First Timer Tips

First Timers – the first important thing you need to know about buying real estate is that the services of a professional Realtor® are FREE to you!! Realtors® are paid by the Sellers, so make sure to get in touch with a Realtor® today to discuss the many services that a Realtor® offers. Hiring a professional saves you time and most importantly, money!

If you are looking to break into the housing market, it is important that you are ready to act when the right house, at the right price, comes along. Affordable homes in desirable neighbourhoods sell quickly due to high demand in any market.

There are some fabulous first time buyer incentives in the marketplace. To name a few:

1. As of December 15, 2016, the BC Government is now offering interest free loans for 5 years up to $37,500:

 
2. The RRSP usage increased to $25,000 each ($50,000 for a couple!) – have a look at our video explaining the first of three major incentives (as of 2014 – subject to change):

3. A First Timers Tax Credit of $750 – Another video explaining this income tax deduction (as of 2015, subject to change):

4. The First Time Buyer exemption from the B.C. Property Transfer Tax which will save you thousands – our third video explaining the rules regarding this fabulous benefit:

*** please note – as of 2014, new regulations now allow first timers to purchase homes up to $475,000.

5. First-time buyers can also access the Newly Built Homes Exemption, which can save buyers up to $13,000 in property transfer tax when purchasing a newly constructed or subdivided home worth up to $750,000.  More here.

 

If you would like to receive more information on buying as a first time buyer please submit your information below. Or to start your search for your first home, go to our First Time Buyer Hotlist of the best buys for first time buyers.