You should not feel overwhelmed when you are buying your first home because there are actually financial programs in place for first time buyers. One such program is the Land Transfer Tax which applies to all land in Ontario. First time buyers may be able to get a refund of all or part of the tax payable.
-For agreements of purchase and sale before December 14, 2007, the refund is only applicable to the purchase of a new constructed home.
-sales after December 13, 2007, the refund applies to all homes.
Taxpayers can claim an immediate refund during the registration process electronically by completing statement under the Explanation tab which is under the electronic land transfer tax affidavit. Individuals can also register on paper and file through the Ontario Lands Transfer Tax Refund Affidavit for First Time Purchasers of Eligible Homes. This can be done at the Lands Registry Office. The Amount of the Refund will offset the land transfer tax payable. The maximum refund you can receive is $2,000.
Limitations
The refund could be reduced if one or more purchasers are not a first time home buyer. It will be based on the interest built by the individuals who qualify for the refund. A purchaser can also claim a refund in proportion to his or her spouse’s interest if the spouse has owned a home before the relationship. Here are the requirements for a refund:
-the purchaser must be in the home for at least nine months after the date of the conveyance.
-the purchaser cannot have owned a previous home.
-the purchasers spouse cannot have owned a home.
-the purchaser cannot have received an Ontario Home Ownership Savings Plan.
There is another program that can help first time home buyers. It is called the Home Buyers Plan. This plan allows an individual to withdraw as much as $25,000 from your registered retirement savings plan or RRSP in order to buy or build a home for yourself or a relation with a disability. Only the payment receiver can withdraw funds but you can make withdrawals from more than one RRSP as long as you are the plans owner. In order to participate you have to withdraw funds as a first time buyer or withdraw for a person with a disability. As well these conditions must be in place:
-You have to sign a written agreement with a builder, contractor, realtor or private seller.
-It has to be your first place of residence.
-Your HBP must be zero at the beginning of the New Year.
-Neither you nor your spouse owns the home more than 30 days before the withdrawal.
-You have to be a resident of Canada.
-You buy or build the home before October 1 of the year after the year of withdrawal.
If one of the conditions is not met while you are participating in the plan then your RRSP withdrawal will not be eligible. You have to include the RRSP withdrawal as an income on your tax return for the year you received the funds. If you don’t meet the requirements then you can always participate later in the future.
When looking for Brampton homes for sale be sure to look here
If thinking of selling your house consider hiring a Brampton real estate agent who charges low 1% commissions for full service.
This project is in the form of condos and lofts in the former Dominion Skate Factory site. These condos are being built by Blade Condominiums that have over 40 years in residential property development. The Blade Condominiums will be Preston Groups flagship project in Brampton and is getting a lot of interest from homebuyers all over Ontario. These units will be cutting edge and close to the Go Station and blend old with more modern interiors and amenities. Buyers will be close to shopping, restaurants, parks and a public courtyard. Everything is within walking distance.
The development has its own fitness room and a beautiful and tranquil Zen Lounge and yoga room. There is a party room, catering kitchen, theatre and games area. These condos also feature guest suites for any out of towners or for the late night party goers who have to stay overnight. The development is lined with trees and the rises above the façade of the heritage building with bold architecture. It has an elegant entrance court, sculptured gardens and a corner sanctuary to welcome everyone. The lobby entrance is grand and the amenities are located on the ground floor and the tenth floor. The views are stunning from every floor and every vantage point.
The Brampton condos are all energy efficient and environmentally friendly with conservation, sustainability and a slant to healthy living for its tenants. These condos are close to public transportation, bike storage, preferred parking, heat pumps, Energy Start appliances and a tri sorter and garbage chute. The condos are have rain water capturing for irrigation, low flush toilets, faucets and shower heads, low VOC paints, low-E glass, metered utilities , deep terraces, green roof and heating and cooling in each home. The homes have features like concrete balconies, thermal glazed aluminum windows, classic baseboards and casings, interior white walls, white textured ceilings and interior suite doors with brushed chrome hardware.
Some of the condos have nine foot ceilings. The penthouses have ten foot ceilings, solid core doors, security systems, key FOB entry and parking and lobby surveillance. You will love the washrooms with privacy locks, waterproof ceilings, exhaust fans, ceramics, vanity mirrors, tempered glass walls, sconce lighting, pressure balanced valves, efficiency fixtures, marble countertops and vanity cabinets. Each home has a standard appliance package which includes a black/white microwave and hood fan, dishwasher, self cleaning range, frost free fridge and washer and dryer. You can really cook in these kitchens with ceramic backsplashes, granite counter tops, stainless steel sinks and great cabinets.
The condos have oak staircases with iron pickets, hardwood flooring and ceramic tiled floors in the bathrooms and laundry spaces. There are selections of suites from one, two and three bedrooms. The square footage for these condos ranges from 594 square feet to 1484 square feet in the loft residences. These are state of the art condos with all the amenities and close to all the major shopping and entertainment areas. If you are looking for a condo in Brampton you will want to check out the Blade Condos.
If you would like more information on buying a condo in this building or any of the other Brampton condos send me an email.
Got a house to sell? Consider hiring an agent that charges low real estate commission for full service.
There are a lot of emotions that go into buying your first home as well as the considerations of locations, neighbourhood, space, construction and the availability to shopping and other conveniences.
If you don’t look into home buying facts you will end up buying a home that you can’t afford and is full of problems. The first thing you should have in order is your credit report since mortgage lenders will evaluate that before approving any loan application. You can get a better rate of credit with a good credit report. The way to do this is to pay your bills on time and get any errors erased from your report.
You also need to have some money socked away to be able to make a down payment. One important step in buying your home is to sit down and write up a financial plan. This will set out your budget and the kind of home you can afford and avoid any overspending. Along with these facts you will need to find a good Brampton real estate agent. They will be the ones that ultimately find that perfect house according to you and your family’s needs. They will be able to negotiate a price and look for any defects in the home. You will also want to look closely at the home market trends before buying your first Brampton home. This way you will be able to determine the real value of the property and do a comparison with other homes and properties and choose the best home for you.
When searching for a Brampton home you have to understand your needs and desires since for many first time buyers it ends up being the last and you want to have all the components in place for a comfortable home. Make sure you have a pre-qualification letter. It can make a world of difference and show the buyer that you have a lender and are serious about the process. It will also give you the power to negotiate with the seller if you have to. You have the option of shopping around for a home or getting your real estate agent to help you. In fact, you can even do it right from your computer and find properties quickly and efficiently. When you do find your dream home the first thing to do is get a home inspection!
This way you can find out all the defects and repairs that you will need done. When you do find out the condition of the house and property you can negotiate the price with the seller on the basis of the report. After this is done and you are happy with the home then you can go ahead and submit an offer. You will also be able to negotiate a price in some cases and in the end you should be able to close the deal with a price that makes you and the seller happy. Remember, that buying your first home needs to come with some knowledge and help. The more facts and information you have the better you’re buying success.
You can find Brampton homes for sale here
If you have have real estate to sell consider hiring an agent who charges low real estate commission for full service
Below are some Brampton homes I sold recently where I represented the sellers and saved them a bundle of money! These are all my listings. If you have Brampton real estate to sell or looking to buy a home in Brampton please click here to contact me for great service and affordable commissions. I return all calls within 14 minutes! All savings calculations are based on 3.5% total commission paid vs 5% total commission paid.
Click here for more
Click here to get a free Brampton home evaluation done.
If you would like to sample of my virtual tours and professional photography click here.
I hope to be one of the Brampton real estate agents you interview.
I don’t know what other agents might be charging to list homes. There are no “standard” commissions. This 1% commission is just from me therefore I want to include this disclaimer:
Different commission rates, fees, and listing and marketing services may be offered by other REMAX franchisees or sales associates in Canada.
1% for me and if another agent bring in a buyer (buyer agent) his commission will be 2.5%. Maximum total commission you will ever pay with me is 3.5%. No tricks. No conditions.
Imagine having an extra $5,000 in your pocket after the sale! Or having that money for negotiations during the offer.
- Before moving on ask yourself this:
Will a buyer pay extra for your house just because you have to pay extra commission?
Buyers don’t care how much commission the homeowners are paying. If the market says
the house is worth $300,000 then the buyer will pay $300,000. Wouldn’t you do the same?
There is no catch. There are no hidden fees. It is full MLS service. All my listing agreements are in plain english and straightforward. Ofcourse I put my money where my mouth is: If for any reason you are not satisfied with my services my brokerage will cancel the listing. No questions asked and no penalties/fees will be charged.
This benefits you in two ways:
1. It gives you peace of mind
2. It puts pressure on me to keep working hard because I know at any time you can cancel.
1. I provide full MLS service for a fraction of the cost
2. I don’t cut corners when it comes to quality. See sample pictures and sample Feature Sheets.
3. I have been selling homes in Brampton for the past 9 years. See my track record here.
4. You get the #1 company in North America (Remax) for the price of a discount company
5. I reply to all emails within 14 minutes
6. I’m not a “pushy salesman”.
7. I come from a family of real estate agents
- Father a real estate agent with Remax for 16 years
- Brother a real estate agent in North York
- Mother a Mortgage Broker (to qualify all potential buyers for your house)
8. 1st page of Google for important keywords (creating massive exposure for your listing)
9. “Easy Exit” listings. If for any reason you are not satisfied with my services you can cancel
the listing at anytime. No fees/penalties will be charged.
I work for Remax so it’s full service. You can get more details on my marketing plan here but one key difference is that I have a professional photographer come in for pictures and a virtual tour. See sample.
Please take a few seconds to look at the sample photos and the virtual tour here. Research shows that listings with virtual tours get clicked on 4 times more then regular listings. Can you see how having a virtual tour for your house might make it stand out from the rest?
The only thing not included is newspaper advertising. Newspaper advertising was very effective before the Internet. Now people can see all listings with coloured pictures on the public MLS. Over 90% of MLS deals involve 2 agents. If newspaper ads were effective there would be a lot more deals where there was only the listing agent involved.
Also keep in mind that buyer agents do not flip through magazines and newspapers to find properties for their clients. They use the MLS.
Ofcourse I don’t expect you to just take my word for all this. So please take a look at some of my recent sales in Brampton and hopefully by the end you too will think I’m the right person to sell your house. See some of the Brampton homes I’ve sold here.
All the sales you see there were sold at 3.5% commission (1% going to me and 2.5% going to the buyer agent). You are free to speak wi th any of my past clients. Here are some client testimonials. It is INDEED full service.
Fill out the home evaluation form on the side and I will get back to you within 14 minutes.
I don’t know what other agents might be charging to list homes. There are no “standard” commissions. This 1% commission is just from me therefore I want to include this disclaimer:
Different commission rates, fees, and listing and marketing services may be offered by other REMAX franchisees or sales associates in Canada.
Below are some Brampton homes I sold recently where I represented the sellers and saved them a bundle of money! These are all my listings. If you have Brampton real estate to sell or looking to buy a home in Brampton please click here to contact me for great service and affordable commissions. I return all calls within 14 minutes! All savings calculations are based on 3.5% total commission paid vs 5% total commission paid.
Click here to get a free Brampton home evaluation done.
If you would like to sample of my virtual tours and professional photography click here.
I hope to be one of the Brampton real estate agents you interview.
I don’t know what other agents might be charging to list homes. There are no “standard” commissions. This 1% commission is just from me therefore I want to include this disclaimer:
Different commission rates, fees, and listing and marketing services may be offered by other REMAX franchisees or sales associates in Canada.
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