Homebuyers Road Map
Tuesday Mar 07th, 2017Share
The Canadian Real Estate Association (CREA) recently released a Homebuyer’s Road Map. This document is filled with helpful tips and information to help you prepare for your home purchase.
Whether this is your first home, you are moving up or you are buying an investment property. This is great information for you to review and have top of mind.
A few key points I’d like to highlight:
- Assess your financial readiness - Determine your current household budget and your annual income to determine how much you can comfortably afford
- Research Government programs - If you are a first time buyer you could be eligible for the first time homebuyers tax credit and the home buyers plan (one-time withdrawal up to $25,000 from a Registered Retirement Savings Plan (RRSP) by first-time buyers to help purchase or build a home). There is also the CMCH Green Home Program
- Closing and related costs - closing costs include the legal, administrative and disbursement fees associated with buying a home. Fully understanding these fees will help you to budget more accurately. Don’t forget that these fees are over and above the purchase price of the home