3 Things to Know Before Buying a Home in Canada
Despite a pandemic raging on in 2020, Canadians actually bought a lot of houses collectively last year! In fact, over 551,000 homes were sold, which was a new annual record and an increase of 12.6% from 2019.
Are you looking into getting into this hot market and want to become a homeowner yourself? Then here are 3 things you should know about buying a home in Canada.
1. Work With a Realtor
It’s true that you can navigate the whole purchase process on your own. However, it can be quite lengthy and stressful if you try to, not to mention potentially expensive in the end as well.
A realtor can help you find the best homes that fit your needs and budget. For example, you can find out more about listings through the realtors at YEGisMoving.com. Not only that, but they can help you from the initial search to the moment you move in.
One of the best things about working with a realtor is that they’ll help you negotiate the best price. Plus, they’ll make sure you don’t fall victim to a contract that puts you at a disadvantage.
2. Take Advantage of First-Time Homebuyer Incentives
If you’ve never bought property in Canada before, then you need to take advantage of these incentives! They can allow you to save some serious cash and put it toward necessities.
Canadian incentives for buying your first home include the GST/HST New Housing Rebate, Land Transfer Tax Refund (available to those in Ontario, British Columbia, or Prince Edward Island), and Home Buyers’ Amount.
The biggest incentive is the Home Buyers’ Plant (HBP). You can take out up to $35,000 from your Registered Retirement Savings Plan (RRSP) to use as a down payment.
3. There Are Extra Fees for Condos
You might think that buying a property is the same, regardless of the type. However, there’s a key difference when it comes to purchasing condos: you have to pay condo fees every month.
This is because condos share common areas and every condo owner is responsible for helping with upkeep. So keep in mind that if you have your eye on a condo, you’ll have to pay monthly condo fees in addition to your mortgage. This might make all the difference between choosing a home or a condo, especially if the asking prices are about the same.
Make Buying a Home in Canada Easy
With our 3 tips, buying a home in Canada shouldn’t be that difficult.
Working with a realtor is a huge benefit, which means it’ll be worth every penny you spend. And if you’re a first-time home buyer in the country, make sure you take advantage of the incentives. They’ll definitely help you out financially.
So with our tips, get to buying your dream home easier and quicker!
If you found this article on buying a new home in Canada helpful, then make sure you check out the rest of our blog!