We Welcome First Time Home Buyers

Are you buying a home for the first time? Let us walk you through the process.

The best mortgage options for first time home buyers

Buying your first home is a landmark moment and a very exciting time in your life. First time home buyers can be frightened because the preparation to buy their first home can seem daunting. You need to make sure that you are prepared financially, have all your paperwork in order, find a home you like, and finally, get a mortgage.

With most buyers feeling priced out of the market, mortgage affordability and meeting the stringent federal guidelines put in place in 2018, is a major cause for concern and discussion today. Affordability for first-time buyers seems to be the main topic of discussion these days. Many first-time home buyers are feeling defeated, and overwhelmed before they even begin the process of home ownership.

I want to let you know that there is hope, that you too can become a proud homeowner.

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first time home buyers toronto
first time home buyers toronto

How to get you first time home buyers mortgage

We know buyers are having a hard time qualifying with the new mortgage stress test rules that were implemented in 2018.  The federal government’s aim was to circumvent the rise and rapid appreciation of housing prices. They succeeded with cooling the market, their primary goal, however, at the same time it became substantially more difficult for the average family to purchase a home as the governments income to pricing ratios are not in line with actual current income benchmarks.

In the recently proposed federal budget, the government has implemented two initiatives to relieve income disparities and allow assistance for first time buyers.

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In the recently proposed federal budget, the government has implemented two initiatives to relieve income disparities and allow assistance for first time buyers.

RRSP Withdrawls

The first is to allow individuals to increase the amount they can withdraw from their RRSP. First-time buyers can now make a tax-free withdrawal of up to $35K from their RRSP. Essentially this will give access to a larger down payment faster. Couples can now utilize a total of $70k as a down payment, which will increase their buying power.

Shared Equity Mortgage

The second initiative is to provide a shared equity mortgage, which is essentially a form of down payment assistance to families that make a combined income below $120k; with an additional 5% to 10% that will increase their buying power. This 5% to 10% loan is an interest free benefit that will aid in making mortgage payments more affordable, it would be repayable upon sale of the property.

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We have multiple options for first time home buyers

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