First-Time Home Buying
Buying your first home is a big milestone, and in Ontario, there are specific programs, rules, and steps that can help make the process smoother. Here’s what every first-time buyer should know:
Understand Your Budget
- Before anything else, determine how much you can afford. Use an affordability calculator and speak with a mortgage advisor. Remember to include closing costs, property taxes, and ongoing maintenance expenses.
- Explore Government Incentives
- Ontario offers several incentives to support first-time buyers:
- First-Time Home Buyer Incentive: A shared equity program by the federal government.
- Land Transfer Tax Refund: Ontario residents may receive up to $4,000 in rebates.
- RRSP Home Buyers’ Plan: Withdraw up to $35,000 from your RRSP tax-free.
Get Pre-Approved
This gives you a clear understanding of how much you can borrow and strengthens your offer when you find a property.
Work with a Trusted Realtor
Having a knowledgeable local agent like Sonali Sandhu ensures you’re guided through the right neighborhoods, market trends, and pricing.
Be Prepared for Competition
Ontario’s housing market can be competitive. Stay ready to act quickly but don’t skip home inspections or due diligence.