Buying a Home
Homeownership is one of life’s most fulfilling and rewarding experiences. Buying a home can sometimes be confusing and may leave you frustrated, but it does not have to be that way! Here are some topics you will want to review which will help you realize that maybe it is not so difficult after all.
Tips & Tricks to Afford Your New Renos
You love that home but don’t have money for renovations? Yes, you do! Learn how the “Canadian Home Customization Plan” is helping homebuyers find their dream home. FACT – 95% of buyers report that on showings there is always “something” they would like to change with the house and will simply move on to the…
Are you a First-time Buyer?
So you want to buy your first home but do not know where to start? Well, let’s give you some direction on the items that you must know, consider, and review:
Complete a “Strategy Session” with the Morrison Mortgage Team so you:
- know the costs associated with buying a home
- understand the difference between a ‘high-ratio’ mortgage and a ‘conventional’ mortgage, and the costs of ‘high-ratio’ insurance premiums
- understand the Canadian Home Customization Plan, and the benefit in being able to add renovations/improvements to your mortgage, and
- see and understand the cost of your mortgage payments ‘before’ you purchase
What are the main advantages/benefits of being a First-time Buyer?
- First Time Home Buyers’ Program (aka Property Transfer Tax Exemption) – to find out if you qualify for the Property Transfer Tax Exemption and for more about this program please click here. Full exemption to this tax if buying for 500k or less and partial exemption if buying for 501k – 525k, click here for more details. For your reference… the tax is charged at a rate of:
- 1% on the first $200,000,
- 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
- 3% on the portion of the fair market value greater than $2,000,000.
- Home Buyers’ Plan (HBP) – The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSP’s) to buy or build a qualifying home for yourself or for a related person with a disability. For more details on this program please click here.
- B.C. Home Owner Mortgage and Equity Partnership (BC HOME Partnership) – this program kicked in on Jan. 16. This new, three-year, $700-million initiative gives a hand-up to first-time home buyers by contributing to the amount they have saved for a mortgage down payment. Up to $37,500, or up to 5% of the purchase price, will be provided to qualifying first-time buyers through a 25-year mortgage loan that is interest-free and payment-free for the first five years. For more details on this program please click here.
- Newly Built Home Exemption – The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home with a fair market value of 750k or less. This is handy for First-time buyers’ if they happen to purchase over the exempt amount of 500k providing them with another option to avoid paying PTT. For more details on this program please click here. It is important to note that If the fair market value of your property is more than $750,000 and less than $800,000, you may qualify for a partial exemption. For more details please click here.
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We recently made our purchase and have been extremely grateful and appreciate of Russ and his team's support through the process. A great experience and would highly recommend Russ and his team!"