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I just wanted to share with you all a little tidbit of information about property transfer tax. (PTT)  This tax is paid by the buyers upon completion of their purchase.  This cost would fall under one of the "closing costs" associated with buying yourself a home.  How it's calculated is this:

1% of the first $200,000 of the purchase price &
2% of the balance remaining of the purchase price.

Aside from your lawyer fees and the deposit, this is the largest cost you'll have to worry about when you decide to purchase a home.  However, if you're a first time buyer - you're exempt from paying this tax up to an amount of $450,000.  If you have any questions surrounding this topic, you know how to get a hold of me! 
Happy Holidays!

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Home Ownership

So, you’ve finally decided to fulfill a lifelong dream and buy your own home… how exciting! You are ready to fulfill your dream of having a place to call your own.

Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of homebuying and the responsibilities of homeownership. The differences between renting and buying a home are vast, and there's a list of pros and cons for both options. And, remember — there is no one best decision for everyone. Before moving forward, though, here are some questions to consider.
  • Do you have the necessary financial management skills?
  • How financially stable are you?
  • Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
  • Are you able to devote the time required for home maintenance?
One thing we find with first time buyer's however, is that this decision can be overwhelming.  Many young buyer's hear rumours and stories of faulty information and have been led to the thought that there's no possible way for them to purchase their own home.  Everyone must make his or her own best decision. Buying a home is not for everyone. Take a moment to think through the advantages and disadvantages of both owning and renting. 

If homeownership is for you, you must be both financially and emotionally ready. Buying a home isn't only about money. You should listen to your heart… and take an honest look at your lifestyle.
If you'd like help with this task, feel free to contact me as it can be mirky water you're swimming through when making this decision!
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