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    Lu Hyross

    Appraisal Institute - Residential Specialist, Sales Rep

    RE/MAX Hallmark Realty Ltd., Brokerage

    Looking To Buy Toronto Homes? 


    One of the biggest decisions and commitments that anyone can make is buying a home. If you're a first time buyer, then the process is even more confusing and can be quite daunting. However, first time buyers can receive financial help when purchasing Toronto homes due to the First-Time Home Buyer’s Credit (FTHBC) which is a government program. 

    Before we get into the benefits of this government program, you may be asking yourself, what exactly is a first time buyer. It is when neither you, your wife/husband or common law partner has owned a home in the current year or for the last four years. The first time home buyer's credit (FTHBC) aims to reduce the cost of buying a home since they grant first time buyers 15% income tax credit on as much as $5,000 of your home's purchasing costs such as transfer taxes and legal fees. So, this program can truly reduce the cost of buying a home, which is a significant incentive by the government. 

    In addition to looking at available government programs and incentives, you should make sure you have enough cash for the downpayment of the home. When buying home, it is typically expected that you make a 20% downpayment but first time home buyers can pay much less. So, it is essential that you communicate with the seller and your bank to determine the downpayment percentage that works well for you. 

    Lastly, the final tip in this buyers guide is that when looking at Toronto homes, you should take your time and don't be rushed into making a decision. If you're looking for a home to spend the next couple decades in and raise your family, then you should take enough time to consider all your choices, do in-depth research and ensure that it is the best home possible.

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