Some people don't realize, but first time home buyers may be able to qualify for a break in the Property Purchase Tax when purchasing their first home. In order to qualify for this break, the home must be the first ever purchased, and it must be their primary residence. Your lawyer should be able to ensure you qualify for this. More info
This can amount to substantial savings. Property Purchase Tax if calculated at 1% if the first $200,000. and 2% on the remainder. Purchasing your first home can seem daunting. Canada Mortgage and Housing Corporation (CMHC) provides information for new home buyers. More information.
For those buyers who are purchasing a home with less than 25% downpayment, mortgage insurance is required by most lenders. CMHC provides coverage for this - read more.
For more information, and for help finding the perfect home, contact Lou Cruz
too bad most homes are over 400k in the vancouver area, and first time home buyers don't get the break
ReplyDeletethis is very useful information as i am looking to buy my first home soon.
ReplyDeletePlease use Hyperlinks instead of the long links.
ReplyDelete