Buying a home for the first time is an elaborate yet exciting process. There are a number of different factors to consider when planning on purchasing a home. It is important to first get in touch with a real estate professional as well as a mortgage expert, whether that be with a major financial institution or a mortgage broker.
A simple meeting with a mortgage expert will aid in making a determination on what you can comfortably afford. Once you have went through a cost analysis and took into consideration all costs associated with purchasing, including land transfer tax, legal fees and all other closing costs, the next step would be consulting with a real estate professional to explore your options and find your first piece of property! Important to note that as a first time home buyer, you will receive a land transfer tax rebate (up to $4000 for provincial land transfer tax and $4475 for the Toronto municipal) at the closing of your first home as well as a $5000 tax credit from the federal government! These incentives as well as building a form of financial security through equity in home ownership are reason enough to take advantage of the opportunity afforded to us by a growing real estate market!