Wednesday, October 23, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker/Owner
Trinity Real Estate Consultants
647-697-6743
matthew@searchhomesingta.com
Announced at the beginning of the year, Canada’s First-Time Home Buyer Incentive (FTHBI) is now active. This down payment incentive will make it easy for thousands of first-time homeowners to buy a home.
What is the First-Time Home Buyer Incentive (FTHBI)?
This incentive program is designed specifically for first-time homeowners in Canada. It was created with the aim of helping young people purchase a home without incurring hefty mortgage payments.
With this incentive, the government takes responsibility for 5% of your down payment for already existing Canada homes and 10% for newly built homes. This way, you can decrease your monthly mortgage payments without increasing your down payment.
If you are buying a $500,000 home, the FTHBI could help you save as much as $3,400 annually. With the down payment incentive, first-tim! ...
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Wednesday, October 9, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker/Owner
Trinity Real Estate Consultants
647-697-6743
matthew@searchhomesingta.com
The CMHC First-Time Home Buyer Incentive became live earlier this month. Stylized as FTHBI, the main aim of this program is to help improve affordability levels for Canadian citizens buying a home for the very first time.
This down payment incentive is the result of shared equity with the CMHC. The CMHC, a government-owned body, provides 10% or 5% of the down payment for every first-time homeowner. In doing so, the CMHC can help you lower potential mortgage payments. Also, First-Time Home Buyer Incentive will help you to afford property below the $500,000 mark.
The down payment incentive exclusive to first-time home buyers helps to reduce monthly mortgage expenses drastically. This incentive offers:
1) 5% or 10% of your total purchase of a newly built home
2) 5% of your purchase of an already existing home
3) 5% ! ...
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Wednesday, September 11, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Introduction
Chances are that if you are reading this article you are looking to buy and/or sell your home, but terms like Home Appraisal and/or Current Market Assessment (CMA) are foreign to you. Or maybe you are reading this and thinking to yourself, yeah, I have heard of home appraisals and current market assessments, but I am not totally sure what they are and how they are different.
Home appraisals and current market assessments are extremely important for those who are looking to buy and/or sell real estate. This information can help you determine if you are a buyer if you are overpaying for a home or if you are a seller how much you should be listing your home for.
However, a current market assessment might be more useful for a seller than a buyer and an appraisal might be more important for a buyer than a seller. In this a. ...
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Wednesday, August 14, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Introduction
There is an ongoing debate between people, especially in Toronto where rent prices are astronomical and increasing and home prices are increasing, about whether it is better to rent or to buy. Toronto has been recognized as one of the most expensive and unaffordable cities in the world. The average price for rent makes Toronto one of the most comparably expensive cities in Canada for renters. All of this has been made worse as the housing market in the City of Toronto and the Greater Toronto Area (GTA) have grown and more people are moving to Toronto and the Greater Toronto Area. This makes it harder to determine whether it is better to rent or buy in Toronto since whether you are renting or looking to buy in Toronto or the Greater Toronto Area (GTA), chances are that you are going to be spending a lot of money each month on . ...
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Wednesday, August 7, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
One of the least enjoyable parts of buying real estate or property in Ontario, especially in the City of Toronto is the Land Transfer Tax (LTT). If you are buying property in Ontario, you will be responsible for the provincial Land Transfer Tax (LTT).
If you are buying property in the City of Toronto, you will also be responsible for the City of Toronto’s Municipal Land Transfer Tax (MLTT). Therefore, if you are considering buying real estate in Toronto and/or in Ontario, you will need to budget for paying at Ontario’s Land Transfer Tax and possibly even paying Toronto’s Municipal Land Transfer Tax.
This article explains what Ontario and Toronto’s Land Transfer Taxes are, how much they cost, how the Land Transfer Tax fees are calculated, who is responsible for paying them, who is exempt, and information for non-re. ...
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