ELIGIBILITY
You must be at least 18 years old.
01
You must be either a Canadian Citizen or a Permanent Resident of Canada.
02
You have to occupy the home as your primary residence within 9 months of the date of transfer.
03
In the last four-year period, you have not owned a home you occupy or your current spouse or common-law partner owned.
04
To qualify for the First Time Home Buyer financial assistance from the Government of Ontario, your income will likely need to be below a certain amount, which varies by location and program.
Do you want to live downtown, in the suburbs or in a more rural environment? Does the neighbourhood have a look and feel that suits your style? Do you want to live close enough to work, school, shopping, recreation facilities, health services and public transit that you won’t need a car to get around?
Is an air conditioner or a swimming pool on your list? Do your family members have allergies, environmental sensitivities or other special needs? Is it important
that your home be energy efficient and environmentally friendly? Will you need it to adapt to changing needs as you age?
How many bedrooms or bathrooms do you need? Do you need space for a home office or for extra storage? Do you need a garage?
Are you planning to have children? Do you have any teenage children who will be moving away soon? Are you close to retirement? Do you want to live where you can go for walks or take your kids to a park? Do you want to live close to a community centre or place of worship? Is it important that you live close to family and friends?
WHAT SHOULD YOU THINK ABOUT WHEN BUYING YOUR FIRST HOME?
It’s time to start thinking about the kind of home you want to buy. Look for a home that will meet your needs not just today, but also 5 or even 10 years into the future.
BUYING VERSUS RENTING : PROS & CONS
PROS
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Less maintenance and repairs.
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Lower monthly and upfront costs.
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Shorter-term commitment, making it easier to move to a new home, neighbourhood or city.
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Protection from decrease in property values
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Possibility to free up cast to invest or to save a larger down payment for a home.
PROS
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Freedom to renovate or modify your home as you wish.
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You are building up equity in a safe, secure investment as you pay down your mortgage.
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Potential for rental income if you include a secondary suite.
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Stability and peace of mind that comes from being in control of your investment and owning the place where you live.
CONS
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Monthly payments may increase year after year.
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The risk that your lease won’t be renewed.
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You are paying someone else’s
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mortgage rather than building equity of your own.
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You can’t paint or remodel without the landlord’s permission.
CONS
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The risk of financial loss if your home has lost value when you sell.
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Responsibility for all ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance.
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Monthly payments can increase significantly if interest rates go up at renewal time.
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Possibility of unexpected and potentially costly repairs.
RENTING
BUYING
GET IN TOUCH !
ADDRESS:
100 Consilium Place, Suite 200, Scarborough, Ontario M1H 3E3, Canada.
EMAIL:
inquiry@fthbr.com
CONTACT:
416-877-0570
Home Buying Programs and Incentives
The Government of Canada offers home buying programs and incentives for homebuyers. These can help you purchase your home. The programs and incentives can include the following:
*Budget 2024 increased the HBP withdrawal limit from $35,000 to $60,000. This limit applies to withdrawals made after April 16, 2024.
MEET
Hello!
My name is Raj Malik and I am a dedicated Real Estate Broker specializing in helping first-time home buyers navigate the exciting journey of purchasing their first property in the GTA. With a deep understanding of the unique challenges and opportunities that come with buying a home for the first time, I am committed to providing personalized guidance and support every step of the way.
My approach is centered around clear communication, education, and a genuine commitment to the needs of my first-time home buyer clients. I take pride in simplifying the home buying process, ensuring that you feel informed, confident, and empowered as you make one of the most significant decisions of your life. Whether you’re looking for the perfect starter home or exploring financing options, I am here to offer expert advice and resources to make your experience as smooth and enjoyable as possible.
I look forward to working with you and helping you turn your homeownership dreams into reality!
Broker of Record
First Time Home Buyers Realty Inc., Brokerage
Raj Malik
MEET THE BROKER OF RECORD
TRUST US TO LEAD THE WAY
from start to closing...
TRUST US TO LEAD THE WAY
Home Inspection
01
Financing Conditions
02
Final walk through
03
Securing a mortgage
04
Deposit and downpayment structures
05
Home Insurance
06
Finding a trusted lawyer
07
and much more...
Receive a $500 gift card from FTHB when your first transaction is completed!
You may be eligible to receive a non-refundable tax credit of up to $1500.
The Home Buyers' amount
You may be eligible to save up to $40,000 tax-free to buy a home with an annual contribution limit of $8,000.
The First Home Savings Account (FHSA)
You may be eligible for a rebate for some of the tax you pay when buying your home.
GST/HST new housing rebates
You may withdraw up to $35,000 from your registered retirement savings plan (RRSP) tax-free to buy first home.
The Home Buyers' Plan (HBP)
