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Feb 2, 2014
8874 posts
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Toronto
jdu0ng wrote: What are the perks to first time home buyers in Toronto?
As mentioned above, you can withdraw up to $25,000 from your RRSP tax free and you get a rebate on land transfer taxes.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Mar 26, 2015
2573 posts
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BC
Thanks Kevin and others for the serious responses to help the OP.
Go Raptors, Go!

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