FIRST TIME BUYERS

By
Real Estate Agent with Keller Williams Ottawa Realty

One of the Ottawa Real Estate Questions I often get asked by First Time Buyers is "I have heard there are some benefits for me as a first time home buyer, what are they ?"

  Well essentially the two main benefitsd are that that the government gives a rebate of up to $ 2000 off of Land Transfer Tax and so a property up to about $225 000 would carry little to no land transfer tax if the buyers have never owned a property anywhere else in the world.If one buyer has owned a property and the other buyer has never owned a property and they are buying the home together, then the benefit will accrue to one member only(who never owned a property before)  and the land transfer tax will be halved so up to $ 1000 would be discounted.

 The second major benefit is that you can draw $ 25 000 of the RRSPs  as a first time buyer (as opposed to $20 000 ) for the downpayment of the property with some tax benefits that the buyer should speak with their lender and/ or accountant about.

In terms of what service an Agent can provide you with as a First Time Buyer, I am giving a FREE seminar on Wednesday April 14 at Royal Bank at 7pm specifically for First time Buyers, it is FREE, and will include mortgage information from the Bank and "what an Agent can do for you" information, and all you need to do to attend is to book your seat with Charlene at 613 867 6861

For these and any other Ottawa Real Estate Questions, please contact my website at http://OttawaRealEstateQuestions.com

Posted by

Lara Kaplan

Comments (2)

Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

Hi Lara...Short and to the Point Good Info for First Time Home Buyers..:O))

Apr 12, 2010 09:38 AM
Anonymous
Lara Kaplan

Thanks |fred for your input

 

Kind rgds

 

Lara

Apr 12, 2010 02:05 PM
#2