If you are a first time home buyer, now is the time to jump into the real estate game.
Not only is the market a strong buyer's market (which means low prices) but there are programs available to help you make the "leap"!
1. Property Transfer Tax - 1% on the first $200,000 + 2% on the balance of sale price. You may be exempted from this very high cost if you qualify, saving you $1000's in closing costs.
2. RRSP First Time Home Buyer's Plan - This program allows First Time Home Buyers to "loan themselves" previously claimed RRSP contributions, tax free, to assist in the purchase of a home.
3. First Time Buyers New Home Bonus - This is a time limited rebate (introduced with the enhanced HST rebates) for First Time Home Buyers buying new homes until March 31, 2013.
4. Homeowner's Tax Credit - Get a $750 personal Income Tax Credit if you qualify.
Alll of these programs have criteria that must me met in order to take advantage of them. Call me today to find out if you qualify.