The minimum downpayment required to buy a home is only 15% of the purchase price.

Buying a home for the first time can often be an intimidating and overwhelming adventure. What are the steps to making this purchase? How much can I borrow? What will my payments be? What are all these new terms like 'interest adjustment date' mean?

Patience and expert advice is what the majority of First Time Home Buyers require. Taking out a mortgage is not as generic as most people believe. There is a multitude of mortgage options offered from an array of lenders. Customizing the right mortgage to fit your needs and goals is your ultimate objective.

Developed in consultation with past clients, our exclusive 'First Time Home Buyers Guide' is available at no cost and you will find it both informative and useful. To receive your own free copy, please contact me.

BC Home Owner Grant

Reduces property taxes by up to $570 on properties assessed up to $950,000 and continues on a sliding scale up to $1,064,000. Provides an additional $275 for a maximum of $845 for seniors, veterans and the disabled on homes assessed up to $950,000, and is reduced on a sliding scale on homes valued up to $1,119,000.

Property Transfer Tax

Home buyers in BC pay a provincial Property Transfer Tax when they buy a home. The tax is charged at a rate of 1 per cent on the first $200,000 of the purchase price and 2 per cent on the remainder. First time home buyers may qualify for an exemption on home with a maximum purchase price of $425,000 or a partial exemption on a home priced to $450,000. Buyers can't have previously owned a home anywhere in the world, and the down payment cannot exceed 30 per cent of the purchase price.

Home Buyers Plan (RRSP's for your Down Payment)

The federal government's home buyer's plan now let's qualifying homebuyers use up to $25,000 (increased from $20,000) of their RRSP to buy a home. Couples can use up to $50,000 (increased from $40,000). The home must be a principal residence, the home buyers must not have owned a home within the past five years, and the loan must be repaid within 15 years. More information be directed to the Canada Revenue Agency at: 1.800.959.8281.

First Time Home Buyers Tax Credit

This new federal tax credit program provides up $750 in tax relief to qualifying buyers for costs associated with buying a first home, including legal fees and land transfer taxes. Beginning on your 2009 personal income tax return, a new line will be incorporated to allow you to claim the credit.

Home Renovation Tax Credit

This new provision lets homeowners qualify for a federal income tax credit of up to $1,350 for home improvement projects. This temporary program provides an income tax credit on eligible home renovation expenses for work performed or goods bought after January 27, 2009 and before February 1, 2010. Home owners can claim a tax credit for 15 per cent of the renovation expenses between $1,000 and $10,000 for a maximum credit of $1,350. There is no tax credit for less than $1,000. New additions, decks, carpeting, floorings, heating systems and landscaping qualify. Furniture, appliances, tools and maintenance contracts do not qualify. Note: there are no forms. Beginning with the 2009 personal income tax return, a new line will be incorporated to allow renovators to claim the credit. If you intend to use this tax credit, be sure to save your invoices and receipts.

Apply Online

To apply online, please contact us with an estimated amount required. Once received, your information will be submitted to our in-house mortgage brokers.

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