Now is a great time to buy, the interest rate is still low. You can get a low fixed term 5 year 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. 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 500,000 dollars.
Trading up in the same market is always a good idea. As a seller you lose a bit if the market is softish/down, but as a buyer you often have more to gain in a soft market. The price between trading up lessens.
Tax tax tax..... It feels like that is all we do is pay. On April 1, 2013 we went back to GST. This means that home owners will see lower conveyance fees for buying and selling.
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 I can help and will do everything possible to match you with your dream home.
Give me a call, I would love to help you!