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TagFirst time homebuyer

Thinking of buying a home? Contribute to your RRSP so you can borrow tax-free!

Blog Image, HBP, December 2018

If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.

But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).

You can withdraw up to $25,000 ($50,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.

Continue reading “Thinking of buying a home? Contribute to your RRSP so you can borrow tax-free!”

My mission is to help keep mortgage consumers informed!

Blog Image, Mission, December 2018

Many mortgage brokers and other sales/service professionals keep track of numbers to measure whether we’re on track for growth year-over-year.

So, I did some math. Since becoming a broker in 2004, my team and I have successfully funded more than $920 million in mortgages. That’s a big number, and I’m proud of my accomplishments – but not only because of the monetary value. Of course, everyone has to earn a living, but I also get to help people make their home dreams come true everyday. Now, that is among my proudest accomplishments by far!

Continue reading “My mission is to help keep mortgage consumers informed!”

When’s the best time to BUY a home? December, of course!

Blog Image, December Homebuying, November 2018

Let’s forget about hot and cold real estate markets for a second. I realize that’s hard to do with so many media outlets pushing opinions. But, let’s look at historical trends and patterns that have remained consistent for well over 30 years.

The Spring housing market is the best time to sell. Sale prices are usually highest from February to June. It’s also going to provide buyers with the most selection as the number of listings usually increases.

But, it’s important to remember, however, that the Spring’s not always the best time to buy.

Continue reading “When’s the best time to BUY a home? December, of course!”

Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!

Blog Image, Interest Only Flex, July 2018There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments.

Designed to help borrowers increase monthly cash flow by providing maximum flexibility, this product can be used for both purchases and refinances.

I recently tried this product out and was really impressed!

Continue reading “Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!”

Finally, a tax break on Land transfer tax.

ontario-govt

Did you get a larger Land Transfer Tax rebate?

If you bought a home this year, and you’re a first time home buyer, then you’ll pay less tax..   The Ontario provincial govt has doubled the rebate from $2,000 to $4,000.   The rebate is for qualified first time home buyers only.

They also eliminated Land Transfer tax on the first $368,000 of the purchase price for first time home buyers.    Hey, this is good news.  And I applaud the govt for giving for giving first time buyers a break.

They also increased the Land Transfer Tax for homes over $2million.  Here’s the old and new tax tables.

“Old” Ontario Land Transfer Tax Rates
Home Purchase Price             Tax Rate
Up to $55,000                                 0.5%
$55,000 to $250,000                    1.0%
$250,000 to $400,000                 1.5%
Above $400,000                             2.0%

And here’s the new formula…

“New” Ontario Land Transfer Tax Rates
Home Purchase Price             Tax Rate
Up to $55,000                                 0.5%
$55,000 to $250,000                    1.0%
$250,000 to $400,000                 1.5%
$400,000 to $2-million                2.0%
$2-million and over                       2.5%

Enjoy the savings..

Kinda strange..  Remember when the Kathleen Wynne govt was considering allowing other municipalities, other than Toronto, to introduce a new land transfer tax?   NO?  Well, I do.. and you shouldn’t forget it either.. click here to remember..  Keep this in the back of your mind .. Let’s hope this isn’t some sort of strategy to catch us with our guard down..

Your best interest is my only interest.   I reply to all questions and I welcome your comments.  Like this article?  Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

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