Thinking of Buying?
Now is a great time to buy, the interest rate is at an historic low. You can get a 2.4% variable rate right now. A variable term means that when the prime rate goes up so does the interest that you have to pay on your mortgage. But, it is impossible to beat the rates you can get on a Variable mortgage. The deals are out there to be found still. The government has tightened up the lending requirements but, it is still easy to get money for the purchase of homes.
As a First time buyer you qualify for the Property Transfer Tax exemption. PTT is 1% on the first 100,000 and 2% on the balance. If you are purchasing a 400,000 dollar condo that would be 6 thousand dollars. A First time buyer would be exempt from that. The lawyer or notary would apply for that discount at the time of conveyancing. There is a threshold to apply for that exemption and it is 450,000 dollars.
Trading up in the same market is always a good idea. As a seller you lose a bit, but as a buyer you often have more to gain in a slightly soft market. The prices are not officially down, but, as a realtor who is active in the business I can tell you they are not what they once were.
The HST is here. There is a slight increase when buying new homes. Even with the HST rebate you are now paying more tax then you did with GST. There is not an additional tax on previously lived in homes. This is good news for your average home buyer. I believe this is going to cause people to renovate what they have more readily than to go and buy new properties.
When searching for your dream home, it’s important to be well informed of the Real Estate market. To help you with this process, consider the following factors: What features do you require in a home to satisfy your lifestyle now? Five years from now? Will your needs change? What’s your budget? These are decisions only you can make, but can help and will do everything possible to match you with your dream home.
Give me a call, I would love to help you!
Jacquie Wilson