If you’re a first time buyer, you probably have a lot of questions about the whole process. Here’s a Q&A with one of our fantastic Community Sales Managers, Justine Pham on some important tips for first time buyers.
First, talk to a mortgage professional to understand how much buying power you have. Then, save for a down payment and look at deposit payment plan options if you don’t have the full down payment right away. And last, do your research and understand average home prices, home types and areas to live in.
There are a lot of government incentives available to help you get into your first home. There’s a First Time Home Buyer Incentive, First Home Savings Account, you can use your RRSPs, and you get a Home Buyer’s Tax Credit. Explore all the program options and see which ones you qualify for.
There are a few things happening when buyers are truly ready. They understand their financial situation, have a down payment saved, have an idea of their monthly budget and know how much they can afford to spend each month on housing.
There are a few reasons. When you buy, you get to truly personalize your home and make it yours. You can build equity, are not subject to rental increases as regularly and your house can appreciate in value.
Talk to one of our Sales team members about affording your new home today!
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Homebuying TipsIf you're unsure about which mortgage rate to choose, Hopewell can guide you through the process, offering insights into the benefits of Fixed versus Variable Mortgage Rates and connecting you with specialists for personalized assistance.
Homebuying TipsHopewell has partnered with Virtuo to offer a complimentary Home Concierge service that handles all aspects of your move, including coordinating movers, transferring utilities, and managing mailbox registration, to ensure a smooth transition into your new home.
Events and PromosStarting April 11, 2024, the Canadian Mortgage Charter will ease home buying by increasing the Home Buyers’ Plan limit to $60,000 and offering 30-year amortizations for first-time buyers of new homes, potentially lowering monthly mortgage payments significantly.