Information for first-time home buyers

Start buying your first home with us! We have a special place for people buying a home for the first time in Ontario. We give you easy tips, information about homes for sale, and help just for you. Find your dream home with our help. We will make buying your first home easy and good.

We will find your dream home!

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Your First Home in Ontario

Start Your Home-Buying Journey With Us!

Welcome to our special space for new home buyers in Ontario. It's filled with useful information and advice to make the process of buying your first home simpler and more enjoyable. Remember, buying your first home is a significant step towards your dreams, not just a financial decision.

Simple Tips and Housing Market Insights

We provide you with easy-to-understand tips and insights about the housing market, helping you make informed decisions.

Step-by-Step Guidance

Our team will walk you through each step of the home-buying process. We'll explain everything clearly, including how to get a home loan and how to find the right area that fits your budget and lifestyle. Understanding the housing market is crucial, and we'll keep you updated with the latest information.

Personalized Meetings

We hold special meetings to understand what you need and want in a home. Then, we'll help you find the perfect home that matches your criteria. Our goal is to make your first home purchase effortless and stress-free, supporting you from beginning to end.

Join Us in Finding Your Dream Home in Ontario

Join us on this exciting journey to find your first home in Ontario. With our assistance at every step, you're not just buying a property, but embarking on a new and thrilling chapter in your life. Let us help you turn your dream home into a reality, marking the start of many joyful moments in your new abode.

More Information Do you need more information? Click here to request an appointment

Or send us a message by filling out the Contact Us form:

    Contact Dr. Ahmad Asadi

    Government Support for First-Time Home Buyers in Ontario

    The Government of Ontario offers various supports to help first-time home buyers. These programs aim to make homeownership more accessible and affordable.

    Land Transfer Tax Refund

    Eligible first-time buyers can receive a refund on part or all of the land transfer tax. The refund amount has a maximum limit and depends on the type of home purchased and the buyer's residency status. Click here for more information

    Home Buyer’s Plan (HBP)

    First-time buyers can withdraw from their RRSPs to buy or build a qualifying home. The amount must be repaid within 15 years to avoid tax penalties. Click here for more information

    First Home Savings Account (FHSA)

    The First Home Savings Account (FHSA) is a special bank account in Canada for saving money to buy your first house. When you put money in or use it to buy your house, you don't have to pay extra taxes. This makes saving for your house easier. Click here for more information

    First-Time Home Buyer Incentive

    This federal program offers 5-10% of the home's purchase price to help with the down payment, reducing mortgage costs. The incentive must be repaid after 25 years or when the home is sold.

    Note: Program details and eligibility criteria may change. Always check current information from official sources or consult with a real estate professional. Click here for more information

    Eligibility Criteria for First-Time Home Buyers

    Property Ownership History

    • The buyer must not have ever owned an eligible home, or an interest in an eligible home, anywhere in the world.
    • If married, neither the buyer nor their spouse can have owned a home while they were a spouse of the other.

    Age and Residency

    • The buyer must be at least 18 years old.
    • They should be a Canadian citizen or a permanent resident of Canada.
    • In some cases, non-citizens or non-permanent residents may qualify if they become a citizen or permanent resident within a certain time after the purchase.

    Occupancy

    The purchased property must be intended to be the buyer’s principal residence within nine months of purchase, meaning the buyer plans to live in the home as their main place of living.

    Time Frame for Filing

    Buyers usually have a specific time frame in which they must apply for the rebate. This can vary, so it's important to check the current requirements.

    Other Specific Requirements

    There may be additional criteria depending on the specific rebate or program. For example, for the Home Buyers' Plan (HBP) which allows withdrawal from RRSPs, there are specific criteria regarding the repayment period and the amount that can be withdrawn.

    Note: These conditions are designed to ensure that the benefits and rebates are provided to those who are genuinely purchasing their first home.

     

    Land Transfer Tax Rebates for First-Time Home Buyers

    Land Transfer Tax Rebates for First-Time Home Buyers in Ontario and Toronto

    Ontario Land Transfer Tax Rebate for First-Time Home Buyers

    • Maximum rebate amount: $4,000.
    • Covers the full Ontario Land Transfer Tax for properties up to approximately $368,000 (based on current tax rates).
    • If the tax payable exceeds $4,000 for more expensive properties, the buyer pays the difference.

    Toronto Land Transfer Tax Rebate for First-Time Home Buyers

    • The City of Toronto offers an additional rebate for properties within the city.
    • Maximum rebate amount in Toronto: $4,475.
    • Similar to the Ontario rebate, this covers the full Toronto Land Transfer Tax for properties up to a certain price (around the same range as the Ontario tax).
    • For properties where the tax exceeds $4,475, the buyer is responsible for the remaining amount.

    These rebates are designed to help first-time home buyers reduce the upfront costs of purchasing a home.

    First Home Savings Account (FHSA)

    The First Home Savings Account (FHSA) is a special savings account in Canada. It helps you save money to buy your first house. You don't pay taxes on the money you put in or take out for your house, making it easier to save.

    Opening Your FHSA

    To open a First Home Savings Account (FHSA) in Canada, you just need to go to a bank or financial institution that offers FHSAs. Tell them you want to open an FHSA, and they will help you with the process.

    Participating in Your FHSA

    In a First Home Savings Account (FHSA) in Canada, you can put up to $8,000 each year. There is also a total limit of $40,000 over time. This means you can keep adding money each year until you reach the $40,000 limit.

    How and when to take this money

    A first-time home buyer can withdraw money from their First Home Savings Account (FHSA) when they are ready to buy their first house. This money can be used to help pay for the house. There is no set time for when you have to use this money.

    For sale

    For sale

    CLICK ON THE LINKE BELOW TO SEE FOR SALE LISTING

    There will be some condos available in these buildings very soon. Please let us know if you are interested.

    - Xpression, 9471 Yonge St.
    - The Massey Tower, 197 Yonge St.
    - World of Yonge, 7161-7167-7171 Yonge St.
    - The Vanguard, 1 Grandview Ave.
    - Soul Condos, 150 Fairview Mall Dr.
    - Scenic III, 160 Vanderhoof Ave.
    - Minto Westside, 576 Front St.
    - Minto BSide, 27 Bathurst St.
    - Flaire Building, 99 The Donway W.
    - Emerald Park, 9 Bogert Ave.
    - Emerald City Condominiums, 70 Forest manor Rd.
    - The Bennett on Bayview, 3237 Bayview Ave.
    - The Arc Condos, 2885 Bayview Ave.

    Links for Buyers:

     

     

    Real Estate Transactions in Ontario: A Guide for Clients

    By: Dr. Ahmad Asadi, your Realtor


    Working with a Real Estate Agent

    • Advantages for Buyers and Sellers: Professional knowledge, market insights, property listing, marketing strategies, and guidance through the transaction process.
    • Buyers' Benefits: Identifying matching properties, arranging viewings, making competitive offers, understanding mortgage options, and connecting with other professionals.
    • Sellers' Benefits: Setting the right price, staging the property, and negotiating sale terms.
    • Regulation and Ethics: Agents in Ontario are regulated by RECO and adhere to a professional code of ethics.

    Risks of Self-Representation

    • Complex Market Navigation: Challenges in pricing, marketing, and negotiating without professional training.
    • Legal and Financial Risks: Increased risk of overlooking critical legal, financial, or regulatory aspects.
    • Lack of Resources and Objectivity: No access to MLS, industry networks, or objective professional advice.

    Signing a Contract with a Real Estate Brokerage

    • Understanding the Representation Agreement: Outlines duties, services, payment terms, and termination provisions.
    • Key Contract Elements: Duration, services provided, commission/fees, dual agency terms, confidentiality, and duty to client.
    • Importance of Clarity: Discuss concerns, understand rights and obligations, and consider legal advice if necessary.

    Understanding Multiple Representation

    • Dual Agency Situations: An agent or brokerage represents both buyer and seller.
    • Consent and Disclosure: Requirement for written consent and full disclosure of dual representation.
    • Limited Negotiation Role: The agent must provide balanced advice and not favor one party over the other.